The Rental Market
In general, the rental market seems to be recovering well
with some of the big Portals like Rightmove and Zoopla reporting record high
activity levels. However, there is still a lot of available property with
central London hardest hit.
Stamp Duty Holiday
A specialist Buy to Let Mortgage Broker has advised
Landlords to take advantage of the new Stamp Duty ‘holiday’ and buy now before
it finishes on 31st March 2021.
Investors will still pay the extra 3% but with properties
under £500,000, but that is all you will have to pay! It’s a great time to add
to your portfolio.
Capital Gains Tax
The Chancellor has ordered a review of CGT and many Landlords are worried that they will once again be a target of the governments need to recoup some of their huge recent pay outs. PropertyMark, which includes the NAEA (National Association of Estate Agents) and ARLA (Association of Residential Lettings Agents), have asked the Government to think very carefully before disincentivising Landlords.
Eviction Ban
The eviction ban ends in August which will be great news for
some Landlords. However, if you started a case before August 3rd, 2019
then you must ‘reactivate’ it. You must inform the courts that you still wish
to proceed, or the case will simply be discarded.
The courts will have an enormous backlog and will prioritise
Domestic Abuse cases and Anti-Social Tenant cases.
It always has been PPM’s advice that you try, wherever
possible, to resolve a dispute without going through the courts. Please feel
free to ask my advice on any tenancy issues you are having and if I cannot help,
I will definitely point you in the right direction.
