What's on the horizon in 2018?

January

New hybrid property agency for Orpington & Bromley

Alex Mitchel Property Consultants is launching in January 2018 and will offer bespoke, competitively priced local property expertise to buyers, sellers and landlords.  

Help to Save trial starts

First-time buyers on a low income, the Government’s promised Help to Save scheme is worth keeping track of.

First announced in the March 2016 Budget, the scheme is open to anyone who is in work and receives Working Tax Credits (or the Universal Credit) with an individual or household income of at least £542.88 a month.

Qualifying savers can set aside up to £50 a month and, after two years, receive a Government bonus of up to £600 – that's the equivalent of half the maximum £1,200 you can personally put aside.

At that point, you can either choose to cash in or continue saving into the scheme for another two years and get paid a further bonus of up to £600. In total, this means savers could accumulate a pot of £3,600 under the scheme, £1,200 of which is from Government coffers.

Help to Save was due to launch on 1 April 2018 but has been delayed until October 2018. A trial of the scheme is due to roll out from this January – although details and providers have yet to be confirmed.

February

8 February Bank of England Monetary Policy Committee Announcement

March

22 March Bank of England Monetary Policy Committee Announcement

April

For those buying or investing over the 'border', changes to stamp duty in Wales

On 1 April 2018, Welsh stamp duty will be devolved and replaced by Land Transaction Tax.

While the rules will stay largely the same as in England, there will be some differences to note. For example, around the 3% stamp duty surcharge that applies to the purchase of additional homes – and how 'replacement of a main or only residence' rules can apply as an exemption.

The change also means that first-time buyers in Wales only have until 1 April to benefit from the stamp duty breaks announced in the Government's latest Budget which apply to property purchases up to £500,000.

April 2018, is the planned trigger date for when landlords undertaking new tenancies will need to prove their property has a minimum energy-efficiency rating of E on an Energy Performance Certificate. The law will apply to existing tenancies from April 2020.

Ban on lettings agency fees charged to tenants

2018 has been earmarked for the start of the ban on lettings agency fees to tenants – a move which was first announced in the 2016 Autumn Statement. An exact kick-off date has yet to be confirmed, although it’s expected to be more towards the end of the year.

A Draft Tenant Fees Bill has already been published (November 2017). In addition to a ban on tenant fees, it proposes a deposit cap of no more than six weeks’ rent and a cap on holding deposits of no more than one week’s rent.

Landlords in 2018 should also get prepped to join a new compulsory Ombudsman Redress Scheme, which will be set up by the Government to help solve tenant/landlord disputes.

May

10 May Bank of England Monetary Policy Committee Announcement

June

21 June Bank of England Monetary Policy Committee Announcement

August

2 August Bank of England Monetary Policy Committee Announcement

September

13 September Bank of England Monetary Policy Committee Announcement

November

1 November Bank of England Monetary Policy Committee Announcement

December

20 December Bank of England Monetary Policy Committee Announcement