While taking Bonnie for a late-night walk last night, I couldn’t help but let my mind wander, as it always does, to that one thing that encompasses my life… PROPERTY. I spent at least the first hour planning for 2024 and soon found myself tumbling down the rabbit hole of “What if?” questioning what 2024 means for buy-to-let investors.
So, for those of you who don’t read the news every day, here’s a quick recap (5 min read) on what’s occurring in 2024 that you might want to keep an eye on.
1. Renters’ Reform Bill: Unveiling the Mystery The Renters’ Reform Bill is gearing up for its grand entrance in 2024, promising a real shake-up in the way Plymouth landlords handle their properties. But hold onto your hats, folks – we’re still waiting for the juicy details! Keep your antennas up for updates on the PRS Ombudsman, the Decent Homes Standard for the PRS, the Rented Property Portal, and when Section 21 takes its final bow.
2. Leasehold and Freehold Fun If you’re part of the 38% of Plymouth landlords with leasehold properties, the Leasehold and Freehold Reform Bill is your backstage pass. We’re talking lease extensions up to a whopping 990 years, bidding farewell to marriage value, and putting a leash on ground rent. Keep an eye on this bill; it’s the key to making life easier and cheaper for your Plymouth leaseholders.
3. Stamp Duty Shuffle March 31, 2025, marks the end of the stamp duty party as we know it. Thanks to Chancellor Kwasi Kwarteng’s magic in 2022, we’ve been enjoying lower stamp duties. Expect a bit of a stampede towards the end of 2024 and the beginning of 2025 as everyone rushes to get in on the lower rates.
4. Pension Allowance Vanishing Act Abracadabra! The Finance Bill 2024 is about to pull a disappearing act on the lifetime allowance for pensions starting April 6, 2024. For Plymouth landlords who love dipping into tax-free pension funds for their buy-to-let adventures, this one’s a game-changer.
5. Capital Gains Tax – Less Allowance, More Tax Brace yourselves, Plymouth property owners – the capital gains tax allowance for individuals takes a dive from £6,000 to £3,000 starting April 6, 2024. Translation: unincorporated Plymouth landlords might be seeing a bit more red on their tax bills.
6. CMA’s Rented Housing Extravaganza The Competition and Markets Authority (CMA) is gearing up for a spring fling in 2024. They’re dishing out fresh guidance on zero-deposit schemes, dodgy licenses, and guarantees in the rented housing sector. Get ready for some clarity on the rules of the game for Plymouth landlords, tenants, and our fellow letting agents.
7. General Election Drama Hold onto your hats, Plymouth folks – there’s talk of a General Election in the second half of 2024! 🎭 Brace for impact as the private rented sector takes center stage in Plymouth. Political party policies, potential impacts on Energy Performance Certificates (EPCs), and the tax dance are all up for discussion. Let the election games begin! 🗳️✨
Disclaimer Alert (as we need one for everything these days): Remember, these are the ramblings of a man walking his dog and not financial advice; as always, do your research and find your answers. Hindhead Property is not only my business; it’s my life, and so it’s not uncommon for me to have a sleepless night thinking about property. If you’re having a spot of trouble with a buy-to-let, sat up late at night wondering, “What if?”, then don’t hesitate to give me a call; you’ll get the same advice I would offer my own family. If you’re not a fan of the radiation caused by most modern phones, then pop for a cuppa anytime.
P.S. Remember – Hindhead Property is not your typical estate agent, and we’ll beat any fee! For more info, call Louis or Philippa on 01752 875075, or email us at: q@hindheadproperty.com
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