Welcome to the Winter instalment of our newsletter with up-and-coming news relating to the property market and how it can have an effect on landlords, tenants, sellers and buyers alike. If you have any questions – don’t hesitate to get in touch.
Your Guide to How the Energy Price Cap Increase will affect you
The government has announced that the energy price cap will rise by 54% on 1 April, affecting over 75% of households. This means an average £693 increase in energy bills to £1,971 in spring 2022. Bills already increased by an average of 12% in October, and this latest jump is estimated to push more households over the fuel-poverty threshold as the energy crisis continues. Households on prepayment meters will see a larger increase of £708 from £1,309 to £2,017 per year. The government also revealed plans for households to receive up to £350 to reduce the pressure of the rising cost of living, with £200 off energy bills of domestic electricity customers from October.
To read the full report click here https://blog.goodlord.co/your-guide-to-how-the-energy-price-cap-increase-will-affect-your-landlords-and-tenants
Rightmove Rental Price Tracker 2021 Released
North East rents increase 8.4% on year and predicted rise 5% in 2022
Competition between tenants for available properties was nearly double (+94%) in December compared to December 2020
Tenant demand is 32% higher than this time last year.
The number of available properties is 51% lower than the same period last year, however it is 7% higher than the same period in December, a sign of availability improving.
Full report can be found here
Deadlines approaching for Making Tax Digital
Making Tax Digital aims to “eliminate common errors and save time” with a shift to fully digitised record-keeping and submission processes. From 1 April 2022, agents and landlords will need to meet new digital requirements for VAT-returns. This year, the government has waived late filing and payment penalties by a month for self-assessment tax returns, acknowledging the impact of Covid-19 on businesses – but, from 6 April 2024, this process will also fall under the new rules, requiring digital records and filing returns using relevant software. Corporation tax will then follow in the years to come.
