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Nope, I am not buying and yep I am selling some property to pay down my mortgages and I am putting up my rents too. So, it’s time to batten down the hatches and ride this storm out. However, that said, I am definitely remaining in for the long term. The basics still apply as follows:
Supply comfortably exceeds demand and the situation looks set to get even more favourable for those landlords that remain in.
As supply dynamics worsen the gov will eventually wake up to the Sec 24 idiocy and some ‘ back peddling ‘ will be inevitable. Witness the reversal of a similar taxation incompetence in Ireland.
Houses don’t just happen overnight and it will take years for gov to build their way out of this huge crises. Even then, housing will never be ‘affordable’ for all as rising land, construction and labor costs alone will see to that.
The build to rent sector is not flying despite Gov incentives at the tax payers expense. Corporate penetration has been largely confined to city centre higher yielding density models such as student accommodation and high end city block based rentals. There is simply not enough money to be made in the regular rental markets to attract them. They always do their sums and some!
I just hope that when the turn comes as it surely will, that Gov will realise what a complete mess they have presided over and do some much need bridge repairs!
The number of buy-to-let purchases continues to fall, as reflected by a further drop in new buy-to-let mortgage lending.
Fresh data from UK Finance shows that landlord investors took out just 6,100 new buy-to-let mortgages for acquiring properties in November, down 9% compared with the same month a year earlier.
The total value of BTL loans dropped 11.1% to £800m, according to the data from the industry body.
Meanwhile, there were 15,000 new buy-to-let remortgages completed in November, up 9.5% compared with the corresponding month in 2017.
“In the buy-to-let market new home purchases remain subdued, while remortgaging continues to grow as landlords lock into attractive rates,” said Jackie Bennett, director of mortgages at UK Finance.Full/source article
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**
Never Let it be said that a Govt Policy is not working
The Osborne Magic show goes on and wont stop
The Govt should be proud of what they have achieved Its just a shame our rule makers could not have the same effect on the UK today
S24 is the most cunning tax there has ever been In point of fact we tell you only very few will be effected and very few Landlord will pay more Tax
Of course Stamp duty is in full sight most Landlords understand it and some Landlords say it makes no difference
I think the figs You Have shown Vanessa show Taxation has a major effect
We can see landlords looking for better Re mortgage Deals and why not Its good Business sense to pay less Interest
There will be a knock on effect and its this I believe the PRS has been holding up the Property Market for some time our haters would say we have inflated House Prices and maybe in the SE its true
But I am not sure the rest of the UK is the same Most UK prices are still lower than 2007 prices
Can you imagine the Market in two more years
Interest Rates are going to rise S24 will have full effect
What we are seeing may well see Very Very few Landlords buying who have experience and hold the wealth at present
and with PRA ect I don't see enough New Landlords taking up the slack
and also I don't think the Rush of FTB can fill the gap either
we are in for a Torrid time Well Done George every home owner will come to hate to when they try to sell there homes to move up the ladder or downsize
Retrospective Taxation is Evil Taxation
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.