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Sunday, September 04, 2016

Friday, September 02, 2016

Airbnb pushing up PRS rents

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Social housing tenants on 'pay to stay'

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The state of the UK housing market

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Thursday, September 01, 2016

A pair of Worcester HMO landlords fined

landlord fined
Worcester landlords Bing Wang and Yan Shao have been fined for letting an unlicensed House in Multiple Occupation (HMO).

Worcester Magistrates Court heard description of the three storey house. Let out to students, the rental property was found to have no suitable fire exits, no smoke alarms and no emergency lighting.

Both landlords were fined £1,370 and ordered to pay £421 in court costs.






Hearing date for Tenant Tax review

A hearing date has been set for the landlords campaigning for a judicial review over the Government's planned changes to tax relief on mortgage interest (Section 24 of the Finance (No. 2) Act 2015 (formerly Clause 24).

The hearing is set for Thursday 6 October at the Royal Courts of Justice

The campaign, 'Axe the Tenant Tax' has been crowdfunded to the tune of £101,000 and hopes to stop the planned changes due to come into effect in April 2017.

Many landlords are fearful of the impact on their rental business following the loss of mortgage interest relief.

The planned timetable of changes to tax relief  
  • 2017 to 2018 - the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction.
  • 2018 to 2019 - 50% finance costs deduction and 50% basic rate tax reduction.
  • 2019 to 2020 - 25% finance costs deduction and 75%basic rate tax reduction.
  • 2020 to 2021 all financing costs incurred will be given as a basic rate tax reduction.