The Key Place Newsletter, January 2016 1st Jan 2016A very happy 2016 to all our newsletter readers. This month we announce our exciting expansion plans as we open a new office in Falkirk; we explore 2016 predictions for Scotland's Private Rented Sector; Elaine Kellington, mortgage advisor gives us the lowdown on buy to let mortgages in 2016; we look at the buy to let market in the Central Belt; and we discuss malicious damage to properties.
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The Key Place is Coming to Falkirk 1st Jan 2016
The Key Place is expanding across the Central Belt of Scotland.
The Private Rented Sector in 2016 1st Jan 2016
Predictions are that by 2025, 7.2 million households will be renting – almost 1 in 4 of the UK total. If this is indeed the case, there will be more people renting privately than owning with a mortgage. As such, the Private Rented Sector is set to keep growing over 2016. However it doesn’t come without its challenges, and landlords and investors need to think ahead and plan how to manage their rental properties.Land and Buildings Transaction Tax (LBTT) Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) in Scotland in April 2015. However recently delivering his budget, Mr Swinney said there would be an additional supplement of 3% on the purchase price of the property, on top of the existing LBTT. George Osborne announced similar changes in his budget.
Buy to Let in Falkirk 1st Jan 2016
As we discussed in last month’s newsletter, location is key for buy to let investors. However landlords have a tendency to purchase in areas they are knowledgeable of in terms of property prices, monthly rents and the local amenities that attract tenants to an area.
Buy to Let Mortgages 1st Jan 2016
in 2016, property investors are certainly facing some challenges. However the upside is that the rental market remains buyant as demand continues to outstrip supply, meaning that the Private Rented Sector remains a popluar asset class for investors. Landlords need to become aware of the best ways of handling their investments - read our top tips on Winning Strategies within The Private Rented Sector in 2016 article. And bear in mind that those with no mortgages or small mortgages will be unaffected by the following changes and so will continue to generate income.
Malicious Damage by Tenants 1st Jan 2016
Rented property is enjoying a boom time, with over 700,000 people now choosing to rent in Scotland. The majority of tenancies run smoothly with tenants wanting to live in and look after their rented property as if they owned it. Once in a while however, landlords have the misfortune of having a tenant who isn’t quite so respectful of the property.
The Key Place and Copper Theft 1st Jan 2016
Some tenancies run smoothly, others less so. This is one such tenancy.