Our Founder, Charlotte Strang, was quoted in a property story today in the Financial Times House & Home section where they examined how the soaring price of materials, a lack of skilled labour and rising mortgage rates have resulted in renovation dreams being put on hold.
Charlotte said that the slowing property market has put the brakes firmly on flipping for all but the most seasoned property investors. “Flippers have all the cost and delay pressures faced by those renovating their own homes plus the 3 per cent stamp duty surcharge [levied on additional properties] and the added stress of needing to renovate and sell within a tight timeframe. Even if you can do the works in three to six months, it can take you six months to go through conveyancing at the best of times and, in the meantime, you have finance costs going up and up.”
Read the full article here. (paywall)
Leave a Reply