This year is already proving to be a successful year here for Morfitt Smith and our delighted vendors and landlords.
Properties aren’t hanging around for long and the market for both sales and lettings is very buoyant.
2016 comes with further changes in legislation for landlords and investors and some have already come in to force. From February 1, 2016, the parts of the Immigration Act 2014 dealing with “right to rent” immigration checks came into force in England, Scotland and Wales.
Morfitt Smith Lettings have taken adequate action to ensure we, and our clients comply. This applies to our Let Only, Fully Managed and Rent Collection service so you’ll always be in safe hands. Contact the team today on 0114 2321764 to discuss further.
Further legislation around stamp duty is being imposed as from April 1, where anyone one with two properties in England, Wales or Northern Ireland after buying or selling will be hit with an extra three per cent stamp duty bill where anyone will incur the new costs from April.
For example, anyone buying a £200,000 second home or buy to let before April pays stamp duty of £1,500, this is based on paying zero per cent on the first £125,000 of the property value and two per cent on the portion between £125,001 and £250,000.
From April, landlords will have to pay three per cent for the first £125,000 and five per cent instead of two per cent on the amount between £125,001 and £250,00.
It is not just landlords that will be hit but anyone owning a second home.
This could be a parent buying a property for their child or a couple purchasing a home together where one is already a homeowner.
We’re waiting to see how this will affect the Buy to Let market, but we are already seeing a surge in demand for quality properties that would make suitable investments, all being pushed through before the new tax hike.
This change in stamp duty may see a rise in the sale of potential property under the £125,000 region.
There is high rental demand in the S5 and S6 postcodes at present and now may be a good time to invest in these areas. Morfitt Smith have some great properties currently for sale under £100,000.
Register today in our office to join the mailing list and set up a viewing.
Morfitt Smith are offering an incentive this February if you list your rental property between the February 1–29 our applied management fee is only seven per cent per calendar month (fees apply) for the term of the first tenancy.
Call us today 0114 2321764 to discuss further.
* Founded in 2013, Morfitt Smith has quickly become established as one of Sheffield’s new breed of independent agents.