RESIDENTIAL PROPERTY TAXATION

  • Despite tax revenue from residential property seeing its usual annual rise between July and September, total tax revenue in the first nine months of 2018 across England and Wales was 9.5% lower than a year ago, according to the latest data published this week by HMRC and the Welsh Government.
  • It is estimated that £6.3 billion has been netted by HMRC and the Welsh Government between January and September, a fall of £662 million compared to the same period in 2017.
  • The number of properties liable for the 3% Higher Rate of Additional Dwelling (HRAD) levy fell over 5% in this period. The amount collected from the HRAD 3% element was down £243 million, the equivalent of 14.3%, to £1.24 billion.
  • Since its introduction in the 2017 Autumn Budget, the government has also ‘lost’ £427 million, owing to the introduction of first-time buyer tax relief which has benefitted over 180,000 first-time buyers. That number will rise thanks to the backdating of the scheme for first-time buyers purchasing shared ownership properties, as announced this autumn. On average, first-time buyers account for just over one fifth of residential property purchases each quarter.
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makers market – last chance

Makers Market is a monthly market, taking place on the last Sunday of every month and clearly this event on the 23rd December is an ideal chance to bag those tricky last minute Christmas pressies.

Meet artists, makers and traders – find fashion, food, art and whimsy. Burton Road in its stylish Sunday best.

Make a family-friendly day of it – Burton Road has some amazing street art and plenty of friendly, neighbourhood shops, bars and cafes. http://www.themakersmarket.co.uk/markets/west-didsbury/

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christmas eve charity carol concert

It’s the night before Christmas! Get down to the Met and sing your heart out for The Christie. Live musical accompaniment comes from the Carlton Assemble.

Entrance (£7.50 adults, children go free) includes a glass of mulled wine for the grown-ups, mince pies and soft drinks for the kids. There’s a visit from Santa too, with goody bags for the children, plus a tombola – all in aid of The Christie.  https://www.didsburychristmas.co.uk/event/charity-carol-concert/

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Tenant’s Deposits

The government may be embroiled in Brexit woes right now, but it has managed to find the time to do a u-turn on its decision to cap tenant deposits at six weeks. Lord Kennedy of Southwark and Lord Bourne of Aberystwyth have tabled an amendment to the Tenant Fees Bill that would see deposits capped at five weeks instead of six weeks. The average tenancy deposit amount is 4.9 weeks however most landlords and letting agents were hoping for deposits equivalent to 6 weeks rent in the event that tenants leave in rent arrears and the property requires cleaning.

As part of the legislation landlords and letting agents may be required to return part of a deposit that is above 5 weeks rent however we are yet to receive confirmation on this element. If this does happen and you benefit from our Management service this is something that we would manage for you, however if you manage the property yourself you may need to take action. As always we will keep you updated.

Other amendments to the Bill include protecting tenants from fees by limiting the type of default fees that can be charged by landlords and property agents.

This change means that during the tenancy landlords and agents will only be able to charge fees to replace lost keys or for late rent. Landlords will still be able to claim back costs for damage through the tenancy deposit at the end of the tenancy.

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IS THE UK BECOMING A HAPPIER PLACE TO LIVE?

  • There are many factors that influence our quality of life and well-being. In 2010, the ONS started the ‘Measuring National Well-being’ (MNW) programme in order to have a standardised monitor of well-being. The latest bulletin was published on 28th November 2018.
  • At a national level, previous research has shown that how people view their health is the most important factor, followed by employment status and relationship status. At a local level, a wide range of local conditions can affect people’s well-being, with housing affordability a key issue. In particular where local house prices are too high relative to incomes, thereby preventing prospective buyers from getting on to the housing ladder and they subsequently remain in rented accommodation.
  • Comparing June 2017 with June 2018 there were no significant changes to personal well-being measures (life satisfaction, feeling that things done in life are worthwhile, happiness and anxiety) in the UK, or indeed across any of its countries. Also, fewer people reported low happiness ratings and more people reported very low anxiety ratings.
  • The positive changes in well-being across the UK may be influenced by the improvement in economic indicators during the 12 months, such as the unemployment rate which was at its lowest level between April and June 2018 since the period from December 1974 to February 1975, at 4%. Also, average weekly earnings for employees in Great Britain increased by 2.7%, in nominal terms, compared with a year earlier. However, in June 2018, the rate of annual house price growth was also at its lowest level since August 2013, at 3%.
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Fantastic renovation project in Levenshulme offering great reward for little effort!

Marketed by Edward Mellor, Levenshulme is this two bedroom mid terrace property with a guide price of £110,000, whilst in need of some modernisation the property offers excellent potential for investors.

Conveniently located close to Levenshulme’s train station which provides direct access into the city centre in under 10 minutes, the property would make for an ideal buy to let and could command a rental of circa £650 once modernised, this would give yield of circa 7% in an area which is also experiencing encouraging capital growth year on year.

Levenshulme’s popularity amongst first time homeowners and young professionals has grown significantly in recent times and with its close proximity to the city centre, thriving high street, weekly artisan markets and good local schooling its easy to see why!

If you would like to talk further about buy to let opportunities in the South Manchester area, feel free to give us a call on 0161 249 5160.

For more info click here

 

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Great Buy to Let Investment in the Heart of West Didsbury

Hello Readers,

We just wanted to showcase one of the best buy to let opportunities available in Didsbury at the moment. This one bedroom, top floor apartment is in great condition and the communal areas have just been refurbished. It is a stones throw from Burton Road, the main high street in West Didsbury with a plethora of trendy bars, restaurants and independent shops. It can be purchased with a tenant in situ or with vacant possession and has the benefit of off road parking, making it even more appealing to tenants.

With a potential rental yield of 6.2% this is a rare opportunity to purchase an investment property in West Didsbury with an attractive return based on a monthly rental of £650.00. 

This property is currently being marketed by Julian Wadden and more information can be found here:

Click here to see more Investment Deals in Didsbury and to join our Newsletter.

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christmas carols and lights

Look out for Santa who has swapped his sleigh for a more modern conveyance!

School children will lead carol singing round the tree, while drinks and nibbles, kindly proffered by local traders, will add to the seasonal cheer.

Kids can enjoy free festive craft activities in Didsbury Library, from 5.30pm on 29th November with the main event starting at 7pm till 9pm.

Organised by Didsbury Traders with Didsbury Community Association. Thanks also to Didsbury Civic Society and Didsbury Blues City in the Community. https://www.didsburychristmas.co.uk/event/carols-lights/

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didsbury festive market at emmanuel church

Put on your Santa hat and soak up the festive atmosphere at two winter markets in the hall and grounds of Emmanuel Church.

Search for the perfect Christmas gifts amongst stalls selling crafts, art, photography, vintage clothes and more. Winter-warming food, tea and coffee will be served up by The Art of Tea, with a fully licensed bar taking care of your mulled wine requirements!

Live music throughout the day will bring Christmas cheer. All proceeds to the Hope for Children International Charity.

Taking place between 1pm and 6pm on 24th November and also on Saturday 15 December. https://www.didsburychristmas.co.uk/event/didsbury-festive-market1/

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