As November nears its end, let’s take a look back on some of the big property stories in the news this month. Here’s a roundup of the most important things that have been happening.
Drop in Buy-to-Let Mortgage Rates
Buy-to-let mortgage rates saw large falls in recent weeks, which is good news for landlords. Mortgage costs went down, especially for two-year fixed-rate mortgages. This is due to there being lots of downward pressure on interest rates in the UK and worldwide at the moment, as well as uncertainty around Brexit.
Property Market in Scotland Soaring
The property market in Scotland has been soaring, and its value should be over £18 billion for the second year in a row. This comes despite homeowner concerns over Brexit. Aberdein Considine figures showed that sales in the third quarter of the year reached £5.3 billion, £100 million more than last year.
Election Leading to Drop in House Prices
Recent figures showed that the general election was leading to uncertainty in the housing market. More properties are staying off the market, and the number of properties for sale fell by 15%, the fastest rate for a decade.
Sellers are being cautious, and this also led to an average fall in price of £3,900 from the previous month, according to Rightmove, indicating a fall of 1%. One reason for this is that the winner of the election may reform stamp duty, reducing the costs of moving.
House Prices Fall in London
London’s house prices fell in September, with the figures being reported in November. It marked the biggest September fall in the UK, going down by 0.4% year on year. On average, London house prices have a value of £474,601 compared to a UK average of £250,677. This is good news for anyone buying a property in London, even though London still remains expensive.
HMRC Sending Letters to Tenants
Tenants across the UK have started receiving letters from HMRC asking about their landlords. They are being told not to ignore the letters. The purpose of the letters is to find out more about their landlord’s tax situation. Some landlords are not resident in the UK but they are not registered on the Non-Resident Landlord Scheme.
There are suggestions that failing to provide information could lead to fines. The estate agents should be able to help, but where there is no estate agent, it is a bit trickier. Tenants are being encouraged to seek advice if they are unsure how to answer the questions.
Keep Up with the Latest Property News
That’s the latest November news roundup in the property market. Lots of things are going on that affect both landlords and tenants, so make sure you keep up with all the latest news by following our blog. We publish blog posts every week on all the latest topics, so stay up to date.