Posts with tag: furnished properties

Major cities in Britain you are most likely to find a furnished rental property

Published On: July 23, 2021 at 10:45 am

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Categories: Tenant News

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Renters and landlords face cliff edge as furlough ends

Research by Manor Interiors has revealed which major cities offer the best availability of furnished rental stock across the market.

The build-to-rent furnishing solutions specialist analysed current rental market stock across 24 major cities in Britain, as well as the nation as a whole, looking at what percentage of homes listed offered the convenience of coming fully furnished.

50% of all rental homes in Britain currently listed to let are furnished.

Aberdeen ranks top as the nation’s furnished rental hotspot, with 89% of all rental properties coming fully furnished.

The majority of rental properties in Edinburgh also come furnished, at 85%.

Leeds appears to be the best bet for finding a furnished rental home in England, with 84% of all rental stock coming furnished. Close behind is Newcastle, at 81%.

Swansea ranks top in Wales (78%), with Birmingham (74%), Manchester (73%), Sheffield (72%), Plymouth (71%) and Leicester (71%) also ranking within the top 10.

In contrast, only 22% of rental homes listed on the market in Newport are fully furnished, with Bournemouth (34%) and Bradford (39%) also home to some of the lowest levels of furnished rental homes.

Farhan Malik, CEO of Manor Interiors, comments: “While the rental sector has traditionally acted as a stepping stone to homeownership, we’re now seeing far more people opt to rent as a long term lifestyle choice.

“The convenience and flexibility of renting long term really resonate with the modern-day tenant and we’re starting to see the rental sector evolve to meet these needs, particularly through the build-to-rent sector.

“Furnished homes are just one aspect of this evolution and presenting a stylish, practically furnished home is a sure-fire way to grab the attention of tenants above and beyond your average rental home.

“However, you don’t need to break the bank to achieve this but you also want to refrain from filling your rental home with cheap furniture that is likely to need replacing by the time the next tenant enters the home. Bespoke, high-quality furniture can be purchased for a reasonable price whether you’re fitting out one buy-to-let home, or a hundred units within a build-to-rent development.”

The major cities with the highest proportion of furnished rental homes as a percentage of all rental homes listed on the market

LocationAll rentalsFurnished rentalsFurnished %
Aberdeen83273789%
Edinburgh1,4211,21185%
Leeds4,8994,10884%
Newcastle2,0791,69181%
Swansea27321478%
Birmingham4,7513,52574%
Manchester5,0383,68273%
Sheffield1,7941,28972%
Plymouth79856971%
Leicester2,5531,80271%
Portsmouth1,35995570%
Cardiff1,33092469%
Oxford1,34792769%
Liverpool2,2741,51166%
Nottingham2,5171,59663%
London61,25837,95762%
Sunderland47928660%
Glasgow1,38677056%
Cambridge90548754%
Southampton1,65285352%
Bristol1,57367443%
Bradford39315339%
Bournemouth61720734%
Newport1563522%
Great Britain183,41990,91350%
Data sourced from Rightmove – 15/07/2021

Tax Experts Express Confusion over New Wear and Tear Allowance

Published On: December 22, 2015 at 4:35 pm

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Tax Experts Express Confusion over New Wear and Tear Allowance

Tax Experts Express Confusion over New Wear and Tear Allowance

Tax specialists have expressed concerns over the new Wear and Tear Allowance system, saying that the rules are unclear.

The amendment, due to be enforced in April, will replace the current system that allows landlords of furnished properties to claim back 10% of their rental income against capital expenditure on replacements of furnishings, furniture, appliances, white goods and kitchenware.

However, the Allowance will be changed to actual expenditure, rather than an automatic 10%, next year. Draft regulations indicate that landlords will be capped on what they can claim, with the replacement being an equivalent, not an improvement.

The Association of Taxation Technicians insists: “We certainly expect to be seeking guidance on how HMRC will approach the question of whether a new item is substantially the same as the old item which it is replacing.

“If the new item is an improvement, which has to be treated for tax purposes as capital expenditure and not as a like-for-like replacement to be offset against rental income, the draft provision requires a restriction to the replacement expenditure.

“This position is particularly complicated in relation to items like white goods, where manufacturers are constantly introducing new technologies and functionality. We will be highlighting to HMRC the situations where we think that practical guidance will be needed to avoid disputed claims.”1 

However, the Association does welcome some of the new rules, particularly that landlords will be able to claim against the cost of removal of old items, such as fridges and mattresses.

The proposed revisions can be viewed here: https://www.gov.uk/government/publications/reform-of-the-wear-and-tear-allowance/reform-of-the-wear-and-tear-allowance

For the latest changes to landlord law, remember to check back on LandlordNews.co.uk daily.

1 http://www.propertyindustryeye.com/replacement-rules-for-wear-and-tear-rules-are-unclear-say-tax-experts/