The majority of landlords in the UK’s private rented sector do not believe that new Prime Minister Boris Johnson has a plan to boost the supply of homes to let by stimulating investment in the buy-to-let market, a new poll shows.
The survey from Landlord Today found that seven out of 10 landlords believe that the new Prime Minister has no plan to reverse punitive tax policies in order to encourage more people to invest in buy-to-let and as a result increase much needed housing supply in the private rental sector.
Almost 300 readers have taken part in the poll, which was launched 48 hours ago, with 71% stating that they believe Johnson has no plan to help ‘reinvigorate the buy-to-let market’.
Most landlords were hoping that Johnson would address recent punitive taxation changes which have had an adverse affect.
Draconian tax changes applying to buy-to-let investors have left a number of private landlords with little alternative but to evict tenants and sell properties en masse or simply increase rents for tenants.
There is plenty of evidence to suggest that some landlords have not been able to cope with punitive tax hikes introduced by former Chancellor George Osborne, including the phasing out of mortgage interest relief.
Many private landlords have also had to endure the scrapping of the ‘wear and tear’ allowance for furnished properties, the launch of the 3% stamp duty surcharge, as well as the introduction of stress tests for buy-to-let mortgages.
A separate poll from Landlord Today found that 75% of readers do not expect the new chancellor, Sajid Javid, to address and potentially reverse recent tax changes that have adversely affected private landlords, as the main political parties continue to chase for generation rent votes.
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