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We sold 3 x 3 bed properties when the tax change was brought in. We sold a large 2 bed flat last year and another really nice 2 bed semi is going up for sale at the moment. We are trying to sell at a controlled rate so as not to incur too much in the way of Capital Gains Tax. We are also looking at taking a couple of properties out of the rental market and making them available for short term holiday lets. This was never my intention when I bought the portfolio. I planned to hold them all and rent them out. This is purely reacting to the S24 and the concern that if interest rates go up the taxes will increase even more.
RICS are also concerned about the situation:“The situation in the private rented sector gives great cause for concern as supply continues to drop,” Geoff White of RICS warned on Thursday. “It would appear that new policy on taxes and Stamp Duty have made it so difficult for landlords at a time when the UK needs more homes to rent, that many continue to exit the market.”“This is one of the most complicated market situations that we have seen in some time, and with some of the working policy solutions taking a long time to get to market we’re seeing a difficult situation get worse,” Mr White said.Full/source article - Financial Times
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**
Great news again.
More FTB buying.
Fewer rental properties coming to market.
Reduction in existing numbers of rental properties.
Continuing mass uncontrolled immigration which now looks likely to continue with the soft Brexit.
Can only mean one thing.
Rent will be increasing by far more than 15% over the next 5 years as RICS thinks.
More like 50%
Tenants won't have any alternative than to pay the increased rent unless they want to be homeless.
Let us hope that new LL entrants are deterred leaving a smaller core of existing LL able to jack up rents to realistic levels in light of substantially reduced stock.
Onward and upward for the FTB.
We LL support the FTB cos that will mean loads of desperate tenants who don't want to or who can't afford to buy still needing to rent from an ever diminishing rental supply.
They will face stiff competition from the immigrants still flooding uncontrolled into the UK.
I'd like to see new BTL mortgages go to zero with only BTL remortgaging occurring.
That would mean LL selling up due to S24 are selling to FTB which means rental stock is taken off the market.
Of course all this is very bad news for tenants.
But Govt doesn't seem bothered that it's policies are making hundreds of thousands of tenants homeless.
Plus short term letting is removing even more rental properties from the rental market especially in high demand cities like London.
Time for existing LL to start issuing those S13
Mine are going out soon
If tenants don't pay I have loads of other tenant wanting to rent from me!!
Tenants are in for some tough old times in the next 5 years.
They can thank dopey Osborne for these!