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The number of amateur landlords buying new properties continues to tumble as recent tax changes bite.
According to figures from trade body UK Finance, there were 5,500 new buy-to-let home purchase mortgages completed in May, some 9.8 per cent fewer than in the same month a year earlier.
That shows the attraction of buy-to-let is continuing to fade as the 3 per cent stamp duty surcharge means those buying rental properties must pay thousands to the taxman.
By value there was £700million of buy-to-let lending in the month, 22.2 per cent down year-on-year.http://www.thisismoney.co.uk/money/buyto...rrier.html
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.
See also:Net loss of 133K rental homes in coming yearRICS - PRS is an "issue of great concern"Is BTL still viable for first time landlord?What is Section 24 for landlords?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I'm always reassured to see that amateur landlord activity is measured in BTL mortgages, long may it continue.
The problem I see is the majority of our sector are amateur landlords
I said after Osborne changed the playing field that a lot would go
I compare it with the Corner shop owner to the Supermarket owner
We will end up with professional Landlords in the coming years and it will be Ltd Co landlords which will grow
With regards to your analogy - communities are now working to keep corner shops alive/open in towns and villages around the country. Big is not always necessarily best. However, choice is always good for the consumer.
I understand your point but Community Shops & Pubs are not run for a profit
They are there to provide a service to there community
The Company Formation leveraged landlord is the start of the Supermarket Landlord
I can see a great number of my own property going into the Company as I go through my Autumn years
Its just the way the Govt wishes me to go
I enjoyed the cornershop but I have to look to larger things
I understand, but I am pointing out that corner shops made a come-back! I believe that smaller landlords will be able to do the same as, once the pernicious results of S24 come into full effect, the Government will have to back-track.Right now we have local Government screaming out for properties - housing lists increasing, temporary accommodation costs increasing etc. Once this tips over into critical mass, then we will see Central Government re-considering. I feel very positive that this will happen. It is just a matter of time ...
I hope you wish comes true Fairy Godmother It would be welcome news indeed
The problem is the Media is just not picking up on this S24 is never mentioned
We have so little support Govt won't listen about the issues of UC and they won't listen about the issues of S24
It took the Irish Govt over 4 years to realise their error of judgement in introducing a far less onerous version of S24.
They simply had to reverse it and are now unwinding from their version of S24.
But of course they were not desperate to stay in power.
The Tories need the votes of GR to stay in power
Many of the Tory voting demographic will be dead the next GE!!
Inexorably the demographic is swinging to a Labour vote.
Govt simply doesn't care what the cost is to retain power.
They have made their bed with S24
To abolish it would lose even more voters
So they will tolerate increasing homelessness as they can always hide them in very expensive TA.
The cost to the Tories is irrelevant.
It is all about retaining power.
Councils can scream as much as they like.
Govt will just throw them some more DHP.
It won't address the fundamental problems but Govt doesn't care.
I believe your optimism about S24 abolishment is highly misplaced.
Logically what you suggest should come to pass.
But it simply isn't all about the money!
This is all about the politics where business logic doesn't apply.
Govt will need to extend and expand HTB massively and for it to apply to pre-owned properties as well.
It will need to buy GR to win the next GE.
It certainly doesn't want pesky LL competing for any properties FTB might want.
Already the polls are indicating a Labour victory even if needing to join with the SNP.
This could cause the breakup of the UK
The SNP will have their price.
Fortunately I will be out of the PRS way before the next GR and very relieved I will be!!
S24 will have done its work on me but I know I won't be selling to any FTB as they can't afford my properties!
Exactly this, Vanessa. Perfect point. The huge corporates the haters are currently welcoming will soon become the faceless and bureaucratic ‘fat cats’ who in turn will receive their fair share of hatred too.People will long for the days of a personal and friendly landlord ‘round the corner’ who can fix something 15 minutes after it was reported and who can be negotiated with over changes to the property or rent arrears, or who maintains the common touches thriughout the tenancy.In my case that might include lifts to and from town/hospital, cards at birthdays and christmas, knowing all their children’s names and birthdays, unrequired contributions to furniture/holidays/evenings out/new fittings and willingly going the extra distance even on things not strictly my responsibility. Just imagine a giant PLC making some of those moves?!
Those same PLCs cannot and will never offer the sheer variety of locations, quirks, characteristics or period properties that the privateer can. We ARE value. We ARE variety. We ARE personal service. We ARE the last hope of the local authority. See the continuing absence of the large PLC in these markets. Corner shops will make a huge comeback once this nonsense is dealt with.
My Family had shops from the 1870s up till 1982
My family did the same thing as yourself The Personal service side ect
But the Shops closed down and the Supermarkets too the business
BTL will go down the same road in the long term
I witnessed in retail and I think I will witness it in the PRS.