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Let's
explore the potential of your Huddersfield property together.
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Let's
explore the potential of your Huddersfield property together.
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Important Update: The Renters' Rights Bill and How It Affects
You |
Dear
Valued Client As the
Renters' Rights Bill moves closer to becoming law in 2025 following its
second reading in February, it's essential to understand how these changes
might affect you as a landlord. We want to ensure you stay informed and
compliant while continuing to manage your rental properties efficiently. Here's
a brief overview of the key points and how our flexible letting services can
help to keep you compliant and protected. Section 21 Abolition No-fault
evictions will end, but landlords can still reclaim properties under new
grounds, such as selling or moving back in to the property. What
this means for you Very
little change. The new grounds under Section 8 will cover nearly all cases
where you would have used Section 21. In our branch, most Section 21 notices
could be replaced with Section 8. How we
can help Although
the details are still being worked out, Our team will keep you updated when
more is known. Our team will also keep the transition smooth, handling the
changes in processes for you. Court Delays Concerns
about delays eviction delays are being addressed with clearer grounds for
possession, dispute resolution through the Ombudsman, and digital systems
expedite outcomes but the impact of this will not be known until the
transition occurs How we
can help Our
rent guarantee insurance covers eviction costs and lost rent, ensuring stable
income during any delays. We’ll handle the entire process, from
insurance to resolution. Periodic Tenancies Tenants
will have the flexibility to give two months' notice at any time, similar to
existing practices in Scotland which has seen minimal impact on tenancy
durations. What
this means for you While
tenants can leave with notice, this won’t drastically change how long people
stay. If tenants are unhappy, it’s better for them to move on rather than
cause issues for you. How we
can help We’ll
manage tenant transitions seamlessly, minimizing disruption and swiftly
finding new tenants when needed. Rent Increases Annual
rent increases remain possible as long as they match market rates in the
current version of the Bill. Tenants have the option to appeal to a tribunal
if they believe that the rent increase is unfair. How we
can help We’ll
support you with market data to justify rent increases, ensuring a fair
process that keeps your property competitive. PRS Ombudsman A new
Ombudsman for landlords will be introduced to handle landlord-tenant
disputes and resolve these disputes efficiently, reducing the need for costly
legal action. How we
can help We’ll
assist with registration with the Ombudsman and manage any disputes on your
behalf, saving you time, stress and ensuring a smooth dispute resolution for
you. PRS Property Portal This
new portal will help landlords demonstrate compliance with legal obligations. How we
can help We’ll
ensure you have all necessary documentation to remain compliant, taking the
worry out of new regulations and reducing the risk of fines. Pet Requests Tenants
can request pets, however, landlords can require insurance to cover potential
damages. Landlords should only refuse if it’s reasonable to do so. What
this means for you If your
property is suitable for pets, you’ll need to allow them with reasonable
conditions. How we
can help We’ll
manage pet requests and ensure appropriate insurance is in place to protect
your property. Non-discrimination Landlords
cannot discriminate against tenants with children or those receiving
benefits. What
this means for you You can
still conduct thorough tenant referencing to ensure you select suitable
tenants, but you cannot discriminate based on these categories. How we
can help Our
thorough tenant referencing ensures you find reliable tenants while adhering
to regulations. Decent Homes Standard
and Awaab’s Law New
standards will set strict timelines for addressing issues like damp and
mould. How we
can help We
already comply with similar standards. We’ll make sure we check and highlight
whether your property meets these standards. Our proactive approach ensures
your property remains in top condition. This will ensure your let remains a
safe and desirable place to live, reducing the risk of fines and maintaining
tenant satisfaction. No Bidding Wars Landlords
will no longer be able to accept offers above the asking rent. How we
can help We’ll
set competitive, market-accurate rents, ensuring you attract tenants quickly
while securing the best possible income. We’re
fully prepared for these upcoming changes and are here to guide you through
them. Our experienced team will ensure you remain compliant while protecting
your investment. By partnering with us, you’ll have peace of mind knowing
your property is in expert hands. Our flexible letting services are designed
to keep you compliant with all new regulations, safeguarding your investment
and simplifying the process- essentially if you are
not a fully managed client now is the time to talk to ourselves. We look
forward to continuing to support you, for more information, please visit: https://www.whitegates.co.uk/landlords/letting-compliance/ Best
Regards Chan
Khangura BA (Hons) DipRLM MARLA MNAEA Proprietor
& Managing Director Whitegates
Estate Agents Huddersfield, Brighouse & Holmfirth Proprietor
& Managing Director Whitegates Pontefract & South Elmsall Owner
Whitworths Managing Agents, Let Two, CMK Lettings, Easy Lettings Northwest,
McField Lettings Brighouse, Linden Lettings, & Local Properties
Pontefract |
The Bank of England has reduced interest rates to 4.5%, marking its third cut in under a year. This decision follows a previous reduction in November 2024, with the rate remaining unchanged in December. While most of the Bank’s nine policymakers supported the move to 4.5%, a minority favoured a more aggressive cut to 4.25%, highlighting the ongoing uncertainty surrounding the UK economy.
The Bank of
England has revised its economic growth forecast for 2025, now predicting a
0.75% expansion, down from an earlier estimate of 1.5%. The impact of this rate
cut will be felt across the financial landscape, potentially easing borrowing
costs for mortgages and loans while simultaneously reducing returns for savers.
The decision is widely seen as a positive step for the British housing market. Lower borrowing costs could improve affordability, providing a confidence boost for homebuyers and those looking to remortgage. The number UK home sales in January 2025 was just under 20% more than January 2024. That, alongside increased buyer registrations at the start of the year. However, while sentiment may improve, the immediate effect on mortgage rates is expected to be gradual, as lenders respond cautiously to the new environment.
The timing of the rate cut is also
significant, as the April’s stamp duty threshold changes approach. The market
has already seen a surge in activity from buyers looking to complete purchases
before the new rates take effect. The combination of lower interest rates and
impending tax changes may accelerate decision making among those on the fence
about moving.
Looking
ahead, the trajectory of further interest rate reductions will depend on
broader economic stability. Inflation, although lower than last year, remains a
key factor influencing future interest rate policy. While there is optimism
that additional cuts could follow in 2025, economic volatility means nothing is
guaranteed.
For now,
the latest rate cut is expected to provide a boost to property market
confidence. The property sector, already showing signs of resilience, could
benefit from improved affordability, though sustained growth will depend on
wider economic conditions and how quickly lenders adjust mortgage rates in
response.
The UK Property Market is Buzzing –
But Realistic Pricing Still Reigns Supreme |
The UK Property Market is Buzzing – But Realistic Pricing Still Reigns
Supreme Great news for homeowners and buyers alike – the UK property market is
off to a flying start in 2025! In January alone, there were 20% more homes
sold subject to contract compared to the same time last year, with 98,978
properties finding buyers versus 84,509 in January 2024. This surge in activity reflects growing confidence in the market, and
we’ll be delving into the latest Huddersfield specific statistics over the
next week. Keep an eye out for our upcoming report where we’ll break down
exactly how our local Huddersfield market is performing. However, while the picture is positive, it’s important to remember
that only just over one in two homes that come to market actually end up
selling (53% to be exact). This is a crucial reminder that no matter how busy
the market gets, realistic pricing remains the key to securing a sale. If you’re thinking of selling in 2025, now is a fantastic time to take
advantage of the market momentum—but make sure your Huddersfield property is
priced competitively to attract the right buyers. |
Bedrooms matter when it comes to selling your home, but not in the way you might think. According to UK Property Market data from Denton House Research, in 2024, homes with three bedrooms have the highest success rate of selling and completing, with 58.9% successfully sold compared to being withdrawn from the market. Two-bedroom homes also perform well, at 56.6%. In contrast, one-bedroom properties struggle,
with just 47.1% completing. Interestingly, larger homes with five or more
bedrooms fare the worst, with only 41.2% reaching completion. Four-bedroom
homes sit in the middle, at 47.9%. This insight could be critical if you're
planning to sell your home in 2025. For smaller homes, it's important to
highlight space efficiency and practicality to potential buyers. If you're
selling a larger property, consider presenting it as adaptable and suited to
evolving family needs. The number of
bedrooms not only influences demand but may also impact your pricing and
marketing strategy. By understanding these trends, you can work closely with
your estate agent to position your [home for a faster, more
successful saleen
itcomes to selling your home, but not in the way you might think. According
to UK Property Market data from Denton House Research, in 2024, homes with
three bedrooms have the highest success rate of selling and completing, with
58.9% successfully sold compared to being withdrawn from the market.
Two-bedroom homes also perform well, at 56.6%. In contrast,
one-bedroom properties struggle, with just 47.1% completing. Interestingly,
larger homes with five or more bedrooms fare the worst, with only 41.2%
reaching completion. Four-bedroom homes sit in the middle, at 47.9%. This insight could be
critical if you're planning to sell your home in 2025. For smaller homes,
it's important to highlight space efficiency and practicality to potential
buyers. If you're selling a larger property, consider presenting it as
adaptable and suited to evolving family needs. The number of bedrooms
not only influences demand but may also impact your pricing and marketing
strategy. By understanding these trends, you can work closely with your
estate agent to position your Huddersfield home for a faster, more successful
sale. Looking to sell in
2025? Speak with us at Whitegates to tailor your strategy to the market and
make the most of your Huddersfield home's appeal. |
Bedrooms matter when
it comes to selling your home, but not in the way you might think. According
to UK Property Market data from Denton House Research, in 2024, homes with
three bedrooms have the highest success rate of selling and completing, with
58.9% successfully sold compared to being withdrawn from the market.
Two-bedroom homes also perform well, at 56.6%. In contrast,
one-bedroom properties struggle, with just 47.1% completing. Interestingly,
larger homes with five or more bedrooms fare the worst, with only 41.2%
reaching completion. Four-bedroom homes sit in the middle, at 47.9%. This insight could be
critical if you're planning to sell your home in 2025. For smaller homes,
it's important to highlight space efficiency and practicality to potential
buyers. If you're selling a larger property, consider presenting it as
adaptable and suited to evolving family needs. The number of bedrooms
not only influences demand but may also impact your pricing and marketing
strategy. By understanding these trends, you can work closely with your
estate agent to position your Huddersfield home for a faster, more successful
sale. Looking to sell in
2025? Speak with us at Whitegates to tailor your strategy to the market and
make the most of your Huddersfield home's appeal. |
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