Category Archives: Property

Economy & Jobs News, News, Politics, Property, Storage

70% of UK home owners disagree with Labour’s plan to reverse Tory Stamp Duty relief for First Time Buyers

A massive 70% of UK home owners believe that Labour’s plan to reverse the Tory Stamp Duty relief for First Time Buyers will negatively impact the property market, according to new research from leading self storage provider, Ready Steady Store.

The research, which questioned over 500 home owners on their perception of the likely tax changes to be implemented by UK Government during the autumn budget, also revealed that 69% believe the reduction in the stamp duty threshold from the current £425,000 to £300,000 will force First Time Buyers to opt for lower value properties.

 

Furthermore, 72% of respondents also felt the Labour Government should utilise the autumn budget to implement new schemes to aid First Time Buyers in purchasing their first home rather than increase taxes, particularly as growing numbers of home owners are now downsizing their properties, according to the latest data from Rightmove.

As such, 74% agreed that any increase in tax rates on Stamp Duty, Capital Gains and Pensions will negatively impact the public, with 40% advising their trust in Labour has diminished as a result.

Other key takeouts from the research include:

  • 30% of home owners advised they would try and move house before changes to Stamp Duty were implemented, with 18% advising they would wait until the Bank of England reduces the base rate even more.
  • 42% revealed they would move their belongings into self storage to agree a quick property sale, with 38% advising they follow suit to prevent a break in the chain during a house move.
  • A further 28% advised they would use self storage to aid them in downsizing their property – being a move 70% of home owners believe more people will be forced to do in 2025, with high mortgage rates [32%] and the cost of living [48%] to blame.

 

Discussing this latest research, Mehran Charania, Director of Ready Steady Store, said:

“This latest research is incredibly telling and highlights the level of concern UK home owners share over the forthcoming autumn budget and the negative impact it could have on the general public and particularly the UK property market.

“There is clearly a careful line to tread as even though the latest Rightmove data has shown a marginal increase in the average property price, more and more people are having to downsize their homes and this is a trend likely to increase into 2025 – particularly if the cost of living remains too high for many.

“However, there are also many positive reasons as to why home owners opt to downsize their properties – like simply not requiring as much space – being a step we at Ready Steady Store are well versed in supporting our customers with.”

 

Established in 2005, Ready Steady Store is an award-winning self-storage provider with cost effective storage units located in the Midlands, and South, North and East of England.

For more information, visit: https://www.readysteadystore.com

Property

Rise In Housebuilding A Vital Boost To Property Market – Expert Says

A rise in housebuilding will provide “a much needed boost” to the property market, a leading expert has said.

New data shows house building in the UK has seen its sharpest rise in over two years following the removal of planning restrictions by Housing Secretary Angela Rayner.

In September, housing development surged, with the S&P Global Construction Purchasing Managers Index (PMI) rising to 54.3, up from 52.7 in August. This marks the fastest pace of growth since March 2022.

The construction sector as a whole also expanded significantly, driven by substantial growth in civil engineering projects, including energy infrastructure.

The overall construction PMI jumped from 53.6 in August to 57.2 in September, the strongest reading in nearly two and a half years.

This surge comes after Labour introduced a new draft National Planning Policy Framework (NPPF), designed to boost housebuilding targets for local authorities and unlock green belt land for development.

Additionally, falling mortgage rates have further supported demand for new homes following the Bank of England’s rate cut in September.

Commenting on the figures, Jonathan Rolande, the founder of House Buy Fast, and lead spokesman for the National Association of Property Buyers, said: “There aren’t many economic reports that are only good news with no downside. Rising house prices may be good for sellers, but it’s bad for buyers. Falling interest rates are good for buyers but bad for savers.

“But some news this week  is only good news for everyone – with the possible exception of a tiny group of Nimbys. House building is growing at pace. This will provide a much needed boost to the market at just the right moment.

“Not only are there more homes to buy, but there will also be more work within the construction industry and more positivity in the property market and the economy in general, something that has been in short supply since the election.

“Building homes is a long-term exercise and this is a strong indication that housebuilders whose very existence depends upon calling the market well ahead of time, see stability and indeed growth in the property market for at least a year or so ahead. If we see further cuts in interest rates and a better supply of homes for sale, we can look forward to a much more balanced housing market that gives more people the opportunity to own their own home in 2025.

Property

As Cases Soar Property Expert Shares His Top Tips On Avoiding Fraudsters

A property expert has shared his top five tips on how to avoid the attention of fraudsters targeting the property sector.
Jonathan Rolande’s advice comes as new analysis by the London-based firm, Benham and Reeves, has highlighted the increasing problems facing letting agents with forged identification, digitally-manipulated supporting documents, and undeclared CCJs and IVAs.
The issue is said to be particularly acute in London, where agents have been increasingly reliant on digital screening methods to lighten their workloads.
Rogue tenants have kept pace with the rapid evolution in AI and digital technology, which can quickly process vast amounts of data, and have been increasingly inventive in methods they use to game the system.
Last month alone, the firm said it detected eight forged passports or IDs, 40 altered bank statements and other supporting documents, 50 fake employment references, and 30 undeclared county court judgments and IVAs.
There are reports that personal information available on LinkedIn are being used by scammers to dupe HR departments into providing salary and employment references.
Fake IDs and references often used by fraudsters to gain access to a property who then re-rent it to people who would not otherwise be able to get a flat or house.
Another common scam is called “cuckooing” where accommodation is rented out legitimately and is then promptly taken over by criminals and turned into a cannabis farm.
A growing type of fraud is overloading flats with undocumented workers, which can result in landlords and agents being prosecuted for breaching regulations, particularly those relating to multiple occupancy.
Jonathan Rolande, founder and director of House Buy Fast, warned: “When we think of fraud in the property sector, we usually think of hard-pressed tenants falling victim to scams where deposits are put down on non-existent homes or impersonation fraud, where fraudsters sell a house from under the owner’s feet.
“In the fast-paced world of lettings, landlords and their agents must be on the lookout for tenant fraud, where documents are faked to show different names, income and previous renting history.
“If a tenant using fake information manages to rent a property, there are a number of issues to worry about.
“Firstly, anyone prepared to commit fraud to rent a home is unlikely to be a model tenant. Some reasonable people may feel forced to fake documents due to stringent income multiples and the housing crisis but most will have less ‘understandable’ reasons.
“Criminals looking for properties to run illegal activities will use fake documents. Growing cannabis or subletting and turning the property into an illegal HMO are very profitable options for fraudsters.”
Jonathan shared his top five tips on avoiding becoming a victim of fraudsters:
  • Unless you have experience, use a reputable letting agent to find your tenant – saving a fee may end up costing considerably more in the long run.
  • Ensure you have quality landlord insurance. A decent policy will cover tenant damage, legal fees and loss of rent if they stop paying.
  • If in doubt do not accept them. It’s better to have a property empty than let in a bad tenant.
  • Letting agents are busy so do your own research: check social media and news sites to find a match.
  • Check references by phone – emails are too easy to fake
Property

More people set to be dragged into inheritance tax trap, warns property expert

People inheriting property will find themselves paying out more in future as the Government is expected to rely on Inheritance Tax to raise more cash for public services, a leading property expert has warned.
Jonathan Rolande, the founder of House Buy Fast and lead spokesman for the National Association of Property Buyers, says ministers are looking to boost IHT receipts to shore up the nation’s finances.
More people inheriting property are set to be dragged into paying IHT if the tax-free threshold is left unchanged and the payable rate is increased in the impending Budget, he has warned.
Mr Rolande said: “When the tax-free threshold was set at its current level in 2009, the price of an average home was £157,000. It is now £285,000, close to double what it was.
“And yet the threshold remains at its 2009 level, dragging an ever higher number of homeowners into Inheritance Tax.
“This is another example of so-called fiscal drag, much like Income Tax thresholds that have failed to keep up with inflation.
“The issue is particularly acute in the South-East and in our city centres where average prices are highest.
“With further house price inflation likely this year, more and more people will find themselves subject to tax when they die.
“The October Budget, already slated to be ‘painful’, may add to the problem if the threshold is not increased but the payable rate is.
“But it can be argued that homeowners should accept the tax as a fact of life, or indeed death.
“Few would disagree that public finances and services are in a pretty dire state. Taxing the dead, or the beneficiaries, is seen as a relatively painless way to raise much-need revenue to
spend on essential services.
“It raised £7.5 billion last year – what would replace that?
“It is mostly property that drags people into paying, and in most cases house price growth is the epitome of unearned income. Tenants do not benefit from this.
“IHT redresses some of that inequality and raises enormous sums of money. Fair or not, it is here to stay.”
Mr Rolande’s comments come amid a welter of speculation about potential changes to a variety of taxes that could be made by Chancellor Rachel Reeves in the Budget.
She is expected to announce measures that will raise an additional £20 billion for the Treasury by introducing changes to IHT, Capital Gains Tax, and pension contribution reliefs.
One former Treasury official has suggested that the Government could increase the rate of IHT from 40% to 45%, raising £1 billion – and even reduce the threshold by £50,000 to raise another £1 billion.
Other options that have been floated are scrapping of IHT relief on agricultural property and business assets.
News, Property, Retirement

Transitioning to retirement living whilst still working saves money and improves social networks

As more people extend their careers beyond statutory retirement age, the trend of moving into a retirement community while still enjoying working is on the rise, according to My Future Living, the UK’s leading retirement rental brand. This can significantly ease the transition into retirement, helping people both financially and socially.

New analysis from Rest Less[i] reveals that the number of people aged 60 and older who are self-employed reached a record of almost 1 million in 2023, an increase of more than a third (33%) in the past decade. This data, drawn from the Office for National Statistics also shows that 23% of the UK’s total self-employed workforce is now aged 60 and over.

Other analysis by Rest Less showed a rise in the number of over-70s in employment with the cost of living highlighted as one of the reasons behind this trend[ii].

 

Joanne Couch, Managing Director at My Future Living, said, “With people living longer and healthier lives, more are choosing to work into their 60s, 70s and even 80s – out of choice or necessity. But this doesn’t rule out living in a retirement community.

“Making the move while still employed can make the transition into retirement smoother. It enables individuals to downsize, reduce living costs, and enjoy the social benefits of a supportive community, all while maintaining their careers. By the time they decide to fully retire, they’re already settled and ready to enjoy this new chapter of life.”

 

One couple who have done just that is Paul Jones, a 68-year-old retired landscape gardener and his wife Lindsey, a 63-year-old part-time nurse, who moved from their home in Exeter to a one-bedroom retirement apartment at Hometor House in Exmouth, bringing significant financial benefits and a chance to settle into a sociable community.

Facing spiralling rent and the ever-growing burden and cost of maintaining their Victorian house with its large garden, they realised something had to change. Paul explains: “The cost-of-living was pushing our rent up, and the house upkeep was getting too much. We decided it was time to downsize and find a home that was cheaper and easier to manage.

 

“Our new apartment is much cheaper to run. It’s highly insulated which means it scores high on energy efficiency. We have really noticed this in our bills, and keeping these as low as possible is important when you have retired.”

 

As Lindsey still works, Paul has embraced their new social life.  Paul said: “Being part of this community is great. We have tea parties and bingo nights and enjoyed a Christmas dinner dance. Also, we often go on the coach trips when Lindsey is off work. These activities helped us to settle into the community well.”

Paul and Lindsey have more time for themselves too as their smaller home is easier to manage. He said: “We have more time for walks, fishing, and riding my electric bike. And having people around for a cup of tea when Lindsey is at work is perfect.”

 

Paul and Lindsey rent on an assured ‘lifetime’ tenancy, so never have to move again providing they keep up with the terms of their tenancy agreement. Also, their annual rent increases are low and linked to the Retail Price Index (RPI).

The couple wholeheartedly recommend downsizing.  Paul concludes: “It’s worked brilliantly for us. We love our new life, the community, and the freedom it brings. Do not be afraid to downsize – the benefits far outweigh the challenges. Plan your move, let go of what you don’t need, and enjoy a worry-free life in a welcoming retirement community.”

 

For more information visit www.myfutureliving.co.uk.

 

About My Future Living:

My Future Living is the leading UK retirement rentals brand, a subsidiary of ReSI Property Management Ltd. Specialising in high-quality, age-exclusive assured tenancy rental properties in secure and welcoming later living communities across the UK, My Future Living makes retirement renting easy and affordable. With 2,190 apartments tailored exclusively for those aged 55 and above, situated in modern purpose-built retirement developments along the coast, in vibrant cities, or picturesque market towns, we offer homes to suit every lifestyle and preference.

For more information, please visit www.myfutureliving.co.uk.

—

[i] https://www.theguardian.com/money/article/2024/aug/26/uk-has-record-991000-self-employed-workers-aged-60-or-over

[ii] https://www.theguardian.com/society/2023/apr/30/british-workers-work-into-70s-cost-of-living

Property

The Shrinking British Home: Maximising Space in London’s Smallest Living Spaces

As London’s housing market continues to spiral, with space becoming an increasingly short supply, the necessity of maximising every square foot in the capital’s smallest homes has never been more critical. The trend towards compact living across the UK is rising with the co-living market currently being at 1.9 million people in 2024 and 31.6% of those being based in the capital. Co-Living Group has reported London is set to reach a population of 9.5 million by 2026 it is expected we see the number of people co-living increase. Those homeowners and renters will be seeking smart design solutions to ensure their living spaces remain functional and comfortable despite their reduced size.

The Rise of Micro-Apartments in London

With the predicted rise of the population in London by 2026 London is witnessing a significant surge in the development of micro-apartments with 1 in 20 homes in London being a micro-home or apartment providing less than 37 metres of living space (King’s College London). With the number of these dense living spaces in London having doubled in the past 5 years this emphasises the the growing trend towards minimalist living.

This is a direct response to an increase in property prices and the vast limit of property available leading to landlords to turn their properties into flats with 49% of London’s housing stock being made up of flats (English Housing Survey). This is making smaller homes for individuals to co-share not just a choice but often the only affordable option for those seeking places to live in London.

London’s Rental Market: Space vs. Location

London is a city where location is perceived as more important than size, London’s renters often find themselves in smaller and smaller spaces. The average London floor area of dwellings in London as reported by the English Housing Survey was 84 sq m which is the smallest average for England as a whole. With London having the smallest average this has led to renters being forced to prioritise efficient use of space. The English Housing Survey indicates that the number of households renting privately has doubled since 2000, reflecting a  growing need for adaptable, space-saving solutions in rental properties across the capital.

Architects Journal reported that 74% of completed co-living developments have been delivered in London. This highlights that in the capital has a big pull compared to the rest of England with a trade-off between location and space being a critical factor in housing factors. With those seeking a more populated city with more opportunities, they are willing to sacrifice space for location.

The Downsizing Phenomenon: A London Reality

Property prices in London have continued sitting atop when it comes to property price performance over the last half-century. Even after adjusting for inflation, London prices have increased by a huge 13.5% per year on average, up 677% in total. That’s an average increase of over £9,000 every year over the last 50 years (Mortgage Introducer). This is leading to many London choosing to downsize. The UK House Price Index revealed that smaller, more affordable properties are in high demand, making the ability to maximise space a key  consideration for both buyers and renters in the city.

Alice Haine, Personal Finance Analyst at Bestinvest, says:

“If people need to be in the office two or three days a week, it’s more likely their aspirations will be limited to smaller properties. In London, 90% of first-time buyer homes were either  flats or terraced properties, suggesting a shift towards living closer to work. Naturally buying a home in the capital will constrain affordability even more, which is why a smaller  property makes sense over something more spacious”.

The Minimalism Movement Gains Momentum

Coinciding with these trends is a short surge of public interest in minimalism and decluttering. In 2024, there have been 6,400 Google searches for the term minimalism living and 234K searches for decluttering reflecting the shift towards a more efficient and space-conscious living. For Londoners embracing is not just a lifestyle choice but a necessity with those choosing to live in the capital having little choice but to maximise the functionality of their increasingly smaller living spaces. With the prediction of London’s population rising which  will increase the number of co-living places, London will continue to face challenges in housing availability and affordability. The ability to efficiently utilise space in the city’s smallest homes will be key to maintaining a high quality of living.

For effective space-maximising strategies expert Ezgi Cebi, Architectural Designer at Planning By Design, has crafted a blog on maximising space in the UK’s smallest homes.

Property

Insatiable desire to own a home is pushing up house prices, and it’s showing no sign of stopping.

House prices are on track to rise again in September, a leading property expert has predicted.
Property expert Jonathan Rolande, the founder of House Buy Fast and lead spokesman for the National Association of Property Buyers says “the insatiable desire” to own a home is continuing to push up prices.
And despite an impending Budget which the Government has warned will bring challenges, Mr Rolande thinks prices will continue to increase.
Mr Rolande said: “I expect to see a small but important increase to house prices this month. Savvy buyers are purchasing just ahead of the anticipated interest rate reduction as the speed of price rises will increase once rates are cut. Recent wage growth will also have a positive effect.”
 Explaining why, he continued: “The seemingly insatiable desire to own a home has helped to push house prices up again, the fifth month in a row. This has been fuelled by the increased availability of mortgages at cheaper rates. Mortgage approvals are at a two-year high with some rates below 4% for the first time this year.
“Confidence is somewhat fragile and buyers are being far more selective about what they buy and will walk away from properties that have issues or are overpriced. This something they were not doing in the immediate post-pandemic boom. Sellers and their estate agents must pitch the price accurately to avoid having to reduce later, to entice the still relatively small number of people able to buy.
“This means we have a quite well balanced market where neither side, buyer or seller, holds all of the cards. Each must play the game fairly to get a sale over the line.
 The lack of supply of property is still an acute issue but it has been improved by landlords who have decided to sell their rental properties to beat tax and regulation changes that look set to hit them hard in October and beyond.
“This small but significant exodus looks set to continue at least until lower interest rates make retaining a buy-to-let more viable for landlords with a mortgage. Increasing prices will also deter many from selling, creating, perhaps a greater shortage in the future that will, again fuel prices.
“But we have a lot to get through before then. The new Government has settled in, the honeymoon phase is over and we now need to listen carefully to see in which direction we’ll be taken. Much of what has been said already is rather downbeat, dour even. But it will take more than words to dampen the property market because the British desire to own a home seems as strong as ever.”
Mr Rolande’s comments come in the wake of the latest data which show how, over the first seven months of 2024, house prices have risen by 1.4%.  All areas of market activity are up year-on-year – the long-awaited base rate cut has not had a major impact so far. Price inflation has improved across all regions of the UK. It remains slightly negative in southern England, but London’s positive at 0.2%
One in five homes have had their asking price cut by 5% or more, an above-average level showing continued price sensitivity amongst buyers.
It takes 28 days to sell a home with no asking price reduction, but 73 days if you overprice and then need to reduce by 5% or more House prices are on track to be 2.5% higher over 2024 with 1.1m sales
Property

Wealth tax on homes would damage uk society, warns businessman

Former MEP and businessman Ben Habib has said a wealth tax on homes would be damaging to the social and economic fabric of this country.

Speaking to Michelle Dewberry on GB News Mr Habib said:

“I think a wealth tax imposed on a home is absolutely iniquitous. We are a home owning nation by culture: We aspire to owning a home.

“If, having bought that, having saved the money, having paid tax, saved the money, put down your deposit, taken the risk of mortgage, you’ve bought your home and you’re living in it comfortably, the aspiration which you set out in life to fulfil has to some extent been fulfilled.

“But then the government taps you on the shoulder and says, ‘Guess what, I’m going to tax you again. And guess what, it’s going to really hurt,’ because actually, your home doesn’t produce any income for you. It’s not producing cash. It is a standing asset. It is a costly asset.

“All of a sudden, in addition to paying your council tax, your energy bills, your maintenance costs, etc, you’ve now got to pay the government more tax for the privilege of investing the money that you’ve already paid tax on in a home to look after your family and bring your family up. It would be so damaging to the social and economic fabric of this country if they taxed your home.”

Property

Starmer now has a golden opportunity to drive through the planning and housing reforms relatively unopposed.

Keir Starmer now has a “golden opportunity” to tackle Britain’s housing crisis, a leading expert says today.

Jonathan Rolande, from the National Association of Property Buyers, believes the super-majority the new Prime Minister now boasts can help rescue a whole generation left fearful they will never own their own home.

Mr Rolande said; “The appalling state of housing cannot be swept under the carpet any longer. The average first time buyer is in their mid-thirties and if things continue as they have been, children today won’t be buying until they are in their 50’s, if ever.

For many young people who voted, the availability of housing was very high on their agenda. With such a large majority and an opposition who will now tear themselves into even smaller pieces as they struggle to regroup, Starmer now has a golden opportunity to drive through the planning and housing reforms relatively unopposed.”

Outlining the impact this will likely have across the sector, Mr Rolande added: “

“This will cause some ripples in the property market. Buyers and especially investors do not like change.  Predictability is key for landlords, house builders and developers and a lack of confidence is contagious, it soon affects homebuyers too.

To re-balance the market I believe we shall soon see things that give us, in the business of buying, selling or letting homes plenty to complain about.

Expect more regulation to protect tenants especially. It will stop short of rent capping, but only just.

A turbo-charged Renters Reform Bill is likely to be the first thing we’ll see.

Councils will be freed up to build more homes, creating competition that has been lacking in recent years. This may help to suppress prices and rents.

Bold initiatives will shock the housing market and we may see adverse effects.

But we should also see the positives. Good landlords will be rewarded, bad will be ones driven out. The same with good employers. As more homes become available and the pressure on prices and rents eases, younger colleagues will have a proper chance to buy or rent a decent home, put down roots and have something worth working for. Employing good people should become easier. The medicine is likely to be bitter, but its results will, I hope, be worth that temporary discomfort.”

Meanwhile one of the country’s leading lending specialists has outlined what Mr

Starmer needs to focus on in his first 100 days in office.

Ryan Etchells, Chief Commercial Officer, Together, who have been delivering secured lending for 50 years, said: “Now that there is certainty over the next administration, there is a need for strong leadership to show swift action and delivery on promises made.

“Top of the agenda should be looking at boosting the UK’s housing stock, which has not kept pace

with our increasing population to such a level in recent years that we are now in a deepening

housing crisis.

“Before the election, Labour vowed to build 1.5million homes over the next parliament – effectively re-instating the previous Government’s 300,000-a-year targets. But to achieve such ambitious numbers we need to see real change.

“We want to see a radical overhaul of the broken planning system to speed up town hall decision-making by removing red tape and unlocking opportunities for developers. There needs to be real incentives for SME housebuilders to create quality, modern and affordable homes in the right places to boost local economies.”

Property

We need a new ministry of housing to tackle property crisis – expert

The next Government should create a Ministry of Housing and encourage MPs of all parties to work together to solve the country’s property crisis.

That’s the verdict of one of the country’s leading property experts – who says the next Prime Minister needs to make housing a priority from day one.

Jonathan Rolande, the founder of House Buy Fast, said: “We can’t say for sure who will be heading into Number Ten. But there is one issue which millions of people can agree on, and that’s the importance of addressing the country’s housing crisis.

“There is a chronic shortage in the supply of new homes which is denying an entire generation the right to own their own property.

“This, in turn, is leading to rental prices in some areas soaring to new highs. We are now seeing situations, regularly, where dozens of people are fighting to let a very average property for a staggering sum, just so they can get a roof over their head.

“This isn’t sustainable.  And it’s not acceptable. That’s why the very first priority from day one, for whoever wins the Election, must be to start building new homes. That is the first thing I’d like to see.

“The second, which will be key to ensuring those homes can be built, is a root and branch review and transformation of the planning application system that stifles builders. We need policies which ensure builders can get spades in the ground.

“Third, I’d like to see the next Government create a new Ministry for Housing and have cross-party involvement within it. Politicians should all agree that we  need more affordable housing and they should be working together, outside of party politics, to deliver it.

“Four, we need a housing minister who is in it for the long haul. In the last decade we’ve seen countless ministers come and go. The removal van outside the Housing Minister’s office has been doing overtime. We need stability and a long term strategy that delivers change and which provides solutions to our housing crisis.

“And, finally, we need to provide more incentives to encourage older homeowners to downsize. Whether that’s through stamp duty or tax benefits, we urgently need to find a way to ensure retired homeowners who want to move – can.

“Again and again I see cases where older homeowners are interested in moving and potentially releasing a property that would be snapped up quickly. But many are put off by the process and the associated costs of moving. When they sit down and crunch the numbers they decide downsizing is too difficult to justify. We need to change that.”