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  • Section 24 HQ

    Are you selling up or disposing of properties because of Clause 24?

    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!

    The supply/demand imbalance is only getting worse in this country and landlords only play a small part in that imho.

    Some actual research into this would be helpful to dispel the myths and give a true picture, not a speculative one that has the agenda to gain eyeballs and sell newspapers!
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    (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!

    Hi V,

    With respect that doesn't tie up. I don't want to be adding to my mortgage debt in the future just to help deal with expensive houses. Far better if houses didn't go up so much in price and my children could buy without my help.
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    Having considered all options avail and associated costs - come to the conclusion that if I'm offered 5 - 5.4% yields on my HMO's I will sell up and clear mortgages on all my single unit flats - all clause 24 has done is bring forward my retirement plan from age 50 to my current 46, been in the business 26 years and with every day passing a new rule / regulation coming to force via local council / national government - jus leaves one demoralised and questioning whether one is a landlord or a glorified tax collector !! , yes I hear that u can one should put the rent up and improve one's properties - ( mine are all fully developed & maxed out with high rents already ) tbh I ask myself - " how the hell does this tenant afford his / her rent and Bills etc and live on what's left over ?? " , never once did i think that the Conservative Government would bring in such ludicrous policies and condone one for being a landlord, with the current housing crisis I despair at the thought of this younger generation and how they will ever be able to own there own property and raise a family, I just thank the almighty he blessed me to get where I am today and now it's time to get off the train and enjoy one's 26 years of hard graft
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    A a survey shows an overwhelming proportion of landlords believe the government’s buy to let tax changes will damage the sector.

    The research by property management group Orchard & Shipman, questioning 500 landlords earlier this month, shows 90 per cent admitting that the tax hikes will result in higher rents.

    A quarter of landlords will be selling some of their properties, and 18 per cent say they are likely to pull out of the market altogether.

    The research also reveals that over 90 per cent of landlords believe they should be free to deduct legitimate costs, just like any other business - one of the main grievances about the government’s proposal to limit mortgage interest tax relief for higher-taxed landlords.

    More than half of landlords surveyed said they would be raising rents in 2016 to cover the increased financing costs.

    Full/source story
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    I'm one of those LL!!
    Rent increased by £100 pcm and will increase again next year and so on
    That rent increase is still less than the market maximum
    I've dared the tenants to go knowing I could easily achieve maximum market rent
    They blinked first and decided paying the increased rent was the best thing for them to do
    Many tenants will make the same decisions
    After all it is not as though they could source another property to their liking for lower rent just like that!!??

    Apparently 60% of LL don't have mortgages!
    Of the remaining 40% many will convert to Ltd companies etc
    Probably leaving about 15% leveraged LL
    Is Dopey Osborne really suggesting that 15% of leveraged sole trader LL are distorting the playing field so much that FTB are prevented from buying!!??
    I think we all know the answer to that!!?
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    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 Review

    Property 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 us

    Landlords 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 mirror

    David Smith - taking ownership of a big issue 

    Lettings agents need to wake up to Section 24

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