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The housing stock entering the UK property market is at its lowest levels since the UK decided to leave the EU in June 2016. Similarly, the decline in landlord instructions has consecutively fallen for almost 3 years, representing the longest continual fall since records began in 1998.
According to the RICS UK Residential Market Survey report for April, there was a ‘sharp decline’ in new instructions entering the market with 35% more contributors citing the current lack of housing stock and subsequent limited choice as a significant factor in hindering market activity at present.The RICS survey for April has highlighted that the private rental market could face more upheaval than any other.Tenant demand is on a ‘gently upward trajectory’ of 3% for the next five years whilst landlord instructions continue to ‘dwindle.’ The latest decline in the number of properties registered by landlords continues a pattern that stems back to the summer of 2016.
This figure of depression in the buy-to-let sector is the longest uninterrupted sequence of falling since records began in 1998.The report states that the situation is only set to worsen with anecdotal evidence suggesting the Tenants Fees Bill and the proposed abolition of Section 21 are set to deter investors from entering whilst also encouraging landlords to leave the sector.https://www.todaysconveyancer.co.uk/main...rds-began/
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 generally accept that I am not Flavour of the month with Government and Councils
But there are a lot of Professionals and Tradesmen who ride on our shirt tailsAgents Solicitors ,Plumbers Painters ,etc etc all make a living from us
All I say to the Govt is "be careful what you wish for" !
You have started this game and I am not sure you're wise enough to stop it now
Oh I forget - you're busy doing sterling work with the EU
Nero Fiddled while Rome Burned ....
Dislexic_landlord, totally agree with what you have said.
I can understand the government policy of trying to make housing easier for first time buyers but hitting the buy to let sector is going to have the opposite effect they want. 99% of first time buyers rent before they have saved up to enough to buy, with the added stamp duty costs, tax hit, increased legislation it means landlords are going to need more rent to make BTL work. This will drive up rents and make it harder for those first time buyers to save for a deposit.
If these changes also continue to depress the housing market people will eventually wake up to the idea that there is no point owning their home. The appeal of home ownership is the capital appreciation and if this stops or falls people will be better of renting and form a society point of view if it is no longer attractive for people to own their homes we are in serious trouble.
If you look at the agricultural sector, 30 years ago the government started to make all the legislation in the tenants favour, right to buy, impossible to evict difficult tenants etc. There are now zero new agricultural tenancies available, I cant remember the last time I saw one and this has had a huge negative effect on the industry. These tenancies were a way for new entrants or young people to get a start in the sector and that has now disappeared. The short term thinking by politicians of an easy fix without thinking about the long term trouble this can cause is a serious concern.
Well said. The Government's (unwritten) mission statement includes a paragraph, I'm sure, to the effect that "the general public is there to be ripped off".
They should remember that without the general public, they wouldn't exist.
Let us not forget that advice from Grainger, I just wonder how much lobbying has been done by the big companies in an aim of kicking us "little ones"..?
I think the Larger investors may well have MPs on there boards so they will use them to lobby
and dont forget its The wealthy who support the Tories and they will own companies
The changes in dividend taxation will make shareholders unhappy
The Tories have moved left and taken the ground of New Labour Corbyn is very left wing Labour
Possibly - more likely this is a Tory LITE Govt that is trying to appease Labour voters - parallel to Tony Blair's "New Labour".