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One of Britain’s best known and highest profile buy to let specialist lenders says the number of new mortgages being taken out has dropped since a raft of new restrictions and regulations were introduced by the government.
Paragon Banking says mortgage interest tax relief reductions introduced by the government for landlords has had a particularly damaging effect.
“It is the amateur landlords – those with fewer than four properties – who have been moving away from the market, leading to a fall in the volume of buy-to-let transactions which seems to be establishing a new ‘normal’ level” says the group’s annual report, presented to shareholders this week.Full/source article
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**
It is the amateur landlords – those with fewer than four properties
I call this the Cull of the working class landlord
most don't treat it as a Business
so I am all for this Cull
They will be caught out because they are naïve and will most likely less to understand S24
But the sector will have the most working in every day jobs.
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.
BTL DownFTB Up.
George Osborne plan to give First Time Buyers an advantage finaly working?
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
What are we supposed to make of "cash"? Does that mean they don't know what sort of buyer those ones were as they only analyse types of buyers with mortgages?
And what about second home owners?
Plus; how many of these "cash" purchases were to get a quick purchase, mortgaged afterwards?
a Good thing too Adam
Haart has seen the number of landlords registering to buy with its branches drop by more than a third despite a boost in tenant demand.
Data from the national agent, based on its branch activity in October, found that landlord purchases were down 37% annually, and fell 60% in London.
In contrast, it has seen 17.4% tenants register for properties, up 24.9% in the capital.
Paul Sloan, operations director for haart, warned that this suggests both landlords and home buyers are holding off from investing in property, with the latter favouring renting amid Brexit uncertainty.Full/source article