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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**
(12-01-2016 03:33 PM)Vanessa Warwick Wrote: Thanks for commenting Glyn. All interesting to hear!
The thing about house price inflation, is that home owners have benefitted from it as well, meaning that they have equity accrued which they could release to help their children onto the property ladder!
Thousands of landlords will be forced to sell up over the next couple of years amid Chancellor George Osborne’s tax hikes on the buy-to-let sector, new market analysis reveals.
The research by estate agents Maskells suggests that the changes to stamp duty, tax relief and new tougher mortgage application rules could make it harder to make a profit from letting property, which in turn will force many landlords to ‘dramatically’ increase rents to recoup their costs.
Aside from the extra 3% stamp duty surcharge which was introduced in April, the amount landlords can claim in mortgage interest relief will be limited from 2017, which will eat into landlords’ rental returns, especially higher and additional rate taxpayers.
Additionally, the 10% Wear and Tear tax relief for landlords who rent out furnished homes was scrapped on 1 April, leaving landlords free to only now claim for the amount that they have spent, making buy-to-let a far less attractive proposition.
Maskells believe that Osborne’s tax measures will result in an additional 163,000 homes on the market from landlord sales by 2017/18, which will result in an oversupply of homes for sale in parts of the country placing downward pressure on house prices.Full/source story If you have not already done so, please read and act on our Tenant Tax Summit content:Property Tribes EXCLUSIVE: Interview with Cherie Blair about the Judicial ReviewProperty Tribes EXCLUSIVE: Interview with Lord Flight Interview with JR Co-Claimant Steve Bolton Landlord apathy will be the death of all of us Lender apathy will be the death of all of usLandlords unite! Support the Judicial Review of Clause 24 Lisa Orme: "Section 24 is totally wrong" Kriss Akabusi - I'm looking at the man in the mirrorDavid Smith - taking ownership of a big issue Lettings agents need to wake up to Section 24