As a property investor, staying up-to-date with government regulations and policies is crucial to your success. In the recent Autumn Budget UK 2023, the government announced that they would permit development rights for property investors to convert one house into two flats, as long as the outside façade of the building remains the same. This is set to be implemented in 2024 after consultation is completed early in the new year. This new change may allow property investors to add value to their portfolio and improve their rental income.
This new announcement from the government may be a game-changer for property investors, especially those looking to expand their portfolio. The change in regulation will allow property investors to convert one house into two flats, ultimately increasing their rental opportunities. This will make it easier and less expensive for property investors to increase their monthly rental income.
As the owner of FAA Property, a family-owned property business operating in the northwest of England, I can say that this new regulation excites me. We specialise in developing serviced accommodation and look for properties with potential short-term rentals. This new regulation will make it easier for us to identify properties with potential and expand our portfolio.
The key advantage of having the ability to convert one house into two flats is the potential to add more value to the property. This added value will help to increase the rental income and ultimately the property's worth. It will also help property investors seek finance as the lender will look at the value of the properties. It is a win-win for everyone involved.
However, it is important to remember that this new change in regulation also comes with its guidelines. The property investor must ensure that the external appearance of the building remains unchanged. Therefore, it is essential to hire a professional architect to ensure that all regulations are met before starting the conversion process.
Conclusion:
In conclusion, the Autumn Budget UK 2023 announcement of the permitted development rights for property investors has the potential to be a game-changer for the industry and increase opportunities for investors to add value to their portfolios. As an industry expert, I recommend that property investors take advantage of this new regulation and hire a professional architect to ensure all regulations are met before starting the conversion process. This is an excellent way to increase rental income and property values in the UK's current property market.
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