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I was crystal ball thinking this morning and I was thinking of the number of Prime Ministers I have seen come and go over my period of being a LandlordI think without question, the most turbulent time to be a Landlord has been the past three or four YearsIf we set Labour to one side at present, can things get much worse for us ?I do have a concern over Boris and my concern is the fact that he wants more home ownershipHis view is similar to Osborne on this pointSo are we in safe hands with the Tories ?If we take it as red the Tories want more ownership ? Are we any safer with Boris than we were with Osborne ??Don't forget Osborne played his cards close to his chest - none of us saw S24 or Higher Stamp dutyI can see why Landlords see Boris as a saviour.My own feeling is Boris will not help the PRS because we have a split market in the PRSWe have now got two structures in the PRS:Company OwnershipPersonal OwnershipI would imagine Boris and Co will reduce Cop Tax so the outcome for Ltd Co could be better than nowBut for Personal Ownership I feel we will not see a reversal of S24Landlords will benefit from Personal Tax changes ie Tax Free allowances will rise and I can see an increase of the 40% threshold. My guess is we will see maybe a further rise of maybe £7K a yearSo in the next Tax Year an up lift to £57K a year before a tax payer pays 40% and this will continue going up as long as we have a tory Govt to maybe £80K over the next four yearsTories know they are not in a great place and they will be looking for votesI can't see BTL being encouraged we are holding on to a lot of homes the Tories would prefer to see in homeowners' handsBoris has a huge uphill fight I think. If we leave the EU we will see some hard timesThis will keep Interest rates low and I think we will see further falls in price in the SE /London before we see a recovery in what I call a "Solo UK"I am optimistic that the UK will thrive after we leave - but its going to take a long timeI think we will reap less taxation but that bonus is not because we are LandlordsIn fact, I still have a worry about what I call S24 Part B where no tax relief is given to the personal LandlordBut I can't see this happening now - but I could see it happening when the UK goes into a recovery phaseI think the most we can hope for is a good deal in Section 21I don't trust Tories with the PRS. I am sorry - I think they will tax us more If they can because their goal is Home Ownership and what they call a "level playing field".
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.
Could we be much worse off you ask
Yes most definitely . We could be very much worse off
On any global barometer we are in a comparatively excellent position
So I feel very fortunate to live here and be able to enjoy the freedoms this country allows us
Jonathan Clarke. http://www.buytoletmk.com
Hey DL .. You've just changed the title to the thread!
It was ``Could we be much worse off ?????``
I did not change it ?
Ah apologies DL - who did then I wonder ?
Come on fess up - Must be V or N I guess
The moderator reserves the right to change titles to assist in getting more responses or making it clearer what the thread is about. If DL wants it changed back, then not a problem. Change was made to assist her thread in generating replies.
general operations director, site owner and moderator - propertytribes.com
Im happy for you to change the titles If it encourages debate its a good thing
Thanks Nick . I bow to the power of the mod!
Its funny I rather liked the random provocative nature of DL`s original title
It dangles a carrot for me .
I am quietly optimistic about Boris. He is decisive and he wants to promote business and get the country out of the Brexit doldrums.He certainly has his work cut out for him. I hope he puts a good Cabinet together and gets some good advisors around him.I don't think we can be any worse off because "limbo" isn't generally a good place for any business to reside. I hope we will see some action and change now that Boris is at the helm.Here's a reminder of what Boris has hinted at to date:Boris calls for cuts in Stamp Duty and CGT My chat with Boris - Stamp duty on his mind Boris - raising higher rate tax thresholdLandlord Shuffle Part II - Boris in the mix!
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 think If he has the chance, we can get out of the mess we are in now
I am optimist too? I think Solo UK could do very well indeed
But the PRS is not going to be helped by the Tories
We will of course benefit from a better Economic situation and hopeful higher tax allowances just like any other Tax Payer in the UK
If the Threshold of 40% was increased to around £80K in say 5 years, it would get most Landlords out of S24 and that's a good thing
But I don't think we will see sector encouraged
Because the Tories want home ownership and they will sacrifice Landlords in their quest !
Yes clearly PRS holds the largest stock of existing homes which could potentially be bought by FTBs etc so there could be persuasive tactics to get landlords to sell.
That said - FTBs usually struggle to save a decent deposit though away from London/SE even a 95% mortgage at 4% over 25 yrs is usually cheaper than rent on like for like property - and vice versa in SE where the higher ratio of wages to prices precludes getting a decent mortgage for all but the highly paid.
CML data shows Greater London FTBs have average household income £60k (borrowing at 3.8 xS) and also a £100k deposit.
Today's low mortgage rates are great once you have a mortgage (London FTBs pay an average 20% of income/£1000 pcm to service their mortgage) - but the max loan of around 4 to 4.5 x S is a barrier for many on modest incomes.
As for Boris I cannot envisage domestic policy being on front burner for at least another 12 months - none of the Brexit fundamentals have changed and EU are willing to extend deadline (no surprise when we remain one of the few net contributors as long as we remain!).