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I have been to the NLA Conference today in Newcastle and I thought I would update the info I have found today in a couple of areas
The NLA did a presentation on their findings and they have never seen morale in the Landlord world so Low
Landlords selling are gaining pace and Landlords purchasing new Property is down by a good margin
About 6% of landlords have been switching to Company Formation
They expect the numbers selling to increase as S24 moves forward and in about two years they expect sales of Landlord Property to out pace Landlords who are buying
So this means there will be less property to rent in the PRS ( I THINK MOST OF US KNOW THAT)
There are going to be a number of changes to the rules of Abandoned property and it looks good what is on the starting blocks but I think most Landlords will like the new system
The ARLA was also so there and David Cox did a very good presentation on the changes effecting Landlords
But I was alarmed to see his Lack of knowledge of S24
He said every landlord with a Mortgage would be effected by S24 This Statement is totally untrue and I think ARLA should have a good look at there know age levels on the
If ARLA can get so much wrong its a worry
Numbers attending were very good as was the lunch
I came away still thinking most Landlords still don't fully Understand and the ARLA statements were not helpful to confused landlords
Another new Law is that we are now going to be working for HMRC unpaid If a Landlord know they have a tenant who is selling Cigarettes coming from overseas you have a duty to report your tenant to the HMRC
If you don't a 5K penalty would be payable by the Landlord
I'm not sure who came up with this but its stupid and I think very naïve indeed
I cant report any good news really but NLA figs support that Landlords in profit are at there highest levels and that they have ever had
Lots more legislation coming our way friends so get learning!
Learn Change and Adapt ?????
'He said every landlord with a Mortgage would be effected by S24 This Statement is totally untrue...'
MAY BE AN EXAGGERATION, BUT ISNT IT TRUE IN MAJORITY OF CASES PUSHING UNINCORPORATED LL'S INTO NEXT TAX BRACKET?
Hi Joe you are 100% right
Its a worry when such a high profile person gets this so wrong
We in the NE are very luck when it comes to S24 our south Brothers and Sisters will not be as lucky
The size of there loans will make S24 a problem
And Maybe this is why the ARLA guy got it wrong I would imagine most of his time will be looking at the SE
Interesting findings DL, thanks gor reporting back!
I was surprised at the tipping point being a couple of years from now re LL buying/selling. Just goes to show when you're thinking about these things the reality can be different from the perception.
The Govt are doing s24 etc to negate the fact they and their predecessors for decades now have failed every year with their targets. In 5 years time the BTL market will have changed a lot but having say 2 million BTL up for sale and 4 million + ex-tenants on the streets is not a place any Govt wants to go.
Hasn't the Irish Govt been in a similar situation!?
I don't remember hearing anything about lots of homeless Irish tenants.
So perhaps the fallout of reduced rental stock won't be any problem!?
Or is it just the scale of the problem be more pronounced in the UK.
I'm sure many homeless tenants will disappear into very expensive TA.
Council Tax will have to be increased to pay for it!
Other homeless tenants will be absorbed into a sofa surfing situation.
Therefore perhaps not many of these tenants will be seen on the streets!??
Time will tell I guess?