…….How much Council Tax you pay depends on two variables. The first is which Council Tax Band your property is in. A property is placed into a specific band depending upon what the value of the property was in April 1991 – the date when the tax band system was applied. In a nutshell, what your property is worth today has no relevance whatsoever to your banding…….
A Hounslow landlord was asking me the other week to what effect homeownership rates in Hounslow in the early to middle aged adult age range had affected the demand for rental property in Hounslow since the Millennium. I knew anecdotally that it affected the Hounslow rental market, but I wanted some cold hard numbers to back it up. As you know, I like a challenge when it comes to the stats.. so this is what I found out for the landlord, and I’d like to share them with you as well…….
A little bit of good news this week on the Hounslow Property Market as recently released data shows that the number of first time buyers taking out their first mortgage in 2017 increased more than in any other year since the global financial crisis in 2009. The data shows there were 116 first time buyers in Hounslow, the largest number since 2006.
I expect in 2018 ……..
So, should you move somewhere larger, or extend your Hounslow property to make it large enough for you and your family? In some circumstances the choice has been made for you. If you live in an apartment with no garden, there isn’t much of an opportunity of making it larger. But if you have a house with a garden or an attic with sufficient headroom, extending your home becomes a real prospect.
So, when a landlord recently asked me why the brand-new property she was considering buying was a lot more expensive compared to a second-hand/existing property of similar type, accommodation, location and structure I thought this would make a fascinating topic to do some homework on … homework I want to share with the homeowners and landlords of Hounslow.
That got your attention … didn’t it!
But before we start, what is Generation X, let alone Generation Z, Millennials, Baby Boomers … these are phrases banded around about the different life stages (or subcomponents) of our society. But when terminologies like this are used as often and habitually as these phrases (i.e. Gen X this, Millennial that etc.), it appears particularly vital we have some practical idea of what these terms actually mean. The fact is that everyone uses these phrases, but often, like myself, they are not exactly sure where the lines are drawn …until now…
Yes, I said ‘rentirement’, not retirement … rentirement
and it relates to the 301 (and growing) Hounslow people, who don’t own their own Hounslow home but rent their home, privately from a buy to let landlord and who are currently in their 50’s and early to mid-60’s.
The truth is…..
As I am sure you are aware, one the best things about my job as an agent is helping Hounslow landlords with their strategic portfolio management.
Gone are the days of making money by buying any old Hounslow property to rent out or sell on. Nowadays, property investment is both an art and science. The art is your gut reaction to a property, but with the power of the internet and the way the Hounslow property market has gone in the last 11 years…..