Posts with tag: property

Improvement Tips to Add Value to Your Property This Month

Published On: May 2, 2016 at 8:15 am

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May is blessed with two bank holiday weekends! So why not make the most of the extra days off with some quick and easy tasks that will add value to your property?

If you are thinking of selling either your home or rental property over the summer months, now is the perfect time to improve and maintain the place so that it’s ready for a quick sale.

While improving a property can be a daunting task for many, there is a host of small and manageable jobs you can do to increase the value of your home. And don’t think you need to replace the whole kitchen or bathroom – simple updates can make a real difference.

Follow these improvement tips to ensure that you get the price you want for your property:

Create space

While not all homes are light and airy, it is possible to create an illusion of space in any property. Spend some time reorganising the furniture in each room to make the best possible use of space. A good idea is to take things off the floor and put them on shelves instead. Also, be ruthless and throw away any clutter.

Get out into the garden

Improvement Tips to Add Value to Your Property This Month

Improvement Tips to Add Value to Your Property This Month

Don’t think you need a gardener or landscaper to transform your garden. Simply getting outside and mowing the lawn, tidying up the general area and planting some bright flowers will spruce up your outdoor space. A good garden is important to most buyers, so follow these helpful tips: https://www.justlandlords.co.uk/news/top-tips-stunning-springtime-garden/

Remember energy efficiency 

All buyers will hope to keep their bills down, so it can be worthwhile fitting your property with energy efficient appliances. With new products on the market all the time, buyers will be looking out for ways to knock the costs off their bills. Moving forward, energy efficiency is only going to become more prominent when purchasing a home, so don’t forget it.

Add some life to fixtures and fittings

It is inevitable that all properties will suffer wear and tear, so take a look around and pinpoint anything that may put buyers off. Many prospective buyers will hope to be able to move in without much work needing to be done, so addressing small issues can leave them feeling confident about the condition of the property.

Let in the light

If you have a particularly dark and dreary room that no amount of white paint will brighten, it could be wise to install a new window. This is usually quite reasonably priced and will benefit you in the long-term.

Make small replacements 

If you really must replace some fixtures and fittings, don’t think this means you need to splash out on a completely new kitchen or bathroom. Small replacements can make a huge difference – whether it’s a new floor or cupboard doors.

Take on some DIY jobs

With the internet at our fingertips, finding DIY advice has never been easier. Don’t be afraid of picking up the tools yourself and fixing small damages or making minor improvements to the property. But always remember to watch out for yourself – a professional should tackle anything too heavy or difficult.

Add a lick of paint 

One of the easiest and cheapest ways to freshen up a property is by giving it a lick of paint. Remember the importance of neutral colours when decorating a home, as some buyers could be put off by garish tones. We have the top interior colour schemes for the spring season: https://www.justlandlords.co.uk/news/interior-colour-schemes-new-season/

Transforming your property and adding value doesn’t need to be difficult – just give your home some TLC this bank holiday!

Property sales in nine year high in March

Published On: April 14, 2016 at 9:22 am

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Sales of property in England and Wales saw their highest monthly performance for more than nine years in March, with transactions rising by 30%, amounting to 800,000 more deals.

Data from the latest Your Move house price index also shows house price growth rose by 6.9% year on year and by 0.6% month on month. This took the average price of a property in the UK to £291,650.

Home hikes

The average price of a home in Britain is now £18,745 more per than at the same period one year ago. When London and the South East are excluded from the calculations, prices were still up by 5.1%, which suggests that market is still thriving outside of these two predominantly strong growth regions.

London’s property market saw the fastest growth of any area in the UK, with house prices climbing by 8.2% or £44,548 per year. Bath and North East Somerset saw the highest price rise in March, with property values up by 5.3% or £18,603 month on month.

Stamp Duty surge

Adrian Gill, director of Reeds Rains and Your Move estate agents, noted that the impending stamp duty rises for additional properties introduced at the beginning of April was a key factor in the price hikes.

Gill said, ‘the surge was widespread across England and Wales. This goes beyond any normal seasonality, with second home and buy-to-let investors rushing to beat a bigger tax bill.’[1]

Figures from the report show that 73% of local authorities in England and Wales have seen an increase in property values since July 2014.

Mr Gill believes this is, ‘welcome news for homeowners, who now have a fantastic opportunity in the current sellers’ market. The pervasive shortage of homes on the market is still driving up values, as buyers have to compete for each available property.’[1]

Continuing, Gill said, ‘if they are going to make it easier to get a foot on the property, the Government will have to double down on its help to first time buyers, or let up on landlords.’[1]

Property sales in nine year high in March

Property sales in nine year high in March

Capital gains

Mr Gill also noted that after a slight Winter slump, the London property market is on the rise again. Prices are 8.2% greater than twelve months ago. Gill observes, ‘the lift in London’s house prices seems steep. But we’re actually in a much calmer position than previous years, with the current rise still well below London’s record 20.6% year on year growth, established in July 2014.’[1]

This growth in London’s property prices is once again seeing the capital start to pull away from the rest of the country. In fact, London and the South East are driving house prices up by 1.8%, more than double the rate seen at the end of last year.

‘As a result, we’ve returned to a two speed housing market, as growth in the rest of the country is easily outpaced by London and the South East. But it’s not all about London, as house prices are still advancing in the Northern cities, with the average property price in Manchester hitting a record high of £174,448, up 3.5% annually,’ Gill concluded.[1]

[1] http://www.propertywire.com/news/europe/england-wales-property-ndex-2016041411792.html

Treasury announces new rules for tax on annexes

Published On: April 13, 2016 at 8:58 am

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Yesterday, the Government sprung another surprise alteration in tax rules, for anyone purchasing a house including an annex .

The announcement came after criticism that many homes with small annexes would be open to the 3% Stamp Duty surcharge.

Rules

Addressing these concerns, the Treasury has proposed a new set of rules, which will ultimately mean that less homes with annexes will be subject to the additional charges.

Now, any annex worth less than the total value of the property will not qualify for increased fees. The Treasury said it decided to make the change to, ‘iron out technical unfairness.’

Previously, the Treasury said that only around 1,000 sales of homes with annexes per year would be affected by the higher Stamp Duty rate. It now believes this figure will be cut further.

Common sense

Jeremy Leaf, an estate agent from North London, believes that common sense has won through.

Leaf said, ‘the government was trying to defend the indefensible. How would a granny flat tax surcharge have operated? How would it be enforced? Who would carry out the valuations? And perhaps, more pertinently, how much additional revenue would it have raised?’[1]

Treasury announces new rules for tax on annexes

Treasury announces new rules for tax on annexes

Liability

In order to be liable for the increased rate of tax, annexes must:

  • be able to be sold separately from the main property
  • have their own entrance
  • have a separate electricity and water supply
  • receive a council tax bill
  • have a total value of £40,000 or more

However, it must be noted that where a property with an annex does qualify for the Stamp Duty surcharge, the increased rate applies to the entire complex, not the annex alone.

The Treasury has stated that anyone who had previously paid too much tax would be able to claim a refund.

[1] http://www.bbc.co.uk/news/business-36023867

Britain is made up of nosey neighbours!

Published On: April 5, 2016 at 1:17 pm

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Britain is officially a country of nosey neighbours, according to new research.

Analysis from Direct Line shows 38% of Britons have snooped on the price of someone else’s property online. These include homes belonging to their family and friends!

Nosey

The research revealed that 19 million Britons have looked up another property online. Of these:

  • 52% looked at their neighbours’ home
  • 38% snoop on homes belonging to their family
  • 31% have a nosey at their friends’ dwelling
  • 10% look at the homes of their work colleagues
  • 10 vet the homes of potential new partners
  • 9% even check the property of ex-lovers!

However, it is not only the price of a property that people are searching for when looking at a home. The research suggests that motivation can range from downright nosiness to fantasy.

63% of Britons were found to have window shopped for homes that they have no intention of ultimately purchasing.

Property obsession

Katie Lomas, head of Direct Line Home Insurance, noted, ‘we are a nation of property obsessives with very good reason. Our homes are our castles and becoming a homeowner or even climbing the ladder in the UK is a huge challenge and aspiration for many.’[1]

‘Property sites are a source of information and inspiration and browsing these sites has become something of a past-time for millions of people. The flip side of this trend is that those who list on these sites exhibit their homes and belongings to millions of strangers every day,’ Lomas continued.[1]

Britain is made up of nosey neighbours!

Britain is made up of nosey neighbours!

City snoopers

By region, the highest percentage of people found to browse property with no intention to buy was in Sheffield. The Steel City was closely followed by London and Newcastle. The top ten were as follows:

  • Sheffield-74%
  • London-72%
  • Newcastle-70%
  • Cardiff-65%
  • Plymouth-64%
  • Belfast-63%
  • Birmingham-62%
  • Brighton-61%
  • Edinburgh-61%
  • Liverpool-61%        [1]

Other potential reasons for using property websites to check on property include to gauge local prices, assessing potential purchase areas and simply daydreaming over an ideal home!

By percentage, Direct Line’s research shows that peoples’ motivation for looking online at property includes:

  • Keeping tabs on local prices-60%
  • Checking out potential purchase areas-40%
  • Daydreaming over an ideal home-34%
  • Looking for interior design ideas-29%
  • Assessing value on own home-26%

Technology

‘We are a nation obsessed with property and with technology at our disposal it is so much easier to keep in touch with the value of our property and those of our neighbours and friends,’ observes Daniel Bailey, of mortgage brokers Middleton Finance.

‘When are for sale sign appears on our streets we all jump on our laptops to seek the asking price of our neighbours’ property,’ he concluded.[1]

[1] http://www.dailymail.co.uk/property/article-3517159/Neighbours-house-prices-checked-price-homes-belonging-people-know.html

Buy-to-let landlords denied CGT reduction

Published On: March 17, 2016 at 2:36 pm

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Categories: Landlord News

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Buy-to-let landlords looking for relief in this year’s Budget were dealt a raw hand by the Chancellor.

Not only were 3% stamp duty hikes on buy-to-let and second homes upheld, investors have also been denied a break on their property profits, as Mr Osborne excluded them from a sizeable capital gains tax cut.

Capital Pains

As part of his address, Mr Osborne said he is to significantly slash the rate of tax paid on capital gains from 28% to 20%. However, this will not apply to investors looking to sell a property. Therefore, landlords will continue to be hit with the old full rate of tax.

Residential property was purposely excluded from the cut that will see investors in other asset classes removed from the larger rate of capital gains tax. It has been speculated that this move by the Chancellor is an attempt to encourage property investors to sell, therefore releasing more homes onto the market.

This comes as a further blow to residential landlords following the previous tax alterations announced by the Chancellor. Landlords are facing the stamp duty rise and a reduction in mortgage interest tax relief, with this now capped at 20%.

Avoidance

Jeremy Leaf, former RICS chairman, said, ‘in denying landlords a reduction in CGT on property sales, the Chancellor is trying to avoid a collapse in property prices. There are probably enough landlords already thinking of selling up because of previous policies and if the CGT reduction had been extended to landlords it would have encouraged even more accidental landlords to sell.’[1]

‘This could have helped first-time buyers as more property comes onto the market but the rush to sell could also have contributed to a collapse in house prices. One can understand the Chancellor’s prudence and it could turn out to be a shrewd move but It will annoy landlords who will feel victimised,’ Leaf continued.[1]

Buy-to-let landlords denied CGT reduction

Buy-to-let landlords denied CGT reduction

Pressure

Lucian Cook, head of residential research at Savills estate agents, said, ‘keeping the old rates of capital gains tax on residential property may put further pressure on the supply of private rented homes against the backdrop of rising demand. That may well put upward pressure on rents.’[1]

Richard Lambert of the National Landlords Association observed, ‘the steady upward ratchet of taxation on landlords over the past year shows that George Osborne is determined to bear down on the private rented sector, but he still depends on the tax revenues he expects to pull in from them. It appears that however much he wants landlords out, he can’t afford to allow them to leave.’[1]

[1] http://www.dailymail.co.uk/property/article-3495380/Buy-let-landlords-denied-capital-gains-tax-break-Budget-2016.html

Pilot to utilise brownfield land for housing begins

Published On: March 16, 2016 at 10:45 am

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Categories: Property News

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Some local councils are to push forwards plans to use more derelict and underused land for new homes in Britain. 73 councils across the UK will pilot a new brownfield register, which will give house builders up to date and publicly available information on brownfield sites available for local housing.

Identification

Communities Secretary Greg Clark believes that these registers will assist house builders in finding suitable sites more quickly. This in turn will speed up the construction of new homes, and will also allow communities to flag up local sites for listing.

In some cases, this will include derelict building and eyesores that are earmarked for redevelopment and could attract investment to the area.

The Government has already pledged to provide one million more homes and to put planning permission in place on 90% of suitable sites for housing. This new move underlines commitment to building on brownfield land.

Ambition

Mr Clark said that, ‘a key part of our ambition to build a million homes is to get work started on brownfield sites across the country, many of which are currently nothing more than blight on a community’s landscape.’[1]

‘These councils will be at the forefront of these efforts to list land and encourage builders to deliver new homes for aspiring home owners. But this is just the first step and I would urge councils to continue to offer up brownfield sites to deliver the homes their residents want and need,’ he continued.[1]

Guidance

Housing Minister Brandon Lewis explained that all councils taking part in these pilots will set the precedent for future Government policy on the operation of brownfield registers.

Lewis noted, ‘registers will eventually become mandatory for all councils under proposals going through Parliament in the Housing and Planning Bill.’[1] He also said other measures in the Bill will enable permission to be given for housing led development sites noted on the brownfield registers.

Pilot to utilise brownfield land for housing begins

Pilot to utilise brownfield land for housing begins

Councils

Every council taking part in the pilot scheme will get £10,000 in Government funding to help establish their registers.

The 15 councils with the most brownfield land taking part in the register pilot project are:

  • Cherwell
  • County Durham
  • Huntingdonshire
  • Leeds
  • Liverpool
  • Manchester
  • Medway
  • Newcastle upon Tyne
  • Peterborough
  • Selby
  • Sheffield
  • South Cambridgeshire
  • Sunderland
  • Tonbridge and Malling
  • Wigan

[1] http://www.propertywire.com/news/europe/uk-derelict-underused-land-2016031511674.html