Eviction reforms
A process that has been delayed due to the pandemic but began back in 2019 with discussions of abolishing Section 21 no fault evictions. A white paper on the proposals has been promised in the new year and is said to contain details around the ‘lifetime deposit’ for tenants which will replace the current system.
Tax Relief Changes
Since 2017 the government has been slowly bringing a new mortgage interest tax relief. 2020-21 is the first year when the credit will be applied so on January 31st when you have submitted your self-assessment tax return landlords will only be able to offset their mortgage interest payments by 20%.
Capital Gains Tax
You will now have 60 days instead of the previous 30 to report and pay your capital gains tax when selling a buy-to-let property.
Energy Performance Rules
There will be many policy changes in this area, with the required band C on EPCs now pushed to 2026. So while there is nothing set for 2022 it is a space to watch as the green initiatives by the government are forever changing.
Recovering Market
Zoopla has predicted that London prices will continue to rise as they have been since October 2021, with the growth ranging from 3.5% to 4.5% in 2022.
Ban on Pets
More of a reminder of changes from January last year when the government launched the Model Tenancy Agreement which required landlords to object in writing if they were to receive a pet request from a tenant. This requires landlords to give a “good reason” for denying their request and proving the property is impractical for pets.
Required Alarms
All privately rented properties with boilers or fires must have installed fire and carbon monoxide alarms. This change was announced in November 2021 and also applies to social housing.
Written by Toby Dawson