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More than half of BTL landlords to offload properties, says Property Partner

Over half of private landlords plan to sell some of their buy-to-let properties this year, it has been claimed.

Some 54% of landlords said they would reduce the size of their property portfolios as mortgage interest relief changes continue to hit, research by Property Partner suggests.

Restrictions to mortgage interest relief started in April last year and analysis of landlords by the crowdfunding platform claims that many landlords have now had enough and are planning to offload properties.

The study found that 64% of landlords have had their finances negatively impacted by the mortgage interest relief changes, 59% have had their finances negatively impacted by increased stamp duty on second homes, while 44% have had their finances negatively impacted by tougher mortgage affordability checks .

The now former chancellor George Osborne’s attempts to create what he described as a “level playing field” between landlords and those buying homes to live in may have cooled the buy-to-let market, but the research suggests that the changes are having an adverse impact on tenants, as landlords are left with little choice but to pass increased costs on.

Almost half - 47% - have already increased or are considering increasing rents in the face of new buy-to-let rules.

Mark Weedon, head of research at Property Partner, said: “The government’s plan is to cool the buy-to-let market in order to increase access to property for potential first time buyers. Unfortunately it’s clear many landlords are being forced to consider increasing rents to offset their losses, which could actually hinder those looking to take their first step on the housing ladder.

“The UK housing market remains vastly undersupplied. Attempts to tweak demand with a crackdown on investors will not solve the housing crisis, the real solution is to build more houses.

“We should also remember a number of people in the UK choose to rent and enjoy the flexibility renting provides. Professionalised landlords are central to supporting this group in the UK.”

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    We didn’t see this coming did we 🙄

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    The housing market needs more investment in it not less. Government policy is set to deter investment and so make things worse not better.

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    find this hard to believe, but then i expect those landlords that have borrowed too much wil havel sell.

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    Section 24 is going to cause carnage mass homelessness like never seen before

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    i hope so--perhaps may will then engage her brain?

     
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    Be interesting to hear the governments take on these results .. seems they have no interest in the negative impacts and just continue to hammer landlords out the market. No doubt the continued propaganda will roll on blaming landlords for everything ensuring they keep the tenant votes safe

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