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  • Section 24 HQ

    Agents report significant decline in stock



    Rental stock is down 40% on a year ago across the haart chain.

    CEO Paul Smith blamed the number of restrictions and additional costs being “heaped” on landlords, saying that they are “certainly taking effect on the lettings market”.

    With supply down, rents have been pushed up 5% in the 12 months to the end of April.

    Haart also reported that the number of sales to buy-to-let investors is down 20.9% across England and Wales, while the number of tenants entering the market is up by 18% year on year.

    Full/source article

    Meanwhile, Countrywide, in its rebranded Homes International Rental Index, say there are now five per cent fewer homes to let now than two years ago.

    In detail it says that average rents in the North fell 0.3 per cent in April compared with the same month last year - that’s the first year-on-year fall since June 2014.

    Meanwhile rental growth accelerated in the South to 2.2% in April, spurred on by increases in London (2.2 per cent) and the East (3.6 per cent).

    Full/source article

    SEE ALSO  -      1000% rise in temporary accommodation costs

    UP NEXT -          Rents rise as Landlords exit the sector
                
    DON'T MISS -     Rents expected to rise as landlords exit

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    A LA I speak to fairly regularly  states he has plenty of tenant applicants but no stock to let to them.

    Many are having to use expensive B & B's

    Many of his LL are selling  up mainly due to S24 as there is certainly  no lack of demand.

    Which sort of indicates the true effects of S24.

    LL  are having to sell even though there is plenty  of demand for their product.

    Rents are not at a level yet sufficient  to support those properties subject to S24.

    I would need to increase rents by over £600pcm over the next 4 years to almost stand still.

    Which is why I will be selling up as well.

    Doesn't bother me as I hope to invest all the capital into one 4 bed house where I will take on lodgers of which there is no shortage.

    Of course that will mean no S24 taxes or taxes of any kind will be paid to HMRC

    So they will have a total loss as I have more than enough losses to offset against the small potential CGT.

    S24 is effectively  destroying a viable business  and making about 10 tenants homeless.

    Well done Govt!

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    This appears to just be numbers for the sake of numbers - rental stock is down by 40% or 5%, rents are up by 5% or down by 0.3%?

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    Reintroduce full mortgage interest relief and drop the 3% stamp duty surcharge

    PLEASE sign Petition Here