Philip Hammond
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Latest property news
Autumn Statement: Hammond confirms letting fees ban
As expected Chancellor of the Exchequer Philip Hammond has announced this lunchtime in his Autumn Statement that letting fees for tenants are to be banned outright “to improve competition in the private rental market and give renters greater clarity and control over what they will pay,” he said. David Cox, MD of ARLA, disagrees: “A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market. It will be the fourth assault on the sector in just over a year, and do little to help cash-poor renters save enough to get on the housing ladder. This decision is a crowd-pleaser, which will not help renters in the long-term. All of the implications need to be taken into account. A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market.’ “Most letting agents do not profit from fees. Our research shows that the average fee charged by ARLA licenced agents is £202 per tenant, which we think is fair, reasonable and far from exploitative for the service tenants receive.” The ban that been on the cards for months and according to Isobel…
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Latest property news
Will Hammond rescue faltering London market?
Haart today revealed that its branches within the M25 recorded an increase in sales activity of just 1.1% month-on-month during September compared to a 75% increase for its branches 100 miles or more outside the capital, painting a worry picture of the struggling London property sales market. “The evidence from our branches is that areas around 100 miles from the capital are where the market is reviving, and this is spreading towards the South East and London – a complete reversal of the traditional ‘London first’ pattern we’ve grown used to,” says Haart CEO Paul Smith (pictured). Land Registry data shows that the number of homes sold in London reduced by two-thirds between March and June this year, before the Brexit vote. The slump has been blamed by agents such as JLL squarely on the recent increases in Stamp Duty and Land Tax (SDLT) at the top end of the market. Homes for sale over the SDLT threshold of £925,000 now make up 34% of all homes for sale in London so the changes have been keenly felt in this price band, plus many agents blame the extra 3% SDLT for hammering the number of landlords buying property there too.…
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