Void periods – the time for which a rental property has no paying tenants – can have a significant impact on landlords’ profits; however, efforts to prevent homes from standing empty for the long term may prove even more significant for those using our accounting services in Manchester.
The government’s New Homes Bonus scheme rewards councils that bring empty properties back into the usable housing stock, as well as those that build new homes from scratch.
And Manchester ranks second nationwide in terms of the number of empty homes brought back up to scratch – 2,118 so far, lagging only 33 properties behind top-ranked Birmingham.
“I’m delighted we’ve had such a positive start and encourage all councils to work hard in transforming empty properties, which drag down neighbourhoods, and instead turn them into homes fit for families,” says communities minister Don Foster.
However, those using our accounting services in Manchester might be interested to learn of the potential impact these efforts might have on the value of their properties, and on the level of property tax they might have to pay when selling them.
In particular, you should be aware that a property is considered to be long-term empty if it is unfurnished, and has been unsuitable for occupation for more than six months – our property accountants can advise you if you think you may own a home that could be affected by this legislation.
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