House prices 'fell by 2.4% in 2010'

House prices fell by 2.4% over the past year, the Halifax has announced – the biggest annual fall reported so far in the current housing market slide.

Although the lender reported an increase of 0.8% in January compared to the previous month, the quarterly change – lenders' favoured measure because it smoothes out blips in movement – was a fall of 0.7%. The decline left the average house price in the UK at £164,173.

Howard Archer, chief UK economist at analyst IHS Global Insight, said the 0.8% rise was probably a correction after a sharp 1.3% month-on-month fall in December, which was probably due to a lack of sales owing to the poor weather.

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When you're letting a property for the first time, there are plenty of things you need to know about. One thing that you mustn't forget is the thorny issue of tax. If you're embarking upon the landlord game for the first time, you are well advised to have a conversation with an accountant and understand what your responsibilities are and how you can minimise your tax liabilities.

But here are some basic points to help you get your bearings. Letting a property for residential purposes (where people count the property you let as their home) is distinct from renting out a furnished holiday home or letting a room. If you have a lodger in your home, you can take £4,250 in rent tax-free.

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What's the best advice you have for a fellow landlord?

For your chance to win a bottle of champagne, visit our Twitter or Facebook page and share your single best source of advice with your peers. 

Whoever gives the best tip for fellow landlords by 31st March 2011 will win a bottle of bubbly. All entries will be judged by our Property and Claims Manager, Steve Barnes.

A landlord wishing to obtain possession for rent arrears under an assured shorthold tenancy ('AST') must first serve a Housing Act 1988 s8 notice on the tenant. The notice must:

• specify the statutory grounds relied upon (e.g. 8, 10 and 11) and particulars of the arrears
• be in the prescribed form, and
• specify a date after which the landlord will issue proceedings. If grounds 8, 10 and 11 are relied upon then that should not be less than 14 days from the date of the notice

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More Letting Agents using my|deposits

Tenancy deposit scheme mydeposits.co.uk has seen a sharp increase in the number of protections taken out by letting agents over the past year.

Agents purchased 65 per cent more deposit protections in 2010 compared with 2009.

Each agent purchased an average 46.3 protections last year, compared to an average 28.2 protections in 2007 when mydeposits.co.uk launched. And individual landlords have taken out nearly half of all protections during that time at 49 per cent.

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