If you are thinking of buying or selling, try our Sales Service (with a discounted fee for our landlords)
Sales
Selling your property can be daunting. If you are considering selling at some point, let us take the strain out of it. Contact Hannah on 01580 763577 for a confidential, no obligation chat about your options. We are offering a 10% discount to all our landlords on our normal sales fee of 1.00% of the purchase price, plus VAT.
We can advise you on local market conditions and how to prepare your property to achieve the optimum price.
If you are thinking of buying a property to let, we have landlords who may be selling. So, we can give you actual rental returns on your potential investment.
The Sales Market
Is very difficult to predict! Right Move states that house (asking) prices have risen 8.3% year on year. The sharp rise in mortgage rates (see below) is starting to have an effect and Knight Frank forecasts that prices will drop 5% next year. However, Right Move reports that there have been no big reductions in asking prices since the mini budget.
Also on the positive side, the Stamp Duty threshold has increased to £250,000 and for first time buyers to £425,000.
Whether to sell or not will depend on your personal circumstances, but if letting is an option then please read our articles on the next page. Either way, we can advise you. Contact us at any time on 1580 763577 or 01424 838398.
Mortgages
With recent news headlines focusing on increasing mortgage interest rates, what impact will this have on our landlords? The good news is that if you have a fixed rate mortgage nothing will change until that arrangement comes to an end. For our clients in the unfortunate position of having their fixed rate term ending within the next 12 months, what are your options?
As an added benefit to you, at Jago & Jago we are working closely with a local mortgage broker, Ian Taylor of Sandlayne Associates, who has over 37 years’ experience in the financial services industry. Having access to an extensive range of lenders, Ian can provide you with up-to-date news relating specifically to the mortgage market and current interest rates. If this service is of interest to you then please feel free to contact Ian on 01580 755555 during office hours, evenings, or weekends.
Carbon Monoxide Alarms
New requirements on carbon monoxide alarms come into force in England on 1st October 2022 in all rented homes.
CO alarms will be mandatory in rooms with any fixed combustion appliance (excluding gas cookers) and when any fixed combustion appliance (excluding gas cookers) is installed or replaced.
We have already been advising landlords to comply with these regulations but if you have any doubts regarding your property, do not hesitate to contact us.
Ending The Tenancy
It looks as though the Government will be abolishing Section 21 Notices (so-called “no fault notices”). This most likely means that landlords will only be able to issue Notice if they are moving back in, selling, or if the Tenants are in breach of their contract. Our experience is that these are the overriding reasons why most landlords give notice in any case.
No details are forthcoming and given the Government’s various U-turns already, it is not certain when or if this will happen. Our professional body Arla/Propertymark are lobbying the Government to ensure landlords’ interests are considered, as well as the protection of tenants.
The Lettings Market
Demand continues to outstrip supply. This has been the same story in our past three Journals. In fact, renters are facing record increases with rents growing at the fastest annual rate for 16 years. However, with rising inflation including energy and food prices, many tenants may struggle to afford rent increases.
Normally, rents are reviewed annually. We can advise you what the market rent is on your property and what rent increase (if any) is appropriate for your tenants. We will then approach the tenants accordingly and prepare the relevant documents.
Porchlight
Sadly, funding for life saving homelessness services in Kent is being cut. As a result, Porchlight Housing is at risk of closure. This comes when their community is already struggling with the cost-of-living crisis, lack of affordable housing and rising energy prices.
A huge thank you to all our clients who have joined our scheme of donating £1 or more per month from rental income, with Jago and Jago adding a further 50%. If you would like to join, please email [email protected] It is very simple to set up.
If this Journal raises any questions whatsoever, please do not hesitate to contact us: [email protected] 01580 763577 or 01424 838398