One of the key factors that determine
the price of anything is the demand and supply of the item that is being bought
and sold. When it comes to property, demand can change overnight, but it takes
years and years to build new properties, thus increasing the supply.
The Conservatives have pledged to build over 1 million homes
by 2020. I am of the opinion that as a country, irrespective of which party, we
have not built enough homes for decades, and if the gap between the number of
households forming and the number of new homes being built continues to grow,
we are in danger of not being able to house our children or grand children. I
believe the country is past the time for another grand statement of ambition by
another Housing Minister.
Surely it’s right to give normal Melton Mowbray families
back the hope of a secure home, be that rented or owned? As a town, we need to
exert pressure on our local MP Alan Duncan, so they can make sure Westminster
is held accountable, to ensure there is a comprehensive plan, with enough
investment, that can actually get these homes built.
To give you an idea of the sorts of numbers we are talking
about, in the Melton Borough Council area in 2007, 210 properties were built. In
2008 that rose to 250 and a year later in 2009, it peaked at 300. By 2014, that
figure had dropped by a massive 83.33% to 50 properties built.
The outcome
of too few homes being built in Melton Mowbray means the working people of the town
are being priced out of buying their first home and renters are not
getting the quality they deserve for their money.
I talk to
many Melton Mowbray business people and they tell me they need a flexible and
mobile workforce, but the high cost of moving home and lack of decent and
affordable housing are barriers to attracting and retaining employees. Furthermore,
building new homes is a powerful source of growth, creating jobs across the
county and supporting hundreds of Melton Mowbray businesses.
It is true
that landlords have taken up the mantle and over the last 15 years have bought
a large number of properties. The Government need to be thankful to all those Melton
Mowbray landlords, who own the 1,533 rental properties in the town. Most local
landlords only have a handful of rented properties (to aid their retirement), and
without them, I honestly don’t know who would house all the extra people in Melton
Mowbray!
Moving
forward, those Melton Mowbray landlords have many pitfalls, both in the short
term and medium term. For instance, were you aware that the rules of changes
for new tenancies from the 1st October 2015 (with some imposing
penalties including loosing the right to require the tenant to vacate, if they
are done incorrectly) or in the medium term, the planned change in the way buy
to let’s are taxed?
More than
ever, the days of buying any old property in Melton Mowbray and you would be
set for life are gone. Now, it’s all about ensuring you stay the right side of
the law, buying the right property (and that might mean even selling some to
buy others), so you build the right portfolio for you as a landlord.
Please give
me a call or pop into see me to seek honest advice before you invest in a buy
to let property.
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