UK Property market
As Rachel Reeves delivered the first Labour Budget in 14 years it was clear that she has the UK property market clearly in her sights with the emphasis on building more affordable housing and taxing the rest of the property market to pay for it. This is just a general observation looking at this from the perspective of the existing property market, to include existing homeowners, first time buyers, landlords and tenants.
There is an obvious need for more affordable housing and security for tenants in rented property – all being very positive and long overdue. The Budget proposals went some way to address this but the negative side impacting on second homeowners and private landlords.
Lettings
The rental sector is in the process of a major shakeup with the likely abolition of the Section 21 no fault eviction rule, which along with Stamp Duty on second homes is going to have a major impact on private landlords. There are going to be some big decisions to make that will affect both tenants and landlords.
UK Holiday Home Market
Owning a holiday home is becoming a more attractive option for buy to let investors especially as there is no stamp duty involved. This is far less complicated than buying residential property and can offer a better return with the benefit of your own ‘free holidays’.
Looking to buy or sell your property or holiday home?
Contact Team Tempo on 01772 633399
Stamp Duty Changes
Residential Property
The Stamp Duty threshold on residential property is likely to drop by at the beginning of April 2025 from of £250,000 to £125,000 and first time buyer’s dropping from £425,000 to £300,000 – Time to move now before these reductions kick in!
Second Homeowners & Private Landlords
Stamp Duty on second homes has increased from 3% to 5% affecting bricks and mortar holiday homes and investment properties for residential letting. Private landlords will be particularly affected so for more information click below:-
Stamp Duty is going to have a major impact on residential property, particularly the second home and buy to let market’s.
Thinking of moving? Then get on the market asap or if looking for an alternative ‘buy to let’ investment then holiday homes have great appeal!
Looking to buy a holiday home as an alternative ‘buy to let investment with benefits’
We have an extensive list of holiday homes for sale so visit our website
Renters (Rights) Bill
The Renters (Rights) Bill was published in September and is currently being debated in the House of Commons. The main thrust if the bill is passed is to abolish the ‘Section 21 No Fault Eviction Notice’ and more control over the tenancy terms.
This is positive news for tenants who should be guaranteed more security but along with Stamp Duty this is likely to drive many private landlords from the market – a negative effect on both.
Tempo Fees
We offer a wide range of Fee Options so that you can choose and only pay for the level of service that you require.
Check these out on our website and don’t overlook the benefit of inclusive VAT on our Fixed Fee’s!
Market your property from just
£480 inc vat!!
If you want to get your property on the market asap why not take advantage of our Marketing Only Option and save £££££’s
Ring Team Tempo
01772633399
Refer & Earn
Know some looking to move home or buy a holiday home then one good turn deserves another so why not refer them to Team Tempo and earn
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Looking to buy or sell a property or a holiday home?
Contact Team Tempo
01772 633399
www.tempoestates.co.uk www.tempoleisure.co.uk
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