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A new study of landlords reveals that far more believe they will be affected by today’s buy to let mortgage interest tax relief changes than government estimates - and almost half plan to quit the rental market by 2020, fearing they are being unfairly targeted.
Research by insurance firm AXA shows that more than 40 per cent of landlords believe they will be worse off as a result of the changes. This is despite the government’s assurances that 82 per cent will not have any additional tax to pay.
AXA found evidence that this change coming on top of a raft of legislation aimed at landlords in recent years means that almost half of private landlords will withdraw from the market by 2020.
Twenty one per cent said they plan to sell all their rental properties, 10 per cent will reduce their portfolio, and seven per cent will switch to commercial property ownership, which is perceived as a safer option.Full/source article
of course being sceptic would an Investment co like AXA say anything else
If you don't invest in BTL where will you put your money
Yes ??? Pensions and ISA as I am doing at present
Smart move AXA
Learn Change and Adapt ?????
I suspect that this survey like most is biased towards the most active landlords, rather than the single property/no mortgage landlords who will be the majority of those not affected.
I just don't think LL will do as you have done.
They will just leave their funds in savings accounts.
They simply do not have your evangelical perspective on alternative investments.
It is either bog standard BTL or savings accounts.
That is what I would do
If I didn't have any BTL I would not have done as you have.
I would just leave funds in savings accounts where they would remain socially useless.
Currently my savings are provisioning rental accommodation
I can sell up anytime I like and return my capital to savings accounts.
AXA wouldn't get a penny from me!!
I have a significant amount in a savings account, but that waiting to be used as a deposit. If I wasn't going to put it into another property most of it would have gone into an ISA, and not a cash ISA.
You are braver than me
I'm just obsessed now with debt reduction!
If I could reduce my debt to zero that would give me about 1.3 million of net worth
That would be my preference now.
I just don't trust the Govt to not bring in S24 type taxes for corporates.
So I am not investing anymore unless I sell existing property and reinvest.
Govt has scared me s###less with their treatment of indebted LL.
I just can't trust being in debt anymore.
To those LL that are made of sterner stuff than me I say good luck to you, may all your profits be large ones, but me I'm outta here!!
Who would ever have thought that PB would ever be tamed?!
You're not the only one thinking pay-down mode is the way forward.
Yep I'm one of those who believes in running away to fight another day
Don't believe in pointless sacrifices.
When you know the odds are stacked against you, sometimes you have to consider some other way to circumvent those odds.
Easy to say, not so easy to do!
I'm no hero!!
By hook or by crook I intend to look after no 1
I've spent my life looking after others and it has destroyed me.
I'm not looking to do it anymore!!!
No more Mr Nice Guy!!
Just got to hang on in there for as long as I can.