Want the latest landlord and UK property news? Then just read on. Here we’ll lift the lid on just some of the headlines …
Landlords urged to sign Stamp Duty reform petition
Advocates for landlords are calling for a revision of the rules governing the payment of Stamp Duty, as explained in a story on the Landlord Zone on the 31st of July.
Under the current rules, Stamp Duty must be paid in full within a maximum of 14 days following completion of the property transaction. Speaking on behalf of landlords, the campaigners are calling for the possibility of buyers spreading that cost over two to five years.
They argue that the current rules are constraining activity in the housing market and that easing the time limit for meeting Stamp Duty liabilities would unlock buyer demand – including that of landlords looking to invest in further property to let.
The petitioners also argue that such a move would help demonstrate the government’s commitment to maintaining a healthy private rented sector.
‘Disastrous exodus’ of landlords accelerating
An article by the National Residential Landlords Association (NRLA) on the 1st of August suggests that the continued exodus of landlords from the private rented sector will be “disastrous for tenants”.
According to analyses by the NRLA, the sale of property by landlords quitting the buy to let market is the single most important reason for tenancies ending. The ending of a tenancy, in turn, adds to the likelihood of homelessness on the part of the displaced tenants.
Homes that are sold might later come back to the rental market, but this is little comfort for the tenants who had been forced to move.
That problem is given as a further reason for the government to intervene and do more for private sector landlords.
Zoopla House Price Index for July
Zoopla’s house price index for July highlights an active housing market in which demand is high, sales have grown, and there is a record number of homes on the market.
Despite those positive indicators, however, average house prices have grown by only 1.3% in the past 12 months – from £265,050 to £268,400, a difference of just £3,350.
How much is a sea view worth?
Many of us may be attracted to the romance of a home with a sea view – but how much is that privilege likely to cost? An analysis by the online listings website Rightmove came up with some answers in a posting recently.
The survey compared the average price of homes without a sea view versus those with a sea view, and ranked the results according to each region of the UK.
The results showed that across the country as a whole, buyers are prepared to pay a premium of £88,107 for a sea view – the 32% difference between the average price of a home with a sea view of £363,181 and one without £275,074.
Perhaps the most surprising result, however, was that in the East Midlands, homes with a sea view could command an average price of £428,330 compared with £254,544 for a non-sea view – a difference of £173,786 or 68%.
The sea view premium seems to be relatively modest in the south east of England, where homes within sight of the coast attract an average price of £367,209, whereas those without cost £300,612 – a difference of only £66,597 or 22%.
