Property Newsletter 16th Dec 2024
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HUNDREDS GATHERED IN LONDON TO PROTEST AGAINST CAPITAL’S ‘SOARING’ RENTS
Demonstration organiser the London Renters Union says that rising rents are destroying communities. The group said the event came amid a growing wave of renter-led demonstrations across Europe to highlight the impact of high rents and to demand controls. LRU said up to 500 people marched through central London on Saturday, on one of the biggest shopping days of the year, to protest “against soaring rents” and “exploitation” of tenants. London was the English region with the highest rent inflation in the 12 months to October 2024, at 10.4%, according to recent Office for National Statistics figures. This annual rise was higher than in the 12 months to September 2024, 9.8%, while there was a record-high annual rise of 11.2% in March 2024. With the average London rent hitting ￡2,172 a month, according to official figures, many people are being pushed to the brink as they try to cover the cost, the LRU said.
?Source: The Guardian
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NEW MAKING TAX DIGITAL TOOLKIT LAUNCHED
From 6 April 2026, sole traders and landlords with a gross income (before expenses and tax are deducted) of more than ￡50,000 from self-employment and property will need to use Making Tax Digital for Income Tax to report their income to HMRC. This threshold reduces to ￡30,000 from 6 April 2027. HMRC is also urging agents and landlords to sign up to the ongoing voluntary testing phase for Making Tax Digtal for Income Tax.
Source: NRLA
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WHY HAVE HOUSE PRICES FALLEN THIS MONTH?
The average price of property coming to the market for sale falls by a seasonal 1.7% this month (-￡6,395) to ￡360,197, in line with the usual December monthly drop. Rightmove’s lead indicator of new seller asking prices measures prices at the very beginning of the home buying and selling process, capturing immediate changes in home-mover behaviour. New sellers typically need to come to market with some of the most competitive prices of the year in December, to motivate festivity-distracted buyers to act. While the market is slowing down as it always does in the build-up to Christmas, activity continues to remain strong compared to last year. This is laying the groundwork for a potentially busy Boxing Day bounce in home-mover activity, which has become a tradition in recent years as early-bird buyers and sellers flood onto Rightmove.
Source: House Price Index, Rightmove
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THE UK DOES NOT HAVE ENOUGH CONSTRUCTION WORKERS TO BUILD THE 1.5 MILLION HOMES THE GOVERNMENT HAS PROMISED, INDUSTRY LEADERS HAVE WARNED.
The Home Builders Federation (HBF), along with the UK's largest housebuilder Barratt Redrow said skills shortages, ageing workers and Brexit were some of the factors behind the shrinking workforce. The government confirmed there was a "dire shortage" of construction workers but said it was "taking steps to rectify" the problem.
Source: BBC