Yearly roundup 2023 and what lies ahead for 2024! | 03 January 2024

By Angus Dixon & Hamish Bruce

As the INHOUS team reflects on what has been an interesting 2023, there is most certainly optimism moving into the New Year. This optimism has come as a result of a flurry of activity in November and December, tying up some sales and search mandates, coupled with positive sentiment in terms of inflation and interest rates in the past few weeks. Over the course of 2023 there has been quite a lot of doom and gloom in the press about the housing market, but in reality it has been far more resilient than we are made to believe. The property market has seen a reduction inactivity over the past 12 months, rather than a massive reduction in prices, certainly in Prime, Outer Prime and Super Prime areas. Post Brexit, banks and the government predicted prices would drop up to 20%, however figures suggested they actually rose 12% in the 2 years after. We arguably could well be in a similar situation now!

 

2024 is going to be an interesting year with interest rate movements still relatively unknown and a general election coming up. Elections always provide uncertainty for buyers, regardless of the outcome. This tends to halt activity but we have seen it before, quiet periods are, normally, followed by an increase in demand (post covid is a prime example) which means buyers pay a premium. If you can afford it, now remains a good time to buy, the opportunities are there, you just need to know where to find them. Why wait for everyone else to start buying? There have been many highlights across the year for both our London and Dublin offices, to name a few:

• Purchase of a fantastic country estate for an A list celebrity

• Sale of a wonderful penthouse apartment in St James’

• Purchase of a property portfolio for an Athlete

• Top two sales in Dublin this year; Rachra, Coast Road, Malahide and Loughgall, Mart Lane, Foxrock. Both in the higher end of the market, beautiful, detached properties in prime locations.

Another major highlight of the year has been the announcement of our partnership with Compass Sports & Entertainment in the US. Having a trusted partner in the US market is of huge benefit to our clients and future clients with a US nexus and we are thrilled to be able to assist Compass clients on their property needs in the UK and Europe. We have been incredibly fortunate to work with great clients, both new and loyal repeat clients, over the course of 2023 along with the private client advisers who have introduced them. The INHOUS team thoroughly appreciate the introductions that have been made to us, entrusted to assist with your clients’ property needs and in turn deliver great results. We look forward to working with you all in 2024!

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FEES FOR TENANTS

Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department.

Permitted Charges in accordance with the Tenant Fee Act 2019

The following payments may apply when entering an Assured Shorthold Tenancy:

First month’s rent In advance
Tenancy Deposit 5 weeks, or 6 weeks if annual rent is over £50,000
Holding Deposit One week’s rent, put towards your first rent due
Early termination when requested by the tenant A charge not exceeding the financial loss experienced by the landlord
Default charge for late payment of rent A maximum of 3% above Bank of England base rate, charged when rent is more than 14 days late
Default charge for replacement of lost key or security device Equivalent to cost incurred
Changing the tenancy documents after the commencement of the tenancy, including change of sharer £50 incl. VAT

The following payments may apply when entering a Non-Housing Act Tenancy:

A Non-Housing Act Tenancy is formed when the annual rent exceeds £100,000 or the property is occupied by a Company rather that an individual.

  Inclusive of VAT
Tenancy Setup Fee drafting and execution of tenancy agreement if supplied by us, collecting and holding the Security Deposit as Stakeholder, issuing protection certificates, if applicable, Open Banking type referencing of tenant and initial Right to Rent Checks £360
Check-in Fee checking into the property and reviewing inventory minimum of £130
Tenancy Continuation negotiating and drafting an extension £150
Change of Sharer – Deed of Assignment £120
Early Termination – Deed of Surrender £120
Guarantor Referencing Fee (each): £30
Deed of Guarantee Fee: £50
Late payment of rent 3% above the Bank of England base rate

 

How to Rent Guides:

This guide is for tenants and landlords in the private rented sector to help them understand their rights and responsibilities. This guide includes a checklist and further detail on each stage of the rental process.

How to rent – GOV.UK (www.gov.uk)

FEES FOR LANDLORDS

Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department for a full breakdown of costs. Here’s a list of what you can typically expect to pay:

Lettings Service Only: 10%+VAT (12% inc. VAT) – Including rent collection
Letting and Management Service: 16%+VAT (19.2% inc. VAT)
Short Let (less than 6 months): 24%+VAT (28.8% inc. VAT)
Lettings Renewals Service: 8%+VAT (9.6% inc. VAT)
Lettings and Management Renewal: 14%+VAT (16.8% inc. VAT)
Short Let Renewal (less than 6 months): 24%+VAT (28.8% inc. VAT)

Pre-Tenancy

Additional non-optional fees and charges

We will not be charging clients fees for referencing, tenancy agreements or deposit registration.

The costs of a clean, EPC, gas safety, EICR, PAT and inventory are set by third party suppliers and prices may vary. The below schedule is to give you an idea of what you would typically pay.

All fees stated are inclusive of VAT (calculated at 20%):

During the tenancy (if required

INHOUS is a member of and covered by the ARLA/Propertymark Client Money Protection (CMP) Scheme.

We are also a member of a redress scheme provided by The Property Ombudsman www.tpos.co.uk.