Post by Paul Bonett, was previously published on June 6th on the Bonett’s website.
Early May started quietly on the Lettings front. The election had just been announced; the market softened as Brexit and allied economic issues remain unresolved (as they will for some time to come). The Government’s new taxes on landlords are beginning to have an effect: something had to give…
Here, in the Lettings team, it didn’t take us long to realise we had to get in touch with our landlords whose properties were sticking. We advised those of our landlords with vacant properties to immediately move their rent down just a little rather than hold out for the highest rent; void months have a major effect on annual revenue. Landlords who lowered their market rent a little generally let their properties almost immediately and the latter part of May was busy with new tenancies and a few new landlords too.
Conversely, one or two of our landlords have decided to sell. They have owned their rental properties for quite a long time, and will sell with a reasonable ‘profit’, HMRC notwithstanding.
It’s a truism that in any trading market, when things get a bit tough, clients need good counsel; your advisers need to take the time to discuss all your options promptly and in depth so you can make good decisions. If you haven’t talked your options through with us, please call or mail us now. We always want to make sure you are getting the advice you need. Both our lettings and sales teams have a great depth of experience so can help in either scenario.