Property News For May 2021

In today’s Property News I have a LOT to share because frankly, it’s been a bit of a bonkers month!

The national average price of property coming to market in April hit a new all-time high of £327,797, following a 2.1% (+£6,733) monthly jump

The number of sales agreed was up by 55% on the same period two years ago, reducing the stock of properties that are currently available to buy to the lowest proportion EVER recorded!

A kind of “Buying Frenzy” for all new stock now exists… with both the average number of days to sell reaching its LOWEST ever level… AND… the number of houses selling within a week reaching its HIGHEST ever level

In particular… 2 & 3 bedroom semi-detached houses are being snapped up, with 30% marked as “SOLD” within a week of being on the market!

With that said… some of the “froth” is likely to come off the housing market later in the year, once government economic measures end, but the market is now expected to remain strong for the remainder of 2021

Changes to the “Right to Rent” checks… that were introduced during the pandemic… come to an end on the 16th of May. From then on, the old system will be reinstated, meaning landlords will need to meet tenants in person and check their right to rent status by looking at the original documents. For more information – I’ve put a link below

But undoubtedly the BIGGEST announcement for property investors in April was the introduction of planning “Class MA”

With some restrictions, this basically means you will be able to turn ALL… or PART of a building in “Class E”… into “residential”… WHICH IS MASSIVE!!!

However… as I say… there are certain restrictions… including

– Minimum space standards of 37sq/m
– All rooms must have natural light
– You can’t convert the property into an HMO
– It only applies in England
– It won’t work with listed building
– And it WILL work in “Conservation Areas!”… which for property investors is FANTASTIC news!
– It comes in on 1st August and I honestly think it is the BIGGEST and most POSITIVE “Property News” you’ll see this year!

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Here’s to your success… Tony Law | Your First Four Houses