Winter Newsletter

Winter Newsletter

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

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.

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