New Year, new fears? It’s 2018; we’re in the future! Which has got us at LMA Property thinking – what does this have in store for us and the future trends of property generally?
This is the term coined to describe the predicted rise in rents due to Brexit. Yes, we know – can one write an article on property without mentioning the “B” word? Perhaps not, particularly when it comes to the rental market. As many analysts are predicting, as a result of Article 50 and the rise in the stamp duty surcharge, many will be reticent to move or purchase a home, increasing rent prices across the UK.
- Safety and security
Grenfell Tower fire was a horrific tragedy that was sadly all too avoidable. Public pressure and, in my many cases, anger saw immediate responses with councils and landlords quick to check their building materials and improve their fire safety assessments. However, there seems little doubt that in the long-term this emphasis will be integrated into government policy, creating a far more regimented and structured approach to health and safety in domestic and commercial properties.
- Changes in property investment
This is slightly interesting and in its very earliest stage. However, with Section 24 coming into play, which will see over half of UK landlords pushed into a far higher rate of tax (despite their income not having increased), many may well look to alternative avenues of investment. This could see investors move into holiday lets, property trading as well as development and semi-commercial properties.
- Move to the North
This one scares us as proud London residents, but it seems with the ever-increasing cost of living, house prices and living in a rather busy city, more and more individuals (particularly young families) are looking to Northern cities like Leeds and Manchester as well as their home counties. This is something we have discussed in a previous blog, so if you want to have a more in-depth understanding please take a look below.
- Keep calm and carry on
This is England after all, and we aren’t really a society known for radical movements. The truth is that even with Brexit, stamp duty and the much derided Section 24, change will come slowly and steadily. Like the proverbial tortoise, we don’t accept to see any momentous changes over the next year, but rather steady and gradual change over the next 5-10 years.
If you have any questions or would like to discuss any of these ideas with one of our team, feel free to give us a call on 020 3893 8635 or drop us a line on firstname.lastname@example.org.