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Regulatory intervention has led to a huge 80% slump in buy-to-let investment.
That’s according to the Intermediary Mortgage Lenders Association (IMLA), which has charted a steep drop from £25bn of net investment in the sector in 2015 to just £5bn last year.
IMLA said tax changes had deterred landlords from investing and created difficulties re-mortgaging.
It warned that a period of policy consolidation was needed to assess the impact of recent changes before any further “punitive action” is contemplated.Kate Davies, executive director at IMLA, said: “The raft of regulatory and tax changes that have hit the buy-to-let market in the last year have far-reaching effects that are still yet to be fully realised.
“We know that the majority of people regard owner-occupation as the tenure of choice, but for many this is not an immediate option. We also know that those who would in the past have rented from their local authority or housing association now need to rent privately.
“Various interventions by Government have apparently been aimed at encouraging more first-time buyers and making investment in buy-to-let less attractive to existing and potential landlords.
“But the PRS plays a vital role in our housing supply and it’s essential that a sensible balance is struck, if tenants are not to be disadvantaged by shrinking stock and higher rents.
“We urge the Government to reassess the impact of the recent far-reaching regulatory changes to buy-to-let investment and allow a period of policy consolidation.
“Our nation’s PRS investors provide a vital service that’s vital to millions of UK tenants. We need to support and protect a sector that does so much for so many.”Full/source articleA reprise of our video which confirms that local authority housing teams are desperate for landlords:SEE ALSO - Number of private landlords in declineUP NEXT - The Tsunami approaches ?DON'T MISS - 1 in 4 landlords to exit due to Section 24NOW WATCH:
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**
Awesome, so they will be looking for business then
I have never seen such low rates, so.....
Quite an impressive drop given that s24 hasn't even hit a tax return yet! Govt 1: Landlords 0.
Still positive investment into the market though. I wonder if we will actually see the market start to contract in future years?
The Contraction will hit the SE more than any other area
The further an investor moves away from the SE the less contraction there will be
and this is the effect the govt wants
I take my hat off to S24 its clever and Stamp Duty Hike is quite clever too
The Govt don't want highly leveraged Landlords and its working
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.
Wonder from who all the whining snowflakes will be renting from!?
Of course the more they whine the more rent controls will be likely.
Resulting in ...........yes you've guessed it even fewer rental properties! !!!!!
So Back to the Seventies..........when there were sufficient supplies of social homes to make up for a small PRS;....................................well not anymore there aren't! !!!!
At some point Govt must surely recognise their insane interference in the Housing market is causing mass homelessness which is costing the taxpayer dear.
Something surely has to give! ?
You and I have predicted the fall of BTL with S24
Sit back and watch what unfolds
This is not going to end well for Investors or Tenants
and when s24 comes into full effect we will be out of the EU and we will have a Labour Govt
with JC in No 10
... and even less imigration. With all that is about to happen I may not like to live in UK anymore. Job done.
``Something surely has to give! ?``
Yes when the next general election looms I believe a token gesture will be made
It will just be a cynical olive branch though to win my vote
Jonathan Clarke. http://www.buytoletmk.com
the only thing that may not happen is S24b JC
Labour will be left with a real problem of homeless folk
so they will leave the PRS alone ???
But I am not banking on an easy ride for the PRS
Sec 24B if it comes might of course be a positive intervention
Legislation is full of amendments to right previous wrongs