From record-breaking house prices to rents climbing higher than ever, and even a Deputy Prime Minister brought down by a stamp duty blunder, it’s been a rollercoaster week in property. Behind the headlines are lessons every landlord should take note of: markets that won’t stop moving and tax rules that can trip up even the most senior politicians.
1) Rents: another peak and what’s driving it
Rightmove’s latest snapshot shows newly advertised rents hit a record £1,577 pcm in August (about +3% y/y). London remains highest (c. £2,699), but the North West saw the fastest annual growth (+10%).
But according to Rightmove this is asking price rent data for new listings, not renewals or the whole market- which tends to lead official ONS rent indices.
That said, local micro-markets matter (city centre high-spec vs. commuter two-beds can move very differently).
Pricing power is still there for well-presented homes, but affordability ceilings are real. Expect more scrutiny on rent increases and property condition.
To note: Renter’s Rights Bill returns to parliament Monday
2) House prices: Halifax report new record
Halifax says the average UK house price nudged up again in August to £299,331
While annual growth has slowed to 2.2%, regional differences are sharp: Northern Ireland leads the pack at +8.1%, while London growth lags at just 0.8% (whilst of course remaining the most expensive at £541,615)(The Guardian)
Halifax also notes first-time-buyer values slipped slightly this summer as affordability improved at the margins.
3) The Angela Rayner stamp duty saga: where the law bites
Deputy PM Resigns Over Stamp Duty Tax Error
Right on our doorstep, Deputy Prime Minister Angela Rayner has resigned following revelations that she unintentionally underpaid approximately £40,000 in stamp duty on her Hove flat purchase. The underpayment stemmed from a complex trust-related tax rule, which she misunderstood, despite professional advice Financial Times AP News.
Key implications include:
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Her resignation has sparked political fallout and intensifies scrutiny over property-related tax systems.
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The case highlights how complex trust rules can trip up even well-advised property investors Financial Times.
What’s the technical trap? Down to the nitty gritty:
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Higher rate now 5% on top of standard SDLT bands for additional dwellings (up from 3% last year), with transitional rules for deals exchanged before 31 Oct 2024. Timing and contract status matter. GOV.UK
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Trusts can’t “hide” ownership for SDLT: for bare trusts (and some life-interest setups), HMRC treats the beneficiary as the owner; if the beneficiary is under 18, the parents can be treated as the buyers. That can mean you still “own” another dwelling for surcharge purposes, even if legal title sits with trustees. GOV.UK
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The main route out of the surcharge “replacing your main residence” (Condition D) has strict tests: you must have disposed of the old main home (owned by you/your spouse), and the new home must be intended as your main. You can’t simply nominate a main residence for SDLT; HMRC looks at facts and circumstances. GOV.UK Patrick Cannon
Why seasoned people still trip up
Multiple moving parts (trust type, beneficial vs. legal ownership, exchange vs. completion dates, main-residence evidence, surcharge rate changes). It’s easy to be technically “an owner” elsewhere without realising and the surcharge is on every band of the purchase price. GOV.UK
Landlords, If you buy through or alongside trusts/companies, or you’re juggling sales and purchases, get specialist SDLT advice before exchange. The penalties/interest can sting.
All three stories point to the same lesson: the right legal and tax advice pays for itself. At Coapt, we keep you out of the potholes, handling the day-to-day lettings grind while connecting you (where you want it) to our specialist partners in legal, mortgage advice, and financial planning. Practical, plain-English guidance so you stay compliant, competitive, and a step ahead.
