There’s no denying that landlords faced a pretty challenging 2023. In particular, many of those who were highly leveraged decided to simply sell up, but did they act too soon?
Their departure has left a large hole of opportunity for existing investors and newcomers to fill, with the chronic shortage of homes and massive demand in the Wilton & Salisbury area pushing rents to ever-new heights.
While 2024 has started positively and looks set to be far less turbulent, there are also some upcoming changes for landlords to consider, and in this week’s blog, we’re looking at:
So wherever you’re at right now in your landlord journey - thinking of selling up, planning to expand, or raring to buy your first rental investment - read on for how to make the most of this year and beyond.
It’s no secret that finding a buyer in 2023 took longer than in 2022, but that doesn’t mean that people’s lives slowed down as well.
When you need to move, you need to move, and some sellers gave up the search for a buyer and rented out their homes instead to keep their plans on track.
Depending on how many more sellers become ‘accidental landlords’ this year, their presence could filter through to the rental market in various ways.
As with any change, opportunity is never far away, so get in touch if you’d like to chat about the rental market in the Wilton & Salisbury area and how you and your business could benefit.
What a year for mortgages 2023 was, with fewer mortgage deals and eight base rate rises. But since August, things have improved on many fronts, including:
Call us optimistic, but it feels like better times for landlords and mortgages, not just for deals coming up for renewal, but also for new loans being taken out.
With a general election on the cards in the next twelve months, we’re likely to see clearer messaging from the political parties around the hot topics of rental property and energy efficiency.
Regardless of whatever course the next Government takes, clarity is good for landlords to help you plan ahead, budget with confidence, and set your properties up for a long-term future.
Highly leveraged landlords had a tough time in 2023, and it’s estimated that around 139,000 rental properties were sold.
As well as making the shortage of homes even more acute, that exodus provides several opportunities.
Finally, bear in mind that many rental homes are let out below their current market rate, so there could very well be hidden extra value in the properties being sold.
In his 2022 Autumn Statement, the Chancellor, Jeremy Hunt, announced plans to reduce the Capital Gains Tax personal allowance, and the final step is due to take effect this year.
Given the changes to the personal allowance, using the equity in your property to fund more rental homes and increase your income might feel like a better move than paying a large chunk in tax.
Then let’s talk! Whether it’s increasing your income, planning for future energy legislation, or knowing which homes in the Wilton & Salisbury area could be the most profitable to add to your portfolio, we’re here to help.
Whatever you’d like to know, call us on 01722 580059 or message us at email@example.com for a chat with our team.
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