DOWNLOAD: July 2024 Taxation of Property

UPDATED on July 2024

For anyone looking to enter the buy-to let market as a new landlord, the decision is currently far from straightforward. On the plus side:

  • Average rents increased by 8.6% over the year to June 2024, with the average monthly rental now standing at £1,310;

  • Although house prices remain subdued, recent cuts in mortgage rates may lead to an improvement. The extension of the mortgage guarantee scheme until 30 June 2025 will help support property prices at the lower end of the market; and

  • Mortgage costs should continue to fall following the reduction in the rate of inflation to 2% (June 2024).

On the negative side, the new Labour government is going to introduce a Renters' Rights Bill. This will overhaul the private rental sector in England, and, in particular, abolish no-fault evictions and give tenants the power to challenge rent increases.

There are reports of a number of landlords leaving the market because of relatively high mortgage costs together with increased costs generally. The licencing fees being charged by some councils also do not help.

In Scotland, the Scottish government is introducinge legislation which will include a system of rent controls. The Welsh government has also consulted on possible rent controls, although it looks as if such a move will not go ahead.

Please note that all examples included in this guide are fictitious.

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Andrew Heron