The Progressive Property Podcast Housing Market Update, New Holiday Lets Regulations - Property News
In this episode, Kevin discusses the boom in the serviced accommodation and holiday let sector, the current state of the market and how we can all keep safe when working alone, especially when on property viewings.
KEY TAKEAWAYS
- There has been a big surge in mortgage products available for holiday let landlords. There are more lenders offering products than six months ago and building societies in particular are offering more deals to meet the growing demand.
- Holiday lets are classed as a business which makes them more favourable to investors, you pay less tax on them and they are also not governed by section 24.
- Across the UK properties are still selling at a high level, but London is not increasing in the same way as the rest of the country. This could be an opportunity, to invest in London whilst the market there is slow.
- There is talk of introducing a ‘pet insurance’ policy for tenants in rented properties. This would mean the tenant would pay for the insurance on behalf of the landlord, meaning the landlord doesn’t end up footing the bill for any pet damage.
BEST MOMENTS
“Serviced accommodations, staycations, have had a massive bounce back since the lockdown started to open up”
“If you can go direct to vendor you’re not competing with other people in the market”
“Where there is a risk you must mitigate that risk”
VALUABLE RESOURCES
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/