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In this month’s Property Surveying Newsletter … we look at a new regulatory body for agents, find out what buy-to-let landlords need to know and see what a home owner has hidden away in his bungalow
The property market fact file is a collection of data compiled each month by our Chartered Surveyors and the propertysurveying.co.uk team, reflecting survey data, statistics, trends and information from the property market. This provides a single place where anyone with an interest in UK property can find the information they need.
The government has published its proposals for a new independent regulatory body with mandatory qualifications and a code of practice, to oversee estate and letting agents. In its final report to government, the Regulation of Property Agents working group set out its advice on how the new approach should be implemented.
It is thought that the proposals have already been accepted by the Ministry of Housing Communities and Local Government, which initially set up the working party, and may be achieved within two years.
The government is focused on increasing the level of property ownership but the Royal Institution of Chartered Surveyors (RICS) says it is unlikely the housing market will improve in the near future unless the housing market is viewed as a whole rather than attempting to ‘fix’ it in separate parts.
Tiny homes are springing up across the UK as developers exploit a change in planning rules where offices can now be converted into flats without respect to normal planning regulations.
There are growing demands across the country to slash stamp duty charges in order to free up the stagnant housing market. New prime minister, Boris Johnson, and chancellor, Sajid Javid, have been urged by their colleagues to ‘throw the kitchen sink’ at Stamp Duty Land Tax.
Buy-to-let landlords face a whole raft of new rules, making it a confusing time to be in the business of property investment. Many landlords are making a sharp exit from the property market, but it isn’t all doom and gloom if you know how to be a ‘good’ landlord … read our next article to find out how.
If you’re one of the 62% of landlords with just one investment property which is most likely near your own home, you’ll want to attract a good tenant who will look after your property and provide you with a steady income stream without causing you headaches.
The UK’s system of house numbering was only introduced in 1765. Prior to this, the custom of naming houses arose when people with money began naming their castles, halls, lodges and manor houses, often drawing inspiration from family titles or ancestral lines. These days house names more often reflect the setting in which the property was built, and it may well be fun to think about naming your own home – but there are potentially some serious incentives for doing so.
If you’re having trouble selling your home, are stuck in a property chain or are keen to secure a property purchase, you might be tempted to use Nested, which promises home sellers a percentage of their property value ‘up front’ with the remaining balance paid to you when the property sells.
‘Gradual homeownership’ company, Unmortgage Ltd, runs a scheme similar to the government’s shared ownership scheme, which lets mainly first time buyers purchase a percentage of a new build property with a mortgage, while renting the remaining percentage at a reduced rate. Its approach is to partner home buyers with investors who will each part-own the home, instead of using a mortgage.
And finally …
A four bedroom property near Chichester, West Sussex is currently on the property market at £1.5 million but harbours a secret – its train-spotting owner has incorporated an entire 19th century railway carriage into the property that you would little suspect when viewing the building from the outside.
Written by Independent Chartered Surveyors
of the UK wide network of Property Professionals
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