I cannot believe that I am writing this article in October and it will be my last piece but one to appear in this publication in 2025. Where has the year gone? It has, quite simply, flown by!
The first thing I would like to mention has nothing to do with the property market. My father, David, who wrote this article for many years and who was an estate agent in the city for 70 years, has just celebrated his 90th birthday on the 8th October. Happy birthday Dad!
As many of you may remember, Dad eventually became the senior partner at Walker, Barnett and Hill, a highly respected local firm with multiple branches. My business partner, Caroline, started her career in estate agency at WB&H before branching out under the banner of Eaton Estates. I came back from a career in property in London to join Dad in his independent, eponymously named firm in 1998 and in 2006 led the merger with Caroline’s firm to become Berriman Eaton, a firm which would never have existed without Dad. Thank you DB!
So, what about the market? There is some nervousness out there at the moment with the Budget looming large in the future. There have been a lot of rumours about potential legislative changes that could affect the property world, but no-one is yet sure what will actually be announced.
A potential withdrawal of Capital Gains Tax Relief on the sale of a principal private residence, ie your main home, has been mooted. Could this happen? I hope not! I know many people are relying on the equity in their homes to fund their retirement, and if this equity becomes taxable, their future self-sustainability will suddenly be in doubt. I hope that common sense prevails!
There have also been several hints that the stamp duty rules will change. This concerns me less. History has shown that when stamp duty liabilities are altered in a budget, the market takes in all in its stride. The potential idea of abolishing stamp duty and charging an annual property levy is interesting idea, but one that I think would take some time to be implemented and would likely to be linked to an overhaul of the council tax rules. We will see…
It is interesting to note that our lettings team have just recorded four record months on the trot, in what could have been a turbulent market. The Renters Rights Bill is shortly to come into effect, and this could have caused much upheaval. Whilst it is not quite clear yet what the new legislation will enforce, there are some fundamental aims which seem clear.
‘No fault’ evictions are to be abolished, landlords will be unable to demand six or twelve months rent in advance, restrictions on pets in a rented home will be lifted with a landlord not being able to unreasonably insist on a ‘no pets’ rule, ‘bidding wars’ will be abolished, a new Ombudsman will be established to handle disputes between landlords and tenants, a national database will be created, requiring landlords to register themselves and their properties and new tenants will receive a 12-month “protected period” during which a landlord cannot evict them simply for wanting to move in or sell the property.
Whilst it will take landlords some time to adjust to the new rules, they seem broadly fair and will give tenants more security.
If you need any advice on the new lettings legislation, please feel free to contact the lettings team and, as always, if you are thinking of moving, whether it be a sale, purchase, or a rental agreement, you know who to call!
