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  • Mortgages & Finance

    BTL Bubble Bursts - Telegraph article

     Landlords are making up a falling share of the housing market, after new taxes and limits on lending put the brakes on the once-booming industry.

    Just 12.7pc of mortgages in the final three months of 2017 went to buy-to-let borrowers, Bank of England figures have shown, the lowest level since 2013.

    It is down sharply from 14.4pc a year earlier and 16.3pc in the same period of 2015.

    The drop comes after landlords were hit with a stamp duty surcharge, raising the cost of buying a house, and mortgage interest relief was scrapped, denting profits on rental properties.



    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    I mean that is a bit dramatic, I wrote about BTL Transactions being down. That George Osborne plan to give First Time Buyers an even greater advantage over Landlords was working.

    To describe a 2% drop in total loan amount from 2016-2017 as a "bubble bursting" is alarmist.
    Especially when we are describing how much BTL is expanding by which as 13% in 2017 (by loan amount).



    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    Chicken Little.  Smile

    It's falling I tell ya falling.


    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    Interesting that I have just received a valuation for my flat.

    According  to the Yopa EA who operates in Essex and Hertfordshire  not one of his sales  or purchases has mentioned S24.

    Now to me that is very good news as it means few LL have wised up about S24

    So I must sell this summer before S24  LL receive  their first tax bills in Jan 2019.

    There will be some interesting  conversations being had by S24 LL with their accountants.

    'Why has my tax bill increased when my income has remained  about the same?'

    Ahh! Well have you heard about S24?

    No what's S24??

    Ahh! Let me explain your tax bill will be rapidly increasing to the point where you may be paying tax on fictitious profits!

    What how can that be that is bonkers.

    How can you pay tax without a consequent increase in income to pay the tax!?

    Ahh! That is the beauty of S24 taxes you will need to find money from other resources to pay this tax.

    You could try to increase rents but they would need to be massive increases to leave you no better off and would mean that your actual income will stay static unless you could increase your rents over  and above what you would need to do to pay for S24 taxes

    Well my tenants can't afford such increases and I haven't any spare money to pay these S24 taxes.

    So what can I do?

    Well you could sell your property as these taxes will only get worse.

    What if I don't?

    Err!! Well you could be bankrupted by HMRC if you fail to pay S24 taxes.

    OK Mr accountant  thankyou for your advice albeit about 3 years late as I've now learnt you knew about this S24 in 2015!!!

    So I will be selling up before all the other S24 LL realise they need to sell pronto.

    Oh and by the way I won't be needing your services anymore.

    I hope mortgaged sole trader LL have only been a small part of your business.

    If not you may well be bankrupted long before the LL you allegedly service!

    Anyway I had better get my skates on and issue a S21 as it can take 42 weeks to evict these days.

    I need to sell ASAP before all the other LL issue their S21

    There could be a lot of LL property coming on the market in abut October/November next year.

    Sell now while most LL are blissfully unaware of S24 according to this Yopa EA.

    At least I should be able to get rid of one flat without being crowded out by S24 LL selling at the same time.

    So for a selling opportunity without other S24 LL getting in the way.

    I might even sell another.


    Surely accountants will have sent out info to clients by now? I wouldn’t expect any other ‘profession’ to have done so, but accountants, surely?

    My accountant included it in a pamphlet last year, so only a couple of years after the announcement (which Osborne had announced heralding 4 years to prepare).



    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    A new study has uncovered a decline in the proportion of people willing to become new buy-to-let landlords, or to downsize, in order to boost their retirement income.

    The research, conducted by Retirement Advantage, asked people how likely they are to consider buying a new property in order to rent it out, to provide them with retirement income.

    Just 35% of respondents said they were likely to consider it, with 62% saying they were unlikely to. This is a pronounced departure from the almost even 49-51% split recorded this time last year.

    The shift is even more pronounced for over 55s, with 10% saying they would enter buy-to-let versus 87% saying they would not – compared with 27% and 73% respectively last year.

    Full/source article