In positive news for tenants and landlords this month, the Government has announced a six-month Job Support Scheme, beginning on 1 November 2020, where it will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand. This should go some way towards alleviating concerns for tenants and landlords alike who are concerned about managing rental payments over the winter months. Of course, Rent Protection Insurance is there to provide you cover should your tenants fall into arrears, which can be included in our fully managed service.
Our rental market performance over the past month
- We achieved an average rent of £779
- Our deal turnaround times were 16 days on average
- On average the tenants we rent to have an income of £16077
- The average age of our tenants is 45
Changes to the possession process
The Government has issued guidance on the temporary changes to possession proceedings, which will remain in place in England and Wales until at least 28 March 2021. The temporary amendment makes several changes to the usual process for possession proceedings, including requiring claimants who wish to resume proceedings to “inform the court and defendant in writing of this after the expiry of the stay in a 'reactivation notice'”.
The government warns that many cases have built up during the six-month suspension period and courts are still not operating at their full capacity, which means in most cases it will take longer than eight weeks for claims to be heard. A "winter truce" on evictions also means that no evictions will take place between 11 December 2020 and 11 January 2021.
We’re continually updating our processes in line with the latest guidance from the government. If you have any questions, don’t hesitate to get in touch.
Support for self-employed landlords
The government is extending the Self Employment Income Support Scheme Grant (SEISS). A second taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but facing reduced demand. The lump sum will cover three months’ worth of profits for the period from November to the end of January next year, worth 20% of average monthly profits, up to a total of £1,875.
Self-assessment taxpayers will be able to benefit from a 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, do not need to be paid until January 2022.
As always, get in touch with us if you have any questions about these changes - or anything else.
All the best,
The Torbay Property Management team
