Hi Guys, welcome back to this months’ edition of Coventry Property News. These were some of the recent headlines. For the full articles, please click on the links below
Government explains why lettings fee ban is still 15 months away
The National Approved Lettings Scheme revealed that it had tried to get to the bottom of when the long-awaited ban was going to start; it asked the Ministry for Housing, Communities and Local Government for a start date, and was told it would not be before spring 2019. – The reason; because it will take a substantial period for the legislation to get through parliament.
Tax and affordability test changes prompt landlords to set up structures
According to Landlord Today, A growing number of landlords are turning to corporate structures in an effort to reduce tax liability and avoid stringent new rules on mortgage affordability, according to fresh research.
New data from Mortgages for Business reveals that 79% of all buy-to-let purchase applications were made via a corporate vehicle in the third quarter of 2017.
Landlords still set to benefit from tax relief despite changes
Property Investor Today reported Analysis by Ludlow-thompson has revealed that UK buy-to-let landlords will still benefit from £16.7 billion worth of tax relief even after the government’s recent changes to the system are fully phased in by 2020.
In April 2017, the phasing out of mortgage interest tax relief – a move designed to help make buy-to-let less attractive to landlords and investors – was introduced by the government.
Coventry Rents Set to rise to £1164 per month, in the next 5 years.
It’s now been a good 12/18 months since annual rental price inflation in Coventry peaked at 3.9%. Since then we’ve seen more humble rent increases. In fact, in certain parts of the Coventry, the rental market saw some slight falls in rents.
Unfortunately or Fortunately, depending on whether you’re a Landlord or Tenant, many property commentators feel rents will regain their upward trend and continue to increase as demand for Coventry rental property will outstrip supply.
In the past, making money from Coventry buy-to-let property was easy. But with these new tax rules, new rental regulations and the overall changing dynamics of the Coventry property market, as a Coventry landlord, you are going to need work smarter and have every piece of information, advice and opinion to hand on the Coventry, Regional and National property market’s, to enable you to reap the benefits.
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