Can you remember 10.05pm on Thursday, 7th May
2015 ... with the shock news that BBC Exit Polls suggested the Conservatives
would be returned with majority? Melton Mowbray landlords had something to
cheer about as the Conservatives were always considered to be a political party
that accepted the importance of the rental market, supported its development
while properly targeting the lawbreaker landlords renting out below standard
rental accommodation.
Since May though, George Osborne announced future rises in
stamp duty for buy to let landlords and a change in the interest relief on buy
to let mortgages, some people have started to question that loyalty.
I will admit the loss of mortgage higher rate tax relief
will make a number of properties not stack up financially. The new rules are likely
to slow demand in the Melton Mowbray housing market, which is in fact good news
for the other landlords, as there is less competition from other rental
properties available to let.
Just
a thought, but making Melton Mowbray landlords think twice and
run
their numbers more cautiously is not such a bad thing.
Over the last 12 months, property values in Melton Mowbray
have risen by 3.2%, not bad when you consider inflation is running at -0.1%.
The really interesting information is the value growth, but
what types of property are actually selling in Melton Mowbray? Looking at
|
Sept 2007
|
Sept 2015
|
Difference
|
Detached in Melton Mowbray
|
14
|
19
|
+36%
|
Semis in Melton Mowbray
|
17
|
18
|
+6%
|
Terraced Houses in Melton Mowbray
|
12
|
14
|
+17%
|
Apartments / Flats in Melton Mowbray
|
5
|
4
|
-20%
|
Now I have mentioned in previous articles that the numbers
of properties selling in the town has certainly dropped post 2008, but what
amazed me were the drop in the number of apartments selling in Melton Mowbray
compared to the rise in sales of detached, semis and
terraced properties.
Less
properties are selling than last decade in Melton Mowbray
and the
types of properties selling have changed ...
interesting
times ahead for the Melton Mowbray Property market!
Therefore, all I can say to the landlords of Melton Mowbray
is do your homework, make sure the numbers do stack up, take advice and opinion
from professionals and above all, for those of you planning to add to your
portfolio, buy the right property at the right price. Please do not hesitate to give me a call or pop into our office on Burton Street.
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