Performer of the Month for August!
Congratulations to Sienna Vincent in our Great Yarmouth office who is our Performer of the Month for August.
Sienna only joined us as a trainee five weeks ago at a very busy time and how well she has done. Taking car of the administration in our Great Yarmouth office and helping us through a very very busy holiday period.
Congratulations Sienna
Shock fall in Landlord income according to HMRC
According to HMRC, landlords’ income has dropped by 4% for traditional private sector landlords but numbers of those renting via Airbnb has increased.
While 4% may not seem like a significant figure on the surface, for many landlords that is the difference between making a profit or having to subsidise their investment every month.
Despite rising rents an HMRC report on lettings activity shows that income from private landlords fell by 4% between 2021 to 2023.
This goes some way to explaining the steep increase in landlords selling their rental homes. According to Rightmove 1/5 of current London homes for sale on the portal were previously rented.
Higher interest rates, increased costs, removal of mortgage interest relief coupled with forthcoming tax increases in the next budget and looming legislation are all individual factors. However, add them all together and the mystery of why landlords are leaving the Private Rented Sector at the current rate is clearly solved.
Unfortunately, as always there are ‘knock on’ effects of well intentioned Government tinkering with the Private Rented Sector which ultimately impact on tenants. Increased rent and a sharp fall in available stock means it is ever more difficult for tenants to secure and afford their rental homes.
Still time to move in 2024!
It seems a crazy thing to say on a sunny September day…..but if you want to be eating your Christmas turkey in a new home you really need to get your skates on!
Properties that are sold stc in September should (on average) complete before Christmas all being well. However, if you aren’t for sale yet and want to move this year you should be listing now to give you time to find a buyer and for the conveyancing process to work through.
Thinking of selling – call us now to book your visit from one of our expert team
How is the market?
A question as estate agents we get asked a lot.
An interesting way to gauge this is by looking at total sales in an area over a year and comparing it with previous periods.
In the years between 2020 and 2022 yearly sales agreed in the NR31 postcode were always in excess of 1000. This dipped in 2023 to just over 600. A drop of 40%.
This year has been better. Sales agreed over the last 365 days in NR31 currently sit at 804. A big improvement on what we were seeing in 2023 but still way off what was seen immediately ‘post covid’.
This tells us we have a recovering market but in our opinion one that still requires careful pricing and excellent marketing.
Rise in inflation threatens further interest rate cuts.
Inflation went up slightly in July to 2.2% up from 2%. A small rise and inflation still way below the double digit inflation we saw in 2023. However, we will have to see how the Bank of England views this rise when its monetary policy committee next meet!
