The mass exodus of landlords unhappy with increased tax and regulation appears not to have happened - at least yet.
A quarterly survey by specialist finance firm Landbay shows that 42 per cent of landlords say they will purchase additional property in the next 12 months, and amongst those landlords a strong 79 per cent state they will not sell any existing units.
The strongest intention came from landlords with larger portfolios, with half of all landlords with 11 or more properties planning to expand.
Some 21 per cent say they not know if they will buy more property.
Many of those not intending to buy describe themselves as content with their existing portfolio.
“Rather than a ‘mass exodus’, this latest data shows a real statement of intent among landlords to not only maintain their existing portfolios but to expand. This is hugely encouraging given the myriad of challenges facing landlords and the wider buy to let sector” explains Paul Brett, Landbay’s managing director of intermediaries.
“Landlords will be encouraged by the news of rates trickling down recently. With the new year bringing lots of positive indicators for the year, plus strong rental yields still reported by many respondents, landlords clearly have the confidence to push ahead with expansion plans.”
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April 1st already ?
Just what I was thinking George. Everyone wants to invest in an over regulated over taxed industry in a time of growing interest rates and shrinking margins.
The author of this article must have taken far too many magic 🍄 mushrooms ! It’s not happened yet ….. it’s occurring all around me !! My adult children are looking for their first houses now, of the last 6 they have viewed, 4 have been landlords selling up 😂😂 I am stunned such nonsense can be put to print.
Simon. Same in my area of operation, N Wales. Nothing available to rent. Could it have something to do with the new Rent Smart Wales scheme which forces landlords to cancel their legal tenancy agreements and write new contracts on new terms which only benefit tenants, for all lettings? BTW, Personally I am selling up all my properties in Wales mainly for this reason. If I own a property I control it, not the Welsh government.
I expect half of big wig landlords will expand the other half will be out the business.
What can we expect with the imminent WHITE PAPER to remove our rights in perpetuity. Removal of Section 21 to Loose all control, the Introduction of Section 24 to financially Bankruptcy us. Its not Private Properly anymore it’s “Public Private Property” did you not know we have been Sanctioned its a new disease they got.
I might buy something through my ltd company, then again I might sell something personally owned.
Section 24 is a major issue for me. I looked at incorporation a few years ago and probably should have done it then but it was complicated so I didn't. I did set up 2 limited companies. One to buy properties and one to manage properties.
So right now I still like being a landlord but probably should sell at least 2 of my personally owned properties because of Section 24. Because of CGT that would be properties I bought after 2015, not the ones I bought pre 2002. So the homes of a low income working man and his daughter and a just earning too much for UC family of 4. Or maybe 4 young professionals. That would be 6 local people made homeless through no fault of their own by a landlord who still likes being a landlord, purely because of a method of taxation that only applies to landlords. I don't have an issue with paying 40% tax on profit. I do have an issue with paying infinite tax on turnover.
Why are the MOJ statistics not showing such high numbers of evictions yet?
Nonsense article. Saying something and doing something is very different.
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