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The latest Ministry of Housing report shows that almost 4,000 buy-to-let properties are being sold by landlords each month, resulting in the first recorded decline in the number of rental properties in 18 years.
The figures show the number of privately rented homes in England fell by 46,000 to 4.79 million last year, the largest reduction since 1988. Recent figures from UK Finance also reveal that there were just 5,500 new buy-to-let home mortgage purchases completed in March, some 19% fewer than in the same month last year.
These figures come two years after the introduction of new tax measures, including the 3% extra stamp duty introduced on homes bought to let and the limiting of mortgage interest tax relief.SEE ALSO - A million landlords forced to increase rentsUP NEXT - 1 in 4 landlords to exit due to Section 24DON'T MISS - Number of private landlords in declineNOW WATCH:
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**
Whoever's got money saved is gonna be snapping up some great deals soon
They asked for it and they now have the answer I hope they wanted.
So I wonder who bought the sold off houses.
I suppose it as they wanted so this is so far so good - until people cannot find a place to live
Buying a property now even BMV not advisable. This is just a sign of the everything bubble bursting off . It's not just real estate this time. The monetary system reset is unavoidable .
If there is a monetary reset, you don't want to be holding cash. Real assets are preferable.
We will have a crash
4000 landlords selling ever week and not one penny paid yet by landlords for s24
i agree keep Power dry and sit and watch this unfold
we will witness what has never been seen before
London is for the high jump and it will cause issues for all of us
i was talking to a mortgage broker only this morning and he hasn’t done a new purchase with a landlord for some time
osbourne and his friends will cause so much harm it’s unreal
valuers will start down valuing and we will see landlords in negative equity
then what happens s24 gets worse and we have landlords desperate to sell
and then the market falls again as confidence goes
Yield is the only thing that will save a Landlord in the coming years
I ask this question could it get any worse And did anyone forecast this happening
I suspect Not
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.
Who is buying these properties?
Yes, who is buying these places? Owner occupiers? Cash buy to let? Would be good to know.
I don't see big declines in nominal values coming, just real values. I reckon this will happen because we will see big inflation. I already see it in everything I buy. Why is inflation alway stated as being around the 2 to 3% level when a lot of what we buy clearly goes up more than 10% every year?
I thought of this because I just noticed that tennis court posts are 10% higher than last year. I looked again because I decided that they were already too expensive last year. However thinking further into real mundane examples:-
My wife just bought school shirts. They were £2 each 3 years ago, now £5.
Basic plimsoles were £1.99 2 years ago, now £2.99.
Pepsi max seemingly up over 20% this year (even with no sugar in it). My children are addicts.
Pringles used to often be on a deal for a £1 a tube, now always £1.29++.
Petrol up from around £1.15/l last year to about £1.28/l .
Car tax on each of my cars is up approx 4%.year on year and the government controlled that one.
My council tax was 5.8% higher this year at a mind blowing £3758 and that has to come out of my net income which has now been already reduced by section 24.
Big six energy providers have already put their gas and electric prices up between 5.5 and 9.6% so far this year.
My variable IO buy to let mortgages just went up approx 10% last month.
So tell me we won't see really big inflation when the effects of Brexit and the likely hit on the pound again feed through. I reckon this is what will ultimately save a lot of negative equity. We all get poorer by stealth but the actual £ amounts involved will be bigger.
The number of tenants looking for new homes increased to the highest level seen since September 2017, according to the latest PRS report from ARLA Propertymark.
The number of new prospective tenants registered per letting agent branch increased from 71 in June to 79 in July.
Year on year, demand is up 13% while the supply of available properties moved in the opposite direction, falling from 191 in June to 184.
In June, the number of tenants experiencing rent hikes increased to 35%, but this dropped slightly in July, to 31%.
David Cox, chief executive at ARLA Propertymark, said: “Buy-to-let investors are being pushed out of the market by increasing costs and continued regulatory change, and new landlords are being deterred from entering.
"Last month, an average of four landlords took their properties off the market per branch, up from three this time last year – and as supply falls, competition among tenants increases, which pushes up rent costs.
"Almost a third saw their rents rise last month, and although this figure was down from June, it’s still far too high. To put tenants back in the driving seat, we need more homes available to rent, and the only way this will be achieved is if the Government makes the market more attractive for BTL investors.”Source article