All new landlords signing up for our property management services from tenant introduction to full property management will receive a John Lewis Partnership Card worth £100!
Your Chichester property is in good hands. Go and treat yourself!
It’s definitely hard to manage a property on your own, since you’ll have to juggle maintaining its condition with keeping your tenants happy. Given all your hard work with getting your property ready for letting, you deserve to be rewarded.
So, if you choose to entrust your property management needs to Hancock Lettings and Estate Agents, we will give you a free gift. Sign up for our property management services from tenant introduction to full management between September 1st and November 30th and you’ll receive a John Lewis Partnership Gift Card worth £100! You can use these cards in any John Lewis or Waitrose store or for online purchases.
Various houses for sale in and around Chichester and other neighbourhoods fetch varying prices, though a certain looming policy change looks to cater to a specific price-tied home buyer demographic. This change involves the increase of the inheritance tax (IHT) threshold to £500,000 per person, as announced by Chancellor George Osborne. This will soon allow owners of homes worth up to £1m to pass on their properties to their heirs without paying IHT at all, starting from April 2020.
The announcement came on the heels of the initial plans revealed in the early days of July, when Chancellor Osborne was expected to raise the IHT threshold to £1m starting in 2017. In an interview with the BBC, Chancellor Osborne stated that the decision to remove family homes worth at least £1m from IHT alludes to the “basic human instinct to provide for children”.
In the bid to help first-time homebuyers, Chancellor George Osborne slashed the tax relief landlords receive from mortgage payments, severely affecting the rental home market. According to the Telegraph, the budget reform will reduce tax relief from either 40% or 45% to 20% by April 2020.
Despite having good intentions, this policy will cause serious damage in the buy-to-let business, particularly for homeowners seeking income support through their properties while they work somewhere else. An article from the Property Industry Eye states that there are a lot of properties in major U.K. cities that are currently being let while owners temporarily live in other areas for their careers. These “accidental landlords” use the earnings from the property let to pay for the expenses in their temporary homes.
Just last month, we at the Hancock and Partners team have sold another property: a detached house in St. James Close, Birdham. This family home is one of nine houses built in the late 1960s on the original site of The Rectory to St. James Church. When we put this up for sale, the sales department received a deluge of interest. There were so many viewers and interested purchasers. Well, we can only sell it to one buyer, so many people missed out on the property.
They shouldn’t fret, however. Hancock Lettings & Estate Agents has begun seeking other equally fantastic properties for sale in Chichester and the neighbouring areas, specifically for those still looking at the Birdham area after the sale of the St. James Close house described above.
Here at Hancock Lettings and Estate Agents, we also help people find ideal houses to rent in Chichester. In this update, we’ll talk about why we chose to include the St. Agnes Place and Roman Quarter locations in our portfolio.
Chichester offers a lot in terms of history and culture, having some of Britain’s oldest churches and buildings. Theatres, museums, and art galleries abound, where music and arts events are held every year. The city is also a transport hub—main roads connect it to Britain’s major locations and its railway station provides regular services to and from key places in Britain. With all these, the cathedral city has a thriving tourism industry, which also opens up other opportunities that attract many young professionals.
Since the general election, the lettings market in Chichester has been highly mobile. However, letting agents report that there’s a shortage of new instructions to meet the current upsurge in demand, thus, prompting an increase in the rental prices. Nationwide, this imbalance has remained unchanged for the past couple of years, but the increase in prices as a result of continuous demand threatens to place housing beyond the reach of younger home seekers who are facing an affordability crisis.
The rental housing sector is clearly under pressure. Considering that a significant percentage of our population rent rather than own, increasing supply of new instructions is becoming more and more crucial. It’s especially important for the younger and more mobile workforce that drives our economy’s productivity.