House prices are now 13% higher than they were at the start of the pandemic, with the average house price in England being ~£266K, this is £31K higher than this time last year, a staggering difference. There is a still a huge demand for properties despite the stamp duty break coming to an end - an event that was predicted to decrease the market and house price growth.
With house prices going up, the rental market is too, with the prices soaring and an unprecedented amount of enquiries for every property. If you are thinking of letting out your property, there is no better time than the present! Give our friendly team a call on 01752 917458 to arrange your free valuation appointment, alternatively you can use our instant valuation tool on our website!
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One thing we are always asked from potential tenants is the application process! We have made this useful application process guide to help potential tenants.
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Stamp duty rates changed on 1st July when the temporary suspension on stamp duty for homes under £500,000 came to an end. Stamp duty rates are now as follows:
|Property Value||1st July 2021 - 30th September 2021||1st October 2021 onwards|
|Main residence||Buy-to-let||Main residence||Buy-to-let|
|£0 - £125,000||0%||3%|
|£0 - £250,000||0%||3%|
|£125,001 - £250,000||2%||5%|
|£250,001 - £925,000||5%||8%||5%||8%|
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Its continued good news for landlords as rents continue to rise across the UK with many regions seeing several months of sustained rent increases. In the South West rents have increased by 10% during June and the average rent for a property in England is now £900.
In addition voids between tenancies have also fallen dramatically in the South West from an average of 18 days to just 8 days.
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