The political merry-go-round in Westminster has led to a whirlwind of change over the last few weeks and months. Even though the appointment of Rishi Sunak and his Chancellor Jeremy Hunt’s more cautious approach to the budget, seems to have calmed the waters (and interest rates, perhaps) it feels like the current saga engulfing the government may have further to run. The “sunsetting” of the reductions to stamp duty will add yet another variable with a new deadline, to what has now become in practice, another stamp duty holiday.
What makes things harder for landlords and property investors, is the fact that this political change comes at a time when so much has already changed, and at a time when there are potential major regulatory amendments on the horizon. One thing that is certain, is that we are in the midst of a real property crisis, with simply not enough housing supply on the lettings market in London. These issues have been talked about for years but now the real effects are being felt. Agents are turning away a high number of tenants for each property and desperation has been setting in for many people who are struggling to find a home.
As we welcome yet another housing minister (the 14th in just 12 years!). We await news of the changes to, and any implementation of the former government’s white paper for “a fairer private rented sector”. As always, our team will keep our landlords and clients up to date with the changes that affect them and make sure that they keep on the right side of any future regulatory changes. We are also advising clients on their investment plans and the potential sale of some of their portfolio. We are also suggesting that our clients get up to date mortgage advice before locking into any new deals. With rates fluctuating, it’s key to get the best advice at this time and we are happy to put you in touch with our recommended brokers.
Jaimie Beers – Managing Director