Homeowners’ exposure to property tax could be reduced as house prices continue to fall – and property accountants can help you to make sure that any fall in capital value is put to good use in reducing your outgoings.
According to the latest report from RICS, there are signs of optimism in the property market, with an 11% increase in enquiries from prospective buyers since the end of the summer.
Mortgage interest rates have fallen – albeit only by a small amount – in the past couple of months, making fixed-rate mortgages with two to five-year terms more affordable for some buyers.
However, overall the trend in house prices themselves remains downwards – and more steeply so than had previously been predicted.
The latest RICS seasonally adjusted house price balance stands at -9 for November, two points down from its October level of -7, and “more negative” than expected by economists, according to RICS.
If you believe your home or rental dwellings are falling in value, our property accountants can help you to determine the effect this may have on your income and your exposure to property tax.
Speak to us now, and we will help you to make sure your affairs are in order as we move into the new year.