September has been a busy month for everyone. Children returned to school, some people returned to work and the property market continued to thrive making everything start to feel a bit more normal. Here’s a summary of the property news we have covered in September:
With the rental market being in a prime position after Covid-19, it is no surprise that some Landlords are being tempted to expand their portfolio. However, it is not a decision that should be taken lightly. The necessary time commitment, multiple roles to master and higher risks involved are all factors that should be considered. It was concluded that that the best thing to if a Landlord decided to take the plunge would be to manage their properties directly if possible, and allow them ample time to grow and be successful.
It’s no secret that a tenant can struggle when trying to calculate their monthly budget after rent, especially if they are unsure as to which bills they are actually responsible for. The usual to consider as listed in our blog are council tax, energy, water, TV & internet and any insurance. It was also suggested that any potential tenant checks with their Landlord/Estate Agent as to which bills come included with the property and which are solely the tenant's responsibility to arrange, especially if sharing.
As negotiations between Tenants and Landlords comes to an end along with rent holidays attention is being turned to returning to scheduled payments and business as normal. It was noted that giving someone a rent holiday didn’t meant their rent was waivered, simply that they pay less rent for a set period and then return to paying full rent plus extra payments to make up for the shortfall. Now that people are returning to work and Landlord incentives are coming to an end it is time for the holidays to end and normal payments to resume.
On 1st August a number of changes to UK planning rules came into force. One section that got people particularly excited was about building extra dwellings on top of existing buildings. The rules around this were discussed as well as the wider context. It is hoped that this may help solve the housing crisis by developing in the ‘airspace’ and providing around 41,000 new homes in central London alone. Only time will tell if this is truly the case.
After Covid moving back in with parents has become somewhat of a norm for people of all different circumstances. The pros and cons of this was discussed including, being able to save money, less stress and having more time to spend with family against falling into a comfort trap, abiding by parents' rules and having a reduced social life. It was concluded that although it is always lovely to spend time with family it must always be kept at the forefront of your mind that this is only a temporary stop gap on your way back to independence.