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Two years on from sweeping tax reforms to buy-to-let, the Government's aim of limiting small-scale amateur landlords appears to be closer to fruition.
Research has found that a third of landlords with just one buy-to-let property are planning to sell and give up on buy-to-let.
Meanwhile, 38 per cent of landlords who own two or more properties say they are planning to buy at least one more in the coming year.http://www.thisismoney.co.uk/money/buyto...rking.html
Learn Change and Adapt ?????
Given the relative numbers in those two groups of landlords that still represents a significant shrinking in the size of the PRS.
...and we've all seen medium sized landlords posting to say they are throwing in the towel too..
DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.
S 24 is going to kill BTL
and the first tax bills have not arrived yet?
give this 18 months and we will start to see sell off
As i have said elsewhere the housing market is broken and is the biggest problem facing the current or any future government. Many argue that we need private landlords. Well yes we do but they will be coming under a range of new regulations and so it should be. Longer leases- perhaps 5 years. Registration of all rented property ( HMO'S the first phase) with licenses to ensure they are in a fit state to rent. Introduction of rent controls and registration of rents - i was renting property when this was around years ago so nothing new. Rent increase fixed to inflation.
Over the last few years many have become landlords thinking its easy money-well those days are over. Also the end of cheap money, more difficult to get mortgages now and rising interest rates makes property less attractive. Also taxation. Finally a economic downturn even recession is around the corner so house prices will fall back to affordable levels.The next down turn will be deep and long so those leveraged up against property will get hit very badly indeed.
In the USA many years ago the government set up the Government National Mortgage Association to promote home ownership aimed at first time buyers and low income families. This was against he background of s unrest in many places. It was simple give people the ability to buy their own property and therefore have an financial stake in their own communities. People do not riot and destroy the place they have a stake in. The seeds are already sown in many places in the UK, ( you see run down places every day on the news) Unless the property crisis is addressed very quickly and the many renters can get on the ladder, within the next 5yrs this country faces the biggest social unrest never seen before. The riots of the 1980's will be nothing compared to what we potentially face.
The things you mention if they come to pass will just result in a much reduced PRS.
It will mean a return to the 60 and 70's
Most LL will just leave the sector unless they are prepared to game the system.
Controlling rents is a ridiculous idea
It never works.
Good LL would have no problem with long tenancies providing the eviction process in the event of rent default was a few weeks rather than the current 10 months!
Getting rid of bad LL is an excellent idea that I wholeheartedly support because that would mean a much reduced PRS which would mean I would be able to jack up by rents to realistic levels based on the market which would be more demand than there are rental properties.
So bring on LL registration ASAP I say.
But Govt knows it needs bad LL because without them there would be millions of homeless tenants and councils are just not in a position to house them.
Personally I would prefer Councils started to buy back property which bad LL who refuse to improve.
Give them a market price and then that is one more property restored to the social housing sector.
Gradually PRS of bad LL will return to the social housing sector.
Longer tenancies? I have multiple properties in West London - every time new tenants have asked for longer tenancies I have agreed.
Without exception, those asking, have approached me before the expiry of their requested term, to break the tenancy early because of some or other change in their circumstances.
Naturally I agree - who wants to be the worst in the world, heartless landlord?
And on the other side of the coin, young sharers don't even want to be tied to the minimum of 6 months in case one of their group doesn't work out.
So I write a waiver of the six month minimum into the tenancy agreement, in favour of the tenants.
Those of us who want to be so called responsible landlords, must have broad shoulders indeed.
Thats the sensible way of renting and very much the decent thing to do. I like wise do the same. In fact I have just had to close my waiting list as I have two many tenants asking to rent from me and not the spaces available. I have not had to advertise for over 10 years as its all done by word of mouth. When tenants leave ( usually job changes, marriage, children) they usually have friends wanting to move in .
So have riots occurred in places like Germany where renting is regarded as normal?
They do not have such a housing crisis as us. Their riots are associated with other problems as last months showed in Duisburg and many other cities over the last two years.
There Rental Model is very different to ours
Long Term Tenancy's are the norm I don't think they have HMO either
And I once heard the CEO of the NLA tell Victoria Derbyshire (BBC interview) that in Germany tenants have to supply their own kitchens and bathrooms if they want long tenancies.
Her reply "oh gosh, I hadn't realised that"