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  • Tax

    1 in 4 landlords to exit due to Section 24

    Those rentals are unsustainable; £1,300-£1,400 for a studio flat is not on. How can a young single person who can't afford to buy in London afford to rent a studio for that amount?? Your end of the market was always bound to be hit first, and hardest, when the market readjusted for whatever reason (tax, demand, changing lending criteria, market saturation - which is the biggest problem in London imho - developers flooded London with high end flats to compete with yours). London prices are falling, rest of UK generally rising due to scarcity and policy.

    I won't quote you any articles from LS today reporting highest growth in manufacturing for 30 years, and soaring business for exporters as you've goaded me previously for providing sources to disprove what you "write" to suit your agenda, and the facts about growth don't suit your agenda anyway. You prefer to look for bad news about banking and international money markets which don't affect most of us unless we watch the news.

    Your negativity is boring!

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor, poorer. Fight it. Look after your tenants, no matter how poor you are.


    Rachel,

    Well actually I am below most (maybe even all) rents for the area (except the social housing). Rents are high because salaries and wages are high, and that's not just the fat cat billionaires, legal secretaries and qualified plumbers and electricians get paid eye watering sums too (£30K - £40K). For a young professional's lifestyle £1300 pcm for a flat in SW1 is a bargain. However the high salaries are why London consumer prices are high, and it is the result of a thriving economy. I get that this is only good for those who are part of that thriving, but the answer isn't to bring everybody down to the lowest denominator, and isn't to destroy that economy.

    I'm sorry that you think that I am goading you for facts, I just like to know where they come from as so much is reliant on "spin" - for instance you can say that the Stock Market is up at record levels, or you can say that the FTSE100 is up because the constituent companies are outside Brexit with foreign earnings, and the greater domestic market (the FTSE250) is down in any other currency except the £, so that's why I like to hear the full picture, and I don't consider it negative to do that.

    However I don't consider it right to hijack a S24 thread into Brexit, and I was responding to a specific question about supply and demand. 

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    I have always said S24 is a South East centric policy

    It was dreamed of in very different times than we are seeing now

    None of us could see such changes

    The rents down south can not continue to rise for the every day person (Not The Super Rich )

    All markets are driven by what a person can pay in rent

    Low wage growth Low Rental Growth

    The SE Landlords will see what Landlords out side of London Stagnation maybe even a falling market due to BRITX

    We are living in very strange time indeed

     

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    Learn Change and Adapt ?????

    Get over it.

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor, poorer. Fight it. Look after your tenants, no matter how poor you are.

    At the time the Property Tax was another name for Income Tax.The government wanted to continue it, but was defeated. Supposedly this left the government with £12 million of income and £30 million expenditure.

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    New article in the Guardian:

    Mortgage tax relief cut doesn’t add up for buy-to-let landlords

    Today will see two of buy-to-let landlord Jamie Brewis’s tenants – a couple in their 60s – having to move out of the bungalow that has been their home for the past four or so years. They didn’t want to go, and were good tenants. But Brewis says he had no choice but to give them notice, thereby forcing them to find somewhere else to live, because of major tax changes being phased in from this Thursday.

    Brewis says he has decided to sell the property because the cut in tax relief on mortgage interest payments for buy-to-let landlords means that in this particular case the maths no longer stack up, and he would end up making a net loss. With what he is paying on the mortgage, against the rent he receives, he says the result will be that “I am not earning anything out of it – in fact, it’s costing me money.”

    The 38-year-old runs his own property development company, Haverbridge Homes, and outside his business he has personally invested in 21 buy-to-lets in and around Upminster, east London. He is also selling another of his higher-end properties, though the tenants living in it aren’t moving out for a couple of months because they recently had a baby. They and the older couple won’t be the only people affected by the changes – industry surveys suggest a fair number of landlords have already started offloading properties, or are thinking of doing so.

    Read the full article

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