Insights

Real Estate News Roundup - February 2022

Posted Thursday 10th February 2022

grenfell


Leaseholders won’t pay to fix fire risks

The government has announced that leaseholders will not be responsible for remediation costs of all safety defects post-Grenfell. Persuading developers to cover the cost will be difficult but the news for leaseholders is incredibly positive.

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UK rental prices hit record heights

A new record has been set as rents in the UK have risen sharply. They have risen at an annual growth of 9.9%, a significant change from the early pandemic levels which saw rents dip.

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40-year fixed-rate mortgages

Kensington Mortgages has announced it will launch a long-term fixed-rate mortgage. The loan will be available for anywhere between 11 and 40 year terms as speculation continues to suggest an increase in interest rates is on the cards.

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Are tenants liable for Stamp Duty?

It is widely assumed that only the owners of property are subject to SDLT but in fact tenants can be liable too. Tenancies where the cumulative rent adds up to £125,000 can be required to contribute towards SDLT.

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61% of offices are lacking tenants

While residential lettings strengthen, the demand for commercial office space continues to underwhelm. As workplace demands have transformed, requirements for traditional offices have too. Over 70% of landlords are planning to convert existing offices into flexible spaces.

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Are Purplebricks back on track after huge losses?

Online estate agency, Purplebricks have announced that the business is back on track despite significant losses revealed in 2021. Shares plummeted 75% which saw its valuation drop from £1.7bn to £63m. What does the future hold?

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This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.


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