HMRC, HHSRS, and 'Hotelification'. This week in property.
Navigating HMRC's rules for homeowners: Fines and lesser-known facts
UK homeowners attempting to navigate the ever-changing and sometimes utterly baffling landscape of taxes and regulations enforced by HM Revenue and Customs can be forgiven for feeling like they're being set up to fail sometimes.
In fact, beyond the basics of property tax and mortgage interest relief, there are multiple nuances that, if overlooked, could result in significant fines.
To help homeowners better understand their tax obligations and improve their financial well-being, Nojan Rahimi from Blutin Finance sheds light on some of the lesser-known aspects of HMRC's regulations.
In other news
House prices hold steady as market maintains momentum
House prices in June have stuck to 'predictable seasonal trends' with the price of a typical property coming to market dipping by just ￡21 this month to sit at ￡375,110.
The latest analysis from Rightmove suggests that activity is largely remaining stable, with the market maintaining its 2024 momentum.
However, possible election caution among some would-be sellers could be an exception, particularly among those at the typically more discretionary top end of the market, with some appearing to be pausing their plans as they wait and see how the next few weeks unfold.
How ‘hotelification’ can redefine cities and breathe new life into urban spaces
Arguably, the pandemic gave birth to remote work as we know it. But several years on, and in an effort to bring workers back to the office, many firms have looked to reposition the traditional office environment as a high-end workspace with hotel-like amenities.
Pieter van Tilburg , Founder and Partner at CityHub , suggests that it can be taken a step further, fully transforming cities and renewing these vacant spaces – why stop at making these spaces like hotels, when they can be turned into hotels?
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In fact, 'hotelification', according to Pieter, has the potential to revitalise the hospitality industry and redesign how urban city centres are structured, forever.
Housing Health and Safety Rating System: How can landlords ensure their property is fit for purpose?
Despite the collapse of the Renters (Reform) Bill, changes to the way the private rental sector operates are likely to be an important issue for the next government, so it is worthwhile for landlords to be prepared.
One way to prepare for potential future legislation is for landlords to ensure their properties achieve a good score when measured against HHSRS, which inspectors judge the living conditions of property against.
Nicholas Donnithorne, UK Technical Manager at Rentokil Property Care , explores how this can be done.
Could a reduction in occupancy rates mean the end of the short-let boom?
New research from Benham & Reeves has shown that, while the number of short-term rental properties has climbed across the majority of holiday hotspots, there’s been a reduction in occupancy rates across the board.
The worrying trend of reduced demand for short-term rental properties has seen many landlords who were tempted away from the PRS by the comparatively higher rental incomes seen across short-lets, hiking prices to help balance the books - "a tactic that is unlikely to resonate with consumers given the current economic landscape." according to Director of Benham and Reeves, Marc von Grundherr .