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The Govt are short sighted and always have been
S24 Stamp Duty on top of CGT is a nice little earner
Did you watch Panorama
They admitted 98% of Tenancy's work well
only 2% have S21 issues
But the program has been seen by millions and it just gives the MP,s
more reason to Tax the sector more and more
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.
Yes I saw the programme - quite weak I thought
I think it will give MP`s reason more to say
Why is the tax so high. Look its precipitating more and more of these wretched Sec 21`s
Cant we look at reducing the tax to save these poor tenants.
We MP`s have forced these LL`s hand . Osborne made a real error of judgement here
Sec 21 is a harsh tool when seen from the tenants perspective if they have done nothing wrong
MP`s get pleas every day from people with sec 21 served, They should explore as to why each time
If they took the time to analyse what the primary factor was for serving that might change their mind
The question of the LL to ask would be multi choice question .. Why did you evict
2) trashed the property
3) abusive and upsets neighbours
4) LHA frozen
5) HB cap
6) UC totally not fit for purpose
7) LL wants to live there or family members
8) LL wants to sell to realise their gain
If they tick boxes 4 5 6 or 9 an MP can do something about that .
If they tick 1 2 3 7 8 then that should be the LL`s prerogative to serve a sec 21 as its their property after all
A tenant is a temporary custodian when in the PRS .
The council should provide more permanent homes for those made homeless by the PRS
Or facilitate LL`s to keep their home and make a decent.... but not massive profit
S24 has made what could be permanent homes in the PRS into TA
That`s not fair on the tenants or LL`s
Jonathan Clarke. http://www.buytoletmk.com
It will cost the govt more in the end
They will regret the way they are taxing Landlords
But I can never see S24 being kicked into touch
after all the Landlords who have made more from BTL are you and I the old Ones
and we are just going to pay more and more tax
By that time the New Landlord Class will have arrived via Ltd Co structure
That's where the Expansion is now we old landlords will just wither on the vine as the roots are pulled from beneath our feet
The Personal Landlord days are over JC unless they don't have leverage
just got to learn new tricks and press on
This CGT glut is a one off.
Once all the LL have sold what they need to there will be no future CGT.
Plus there will be reduced taxes due to there being fewer LL and their properties.
LL could have been the gift that kept on giving.
This now won't be happening .
It is very naive to kill off an industry for the sake of a few GR snowlakes who consider they should be able to buy in London but consider they can't because of LL.
They are wrong but Govt has pandered to this privileged bunch of self- entitled GR snowflake snobs
Normal people don't moan they just MOVE to where they can afford.
Rather than pick on the real originators of unafordable properties Govt has chosen to deflect that pompous anger onto LL who they know are hate figures which won't affect the Govt electorally.
I despise GR more than I can say.
They are destroying the lives of so many who have not had their privileges.
But GR won't win.
Other cash rich LL will buy those properties and jack up rents.
S24 LL are selling off as well as there being other sorts of buyers reducing rental stock levels.
I just wish there was far more homelessness so that the real issues can be thrown into sharp relief.
So far Govt is masking a lot of homelessness by extensive use of DHP and TA.
They cannot afford to stop using DHP or they will be revealed as incompetent due to levels of homelessness which will be released onto the streets once DHP isn't there to pay for what is already inadequate and insufficient supplies of TA.
They will have start using old Army camps soon!!!
Against all that backdrop - we also have estimations that 50% of UK jobs could be eliminated via AI over next 20 odd yrs.
That would render millions of households destitute and I have posted before that I see barracks style housing as being a distinct possibiity at some stage.
By that point Govt will need to bin all the min room sizes/min EPC stuff when people are allocated a cubicle with a curtain
Yes I've seen all this.
There is now continuing talk about the UBI.
With few jobs money has to be provided.
Mind you didn't they say computers would make millions jobless and the office paperless.
Don't believe either has happened. .........................yet!
But if this does eventually occur I will be beyond caring!!!
Mortality for me is a permanent medical conditions that I unfortunately can't avoid!!
Knight Frank have reported this morning that landlords now account for 13% of buyers, down from 20% in May 2014 when the buy-to-let tax changes began.
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**
Britain’s buy-to-let landlords are divided over their future, in light of tax and market changes – according to latest research from property-backed P2P lending product, Octopus Choice.
While three in five buy to let investors (56%) want to keep or buy more rental properties, two in five (44%) are looking to sell. The majority of UK landlords still view it as a money-making asset class but think it will be on the decline in the future. As the market consolidates, buy to let owners are polarized across the country, with tough decisions to make on whether to stay or leave the sector.
For those looking to exit the market, nearly a quarter blame falling yields (24%) and tax changes (23%), while a fifth blame cooling house prices (19%). Three in five (60%) say that property management had become a burden and 61% undervalued the costs involved.Full/source article
Landlords are continuing to exit the property market, Belvoir said.
The company said that in the third quarter of this year, its offices showed an increase from 48% to 52% of landlords selling up to three properties, and a similar number selling between four to five properties, compared with the second quarter.
There was a decrease, from 17% to 12%, in landlords selling six to ten properties.
Belvoir CEO Dorian Gonsalves said that two years ago, 10% to 18% of its offices were reporting no sales of landlord properties. This figure is now 4% to 5%.
He said: “The main reasons for landlords exiting the market are tax changes, constant regulation and increasing legislation, landlords moving back in to their properties, and lower investment returns, as well as uncertainty over Brexit and what this will mean for the market.
“When selling properties, only 19% of offices reported properties being sold to first-time buyers as the Government hoped, however.
“According to our survey, 33% of offices reported properties are being sold to other landlords and 23% are general sales.
“This suggests the Government’s plan to increase home ownership by reducing the attractiveness of buy-to-let isn’t necessarily working.
“We are still seeing landlords buying, but the numbers of properties are reduced, particularly those landlords buying six or more properties.”Full/source article