This week is the first annual National SAFEagent Awareness Week (14-20 May). The week has been launched in a bid to help raise public awareness of the importance of choosing a lettings agency covered by a Client Money Protection Scheme. This means that deposits and rentals are covered by insurance and will be refunded in the event of an agent going out of business or misappropriating client funds.
As of 6th April 2012, the rules covering registration of tenant’s security deposits to which the Housing Act 2004 applies have been amended.
Agents and Landlords will now have up to 30 days to register the deposit with an authorized scheme and to ensure that the tenant is provided with prescribed information relating to the deposit. The changes reverse the anomalies in the original legislation and now mean that a landlord or the agent may still be subject to penalties even where the tenancy has ended after the 6th April 2012 and they failed to register the deposit within the required 30 days.
Today Chancellor George Osbourne announced that properties sold over £2million will be subject to a stamp duty charge of 7%, an increase of 2%. Mr Osbourne also confirmed that properties over the £2m mark bought via a company would be subject to a 15% charge. The Chancellor said that the people who are buying the most expensive houses should contribute more.
Winkworth is delighted to announce it will be sponsoring Kew the Music for the second year running.
M Winkworth PLC [‘Winkworth’] has opened an office in Grantham. The office will cover the town and surrounding villages such as the Vale of Belvoir, Long Bennington, Allington, Harlaxton, Colsterworth, Manthorpe, Belton, Barrowby, Great Gonerby and Old Somerby.
A number of home owners with properties worth more than £2 million are anxiously awaiting the budget announcement on 21st March to hear the final decision on a proposed changes to property taxes. At present there are four options being suggested.
Winkworth has released its Westfield report, the first of its impact analyses which look at how specific projects affect the local residential property market. The report shows how the opening of the Westfield shopping centre in Shepherd’s Bush in October 2008 has had a significant impact on the surrounding areas.
Property is a good investment for the short to medium term. Like gold in uncertain times people go to these safe havens and although bricks and mortar are not as liquid as a stock or share, it does give investors a sense of security knowing these properties are not going to disappear in the same way stock prices can fall.
I’ve had the opportunity of appearing on the BBC show, Homes under the Hammer, on several occasions. The show focuses on following the owners’ journey in refurbishing and renovating their property.
Many Winkworth offices have reported a rise in the number of buyers expressing interest in entering the market in early 2012 and many vendors who have sat on their hands are now tired of trying to second-guess the market and plan on instructing sales early in the year. We are therefore hopeful of a strong start to 2012.
