The price of a typical UK home increased by 0.4% in May and was 1.1% higher than May 2012, according to the latest data from Nationwide.
The typical UK home is now worth £167,912.
Robert Gardner, Nationwide's Chief Economist, said: "House prices edged up by 0.4% in May, providing further support for the view that the housing market is gradually gaining momentum. The three month on three month measure of house prices, which is a smoother measure of the underlying trend, has been in positive territory since October last year. The annual rate of house price growth also ticked up to 1.1% in May - the fastest pace since November 2011.
Rental income is liable to tax. If you are a UK based landlord, scottfraser will remit rental income to you gross, less fees and expenses. You are then responsible for your own tax affairs. Therefore if you are not accustomed to dealing with H M Revenue & Customs (HMR&C) or making annual tax returns, we strongly recommend that you employ an accountant on your behalf to deal with this for you.
scottfraser have teamed up with Shaw Gibbs to provide our landlords with tax advise factsheets which may be downloaded using the links below. Shaw Gibbs also offer scottfraser landlords a free of charge one hour consultation. To book please speak to the lettings team who will put you in touch with an advisor.
If you are living abroad, you may be considered to be an overseas landlord and required to register your status with HMR&C by completing an NRL1 Form. scottfraser will then add their details to your NRL1 form before submitting it to HMR&C on your behalf. Until such time as HMR&C confirm that a landlord is registered with them on this basis, scottfraser are legally obliged to deduct tax at the prevailing rate before remitting the balance to you.
From time to time HMR&C will also ask us for information relating to rental payments paid to landlords. We are legally obliged to provide them with this information.