As the government prepares to invoke Article 50 to leave the EU, very few experts forecast that Brexit will have an adverse affect on the buy-to-let market – despite some fears of a mass exodus of EU citizens from the UK.
David Whittaker, CEO, Mortgages for Business, is among those that does not see a direct link between migration and Brexit, and believes that landlords should not be concerned.
Speaking at The Great Buy to Let Debate 2017 in Westminster last week, he said: “I don't see it as a causational factor for landlords to feel more bearish than they do already.”
Also participating in the discussion, economics guru, Professor David Miles CBE, of Imperial College London, commented: “I rather doubt Brexit will pose a threat - I don't believe there'll be a compelled exodus of EU citizens.”
He went on to say that Brexit could represent a positive sign for the private rented sector due to migrants who were possibly thinking about buying a property in the UK now putting that decision on hold and staying in private rental accommodation.
Although topical, Jeff Prestridge, personal finance editor at the Mail on Sunday, said that there are bigger factors at play than Brexit affecting the buy-to-let market.
He said that the taxation changes are the biggest concern and we should “underestimate them at our peril”.