A new Bank of England forecast predicts that average monthly payments on buy to let mortgages will increase by around £275 by the end of 2025.
The Bank of England breaks the news in its latest Financial Stability Report.
It notes: “Landlords are currently subject to a combination of factors that are putting pressure on their profitability: higher interest rates and structural changes – including adjustments to income and capital gains tax rules and proposed changes to building energy efficiency regulations and tenancy protection.
“The interest coverage ratio (ICR), which is a measure of rental income relative to interest payments, shows the extent to which a landlord’s rental income covers their cost of borrowing.
“A landlord with high debt-servicing costs relative to their rental income (ie a low ICR) is more likely to experience repayment difficulties.
“As with owner occupier mortgages, higher interest rates mean an increase in mortgage servicing costs when fixed rate deals need to be refinanced, and most BtL mortgages are interest only, which increases the relative impact of higher rates.
“The average increase in monthly repayments on BtL mortgages by the end of 2025 is projected to be around £275.”
Ben Beadle, chief executive of the National Residential Landlords Association, says in response: “Growing mortgage costs are putting responsible landlords in an impossible position.
“Either they leave the market at a time when demand for rented housing is already outstripping supply, increase rents, or soak up growing costs which many simply cannot afford.
“Whilst help has been provided for homeowners in the form of the Government’s Mortgage Charter, nothing has been done to support the private rented sector.
“It is vital that ministers step in to protect the market from the impact of growing costs. For renters, housing benefit rates need to be unfrozen without delay to ensure they can cover their rent payments.
“Alongside this, tax hikes on the sector need to be scrapped to boost the supply of homes to rent that tenants desperately need.”
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Saw some tumbleweed pass by as usual when reading advice given to government
Nice attitude from NRLA no mention of any we will try to push (government) to alter thinking etc. eh.
Thanks a lot Bank of England. Maybe ask yourselves why raising interest rates isn't having the desired effect on inflation, just hitting hard working people with mortgages and giving a few extra pennies to those with savings.
I understand the need for high interest rates but the BOE appears overdone it. We are heading for a crash not only of the housing market but of the economy.. A few months is not sufficient to see the effect of higher interest rates.. 12 to 18 months is the likely initial effect and 24 more appropriate.. The BOE needs to recognise this.. Meanehike the failure of the government to increase Housing Benifit rares hits both landlords and tenants.. Landlords who won't chargeote than the HB rare face bankruptcy and those who charge benefits claimants market rates face bankrupting their tenant...
So that'll be 275 increase to most tenants rent then
Only if the landlord is a basic rate taxpayer.
Section 24 means the increase would need to be just over £365 for a 40% tax payer.
HMRC get the first 40% of whatever rent increase (£146). The lender gets their £275. HMRC give back 20% if the interest (£55).
The landlord wouldn't get a single penny of that rent increase. This isn't a question of greedy landlords. It's whether tenants can afford to pay this totally unique, outrageous tax in order to retain their home.
So the bank of England have just worked out that raising interest rates and costs will make BTL less viable. That's amazing, they must have some absolute genius mathematicians working for them to be able to make such am in depth and well thought out analysis. I wonder if they've invested heavily in AI to allow them to have come to such a groundbreaking conclusion.
Thanks so much for your useful input BOE!
Well I don’t know why they are saying that’s by 2026 - my mortgages have already increased by a “stupid” amount, I’ve fixed these now and when they come out I’m selling - I really can’t see the point anymore, tenants are not my children that I have to look after and I’m not subsiding their lives !
And with our nanny state growing it's not just financial support that you are expected to provide tenants but every other form of support too.
Bank of England forecasts are about as accurate as weather forecasts.
Who would want to be a landlord now, I never tell people what I do because we are so vilified. Have already sold one property and will be sell a further 2 more shortly.
I have recently deposited money into a 12 moth fixed term account paying 5.9%, that equates to more than the flat I sold made in rent and I don’t have hassle
Think that’s the way we will be going too.
One of my mortgages went up by £436 a month in May. Two more come off fixes in September and will go up by £260 and £557. The one on a tracker is currently £408 a month more than it was 12 months ago and still rising. Another one comes off its fix in November and I can't do anything about that one until October. If I'd taken the new fix that was available a few weeks ago the increase would have been £733 a month. However, I want to make an overpayment and the lender allows a 48 hour window to make a penalty free lump sum overpayment. I know I'll have a lump sum available in October after one of the September remortgages completes. Theoretically that should help but only if the BoE don't increase rates every month between now and October.
Overall I'm expecting my mortgage payments to be close to £2500 a month more in December than they were in January. So to stand still as a 40% tax payer I would need to increase rents by £3335 a month. However, if I did that I would be likely to be catapulted into the 60% tax band, in which case rents would need to increase by closer to £5000 a month. I wouldn't receive a penny of that. HMRC would be the real winner.
Obviously rents can't increase by that much in one hit. It's probably going to take at least 3 years of hefty rent increases across my entire portfolio to get back to the profit level I had at the start of 2023.
How exactly are interest rate rises supposed to lower inflation if they automatically bake in 3 years of hefty price rises?
Was getting ready with my broker for increases in mortgage costs, luckily they are not huge amounts so not really a problem. Nice call back off him yesterday, not due in November this year. Apparently against his advice I fixed them for five years... Small win amongst all this nonsense!
BoE caused this mess by not reacting earlier. Beadles About is as much use as a chocolate fireguard.
In the past I have been more optimistic, however, Bank of England with their blinkers firmly glued to their heads are going to push this country into a deep recession.
Rising interest rates only effects about 3% of current mortgages, I believe that is around 150,000 mortgages. In the next 2 years this will treble.
It is a split decision how long it takes for increase in interest rates to slow down an economy but many forecast 18 months. The wisest thing that the B of E can do currently is hold rates for a few months to gauge the effect of the rises thus far. It may surprise them. I am not saying don't put up rates but currently they need to pause for a breath, but of course they won't.
I can only hope that the Government can see that this warning will focus them on doing something to take the pressure off Landord's and in so doing assist tenants.
I realistically do not see this happening.
I have written to my tenants informing them that, if they wish, they can let out one room to a single person in their house if they wish. This will put more money in their pocket and help with the huge increases that I have had to impose. My rents have increased by £225-£300 to existing tenants (my rent had been low).
If I did not have the tax with Section 24 I could ride out this storm, but needing to pay the tax on turnover is beyond my ability and working more just means another 40% tax on my earnings. But hey ho nobody is listening.
I understand that Landlord's whom are no longer mortgaged are in a different position, it's all in the timing!
How is it only 3% of current mortgages?
Rates started to increase dramatically a year ago. Something that was supposed to be 2.89% last May was 4.99% by July last year. I am bitterly aware of the timing on that one because a broker stuffed up the application by ticking the wrong box on the form and failing to correct his mistake when told about it. It's a good example of a lender either getting nervous or being inundated with applications due to the SDLT holiday.
Most mortgages are either 2 year fixes or 5 year fixes or trackers. Very few are 7 or 10 year fixes.
Of the 2 year fixes it's reasonable to assume 50% will end each year and 20% of 5 year fixes will end each year. Trackers go up (or down) with the base rate.
One of the most frustrating things is having to wait for whatever product switch window a lender has or waiting for the time lag on a credit report if trying to remortgage to a different lender. The early repayment penalties are often huge if we want to make a lump sum payment.
In reply Jo I was on a website that was discussing the effectiveness of increase in interest rates to bring down inflation and how long for them to kick in. This brought about a discussion on fixed interest rates. 24 million own their houses, just under half are mortgaged. Currently only 0.7% of them are not fixed. I believe this rises to almost 2% at the end of this financial year. The conversation concentrated on the economy but used these stats to show why it was not slowing faster. Time is required not higher rates as it is the few whom are paying them!
I think after that it will be best guess as stats on whether a 2/3/5/7 or 10 year mortgage were not raised.
None of these costs will affect me….. but my tenants 😱😱💰💰
You’re obviously not in Scotland .. max allowable increase is 3%. Thanks to our wonderful Scot Gov!
What is crazy about the current situation is that the government is aiming to introduce legislation abolishing Section 21 which will drive out the landlords without mortgages who could afford to keep rents affordable for tenants.
I don't have a mortgage and I am not putting the rents up so my tenants are happy, but they are going to have to go soon because there is no way that I am handing over the flats on an indefinite basis so that they can keep them for the duration of their lives. Anyone being prepared to do that would be irrational.
Agreed Ellie, that is my problem as well, the loss of sec21, if I get a rogue tenant I need rid of them quick
Ellie, As I understand selling the property will be a legitimate reason to gain vacant possession (as I am sure you are aware). I don't trust this government or the next.... I don't want to rent without S21 that I know works.
Andrew, And without S21 those tenants that behaved well due to LIVING IN SOMEONE ELSE'S PROPERTY will be free to turn rogue knowing they have all the control.
Decent hard working people will have rings run around them by those who are not necessarily decent hard working people. Probably not well off enough to buy which can lead to problems.
You are quite right, Nick, that selling the property is included as a reason for gaining possession, but there may be strings attached to that ground in the future.
Also, it seems outrageous that if you need to get the flat back to carry out extensive repairs or improvements you would need to then sell it.
Relationships can break down, too, between landlords and tenants and the need to end that relationship should not mean that the landlord should have to sell the property. The landlord could be the party who has behaved quite reasonably and the tenant could be entirely at fault.
Ellie,
Compensation and paying for tenants' costs spring to mind in terms of strings.
I agree with you. I had to put my house up for sale just to over ride the retaliatory eviction laws. Thought it's best to pay £80 to list it on Rightmove and Zoopla with an online agency rather than risk having to wait for a hearing from the judge under S21!
This RRB is absolutely horrendous.
Nick, I agree with you totally. I have studied the Reform Bill word by word. Although there are loopholes that landlords can take advance of, such as newly proposed Section 8 Ground 1A. But, the problem with section 8 generally is the length of time that it take to go to court. Currently average waiting time in England to actually have your hearing day is twelve to fourteen month. It is generally accepted that once you serve a Section 8 Notice upon your tenant, you can kiss goodbye to your rent. Without Section 21, taking up a tenant is no less than Russian Roulette. For these reasons, I am getting out. For those of you staying in, I sincerely wish you best of lucks, since you will need it.
Ferey,
Since court will be required I believe there will be lots of grounds for counterclaims for god knows what. It's just going to take too much time, and costs, and loss of rent and at the end no real certainty of winning anything with all the lefty woke people standing in your way. Landlords have no friends in the world but each other...
Nick, I know that you went through a terrible time with those tenants. It is not something that you would ever want to go through again. Already, it can be very hard dealing with very unfair tenants, I can't imagine what it will be like when they have the right to stay indefinitely.
Ellie,
That's why I want out. I don't feel I have enough control already. I will not cede anymore ground. If the RRB went in the bin I would carry on. Over pay the mortgage until it's profitable again. But I won't overpay anything atm as I don't know I can ever get it back!!!
You are quite right, Nick, already the tenants are very much in control all the time. The only right we have is to tell them to go if the situation becomes intolerable.
Ellie,
And now they think they can turn our properties into social housing....
The population is growing, and not enough new homes are being built. This is never going to change. The government wants to keep people in their existing homes. As the demand/supply issue increasingly becomes more imbalanced landlords could be more willing to issue a S21. They will probably be guaranteed a big rent rise too. They think landlords have and will increasingly have too much power. Therefore they want to rebalance somewhat. They have decided to keep the tenants in their existing homes by giving them the power. New people will have to be put somewhere else. Wherever that may be....
I fear not being able to find a hotel in the UK when I want to go away due to them being filled with Afghans and Albanians all lounging around for free...
The problem, Nick, that the Government faces is that we know that we are not providers of social housing.
Personally, I let to people who want to rent for a short or medium length of time. I do not see my role as providing permanent homes for people. That is the role of the local authority and housing associations.
Private landlords may be prepared to let to organisations providing temporary homes for refugees because at least they know that the contract with the organisation would be a fixed term one. The problem with that type of arrangement though is the furniture, white goods, electronic goods etc already in the flats; you either have to remove everything or gift them to the tenants.
Nick,
I have been a landlord since 1989. Have had them all. Protected tenants, Assured tenants and ASTs. Once section 21 goes, we will revert back to pre Housing Act 1988. As you know, with an Assured tenancy, you cannot issue Section 21 Notice, but can issue Section 8 Notice. But open ended tenancies is a different ball game. Bring back rent control with open ended tenancies, then you are back to 1977 Rent Acts. For these reasons, I refuse to let the tenant have the control over my business. I am therefore out.
Ellie. Exactly that’s where I stand its property confiscation you can’t operate under this duress,
What’s the he point in letting the property with no security, what use is a guarantor with no Contract period are they going to guarantee you for a day or a lifetime.
100% right Michael. The power balance in the landlord-tenant relationship has to be tilted towards the landlord because of the amount of money they have invested in the property compared to the tenant. If the landlord is rendered powerless by legislation then they will not enter into a new landlord tenant relationship and will withdraw from current ones.
And we need the property back at intervals for repairs and improvement. You can't do the work properly while there are tenants living there.
Why does the NRLA only represent student landlords? Why haven't they brought out about all the problems that other landlords will encounter if Section 21 is abolished? Those problems are large enough to result in the end of the private rental sector - in time.
Ellie,
Councils don't live in the real world. They expect all sorts of works done with the tenant insitu. Hahahahahaha. They don't and can't house them, and the tenant can't go anywhere. So hey Landlord, find a builder who wants that job!!!
That builder is usually me. I seem to manage to do everything myself, much to my own surprise. However, I would much prefer to be dealing with problems when there isn't a tenant there.
If this BOE prediction is correct, I will look to sell all of my 6 properties. It just won’t be a viable option to stay put. My 1st remortgage is due in June 2025, so if interest rates have not reduced to a sensible level, it will be time to sell up!
John - you've got time to have a couple of decent rent increases to prepare for higher mortgage rates in June 2025.
I guess most of us will be doing exactly that. Until last October I had never routinely increased rents for existing tenants. Some had paid the same for over 5 years. The utility increases last summer led to the first batch of rent increases. Vacant properties have all had hefty increases. Any conversations I'm having with tenants tend to touch on the probability of rent increases. I'm not exactly subtle.
Earlier this year I decided if Social Housing rents were increasing by 7% that was the absolute minimum PRS tenants should expect. I had intended to stick to 7%, which with inflation running at 10% is a real terms reduction. However, with the BoE upping interest rates every month something as modest as 7% is looking woefully inadequate.
In some respects my tenants are lucky I'm spreading the increases across the whole portfolio, not just on each individual house that is affected by a mortgage increase. It must be horrific for tenants with landlords who only own one or two mortgaged properties.
I gave my tenants 6 months notice of a 10% increase this year, and will be doing the same next year. If the mortgages are still unaffordable after than then I will be selling up. I have explained that to my tenants in a 2 page letter, and advised them I will support them to move if they need to. So far they are all staying put.
Ellie same as that I was NHBC Registered Builder from 1974 , you just can’t join that it has to be work based over seen inspected and passed on completion but Tenants would prefer you to get some one else in to do it to slag you off exaggerate and inflate the job, anyway we are now required to do Accredited Courses to learn how to do it, next a redress Scheme and an Ombudsman plus be licensed and pay every lame duck a fee but we were doing it before they were born or their Computers invented.
There's too many busy bodies around who have all the ideas of how it should be but do not own anything that they seek to control.
You are 100% right Michael; the tenants do want to get somebody else to do the job - and to exagerrate the problem. There was a tiny amount of mould in a bathroom which I took off and then used anti-mould paint etc- and I could see how fed up that tenant was that the problem had been dealt with immediately.
You are an expert Michael in building, so you must find the situation very frustrating sometimes.
Quite correct, too, that the people telling us what to do don't have a clue much of the time.
I agree with Nick, too, that there are far too many ignorant people being given power over us.
My Nigerians many times told me I shouldn't do anything myself in MY PROPERTY. I was told I should use my agent (who claimed to be all Heart but obviously has no Heart).... They would charge from double to treble the cost. These people would still not be happy.
They had a terrible cheek, Nick! It was your property, not theirs. It had nothing to do with them how a problem was remedied. If you were prepared to put things right in a timely manner, by appointment, they had no right to any input.
Ellie, the council told me she contacted them (they complained about THEIR MOULD) and queried whether I should be allowed to do the work myself (paint the ceiling with anti mould paint etc) or whether she can insist on contractors doing it.
She was told by the inspector she can't leave the wet towels on the floor with water everywhere. She just put her hand up dismissively and went running around the house trying to point out every little thing.
I developed a good relationship with the inspector. At the end she just wanted photos. She did not want to go back to the property because she will get a load more complaints.
The tenant is now in temporary accommodation :)
They sounded like terribly unfair people, Nick. You must have been so fed up.
I was. Absolutely hated them. Dreaded Whatsapp appearing with the word Tenant at the top.
She left all her crap 6 weeks ago. I've not touched the house since due to holidays etc and researching a damp problem. Looking forward to getting rid.
She's due to come back on Monday to collect here stuff. Could just be a few bits but then I can claim the deposit.
I can imagine how awful it must have been to see the word "Tenant". You don't want that kind of problem in your life.
She had no right to leave all her stuff there for so long.
Ellie, She tended to be a night owl. So contacting at 8, 9, or 10 o clock with another complaint. Wanted a front door reglazed on a Sunday! The Queen of England can get that, but she was my 'Queen of Africa' who's not entitled to such service!
There is nothing worse than having to deal with a problem late at night. I have had emails from tenants at 11pm about minor issues - not an emergency repair. And then I can't sleep because the problem has woken me right up just when I was feeling very sleepy.
I should imagine that all the demands must have made you very worked up, Nick. It used to be better when tenants had to telephone to report a problem. They were far more likely not to contact you unless it was really necessary, then.
Glad to hear the tenants from hell have gone but I thought they had up to 28 days to remove their property or you can charge them for disposal?
Sad Landlord, The AST does say a month. Their deposit will eat up the last month's rent not paid, and cover some of the legal and bailiff costs.
I can pursue them but they are on Universal Credit. My time would be better spent extracting blood out of stone.
One thing which really worries me about periodic tenancies is if they don't look after the place, and then the original deposit (after inflation and after damage) doesn't anywhere near cover the damage caused. Let along any unpaid rent in the last few months while the court process grind slowly as they get Section 8 evicted.
I had an older tenant who caused no damage in 12 years. The young couple after caused more damage in 1 year than their deposit (they left voluntarily and at least paid all rent until they left - and cleared out nearly all their stuff, returning on the day of checkout to collect the last two items).
John Chart remarks:
To my mind the most significant problem about the proposed abolition of S 21 and therefore reliance on S 8 - is the "not-fit-for-purpose" court system. LLs will be tied up in knots by court delays and by TTs playing the system - and some declining to bother to pay the rent in the meantime - no doubt egged on by the smirking Shelter/Generation No Rent crowd . Add to this the sprinkling of TT - loving lefty judges!
I have all mine on guaranteed rent. I feel this might change in the future as I can see the letting agent being over exposed and not wanting business. Alternative closing the business due to risk.
I am not sure insurance companies will continue to offer legal protection and rent payments in the event of a default if you can't get a tenant out.
Agreed Nick, or they push it out to 12 months and not 6.
Nick. Selling is not an option for older Landlords and well the Government know it that’s why they put it in there. Another big pay day for them with 28% Capital Gains on inflation mainly all the other fees from the transaction plus 20% VAT. The bid SDLT from new buyers. Then when we kick the bucket just around the corner another 40% inheritance tax that’s 68% ignoring the fact I have been paying tens of thousands of tax annually for decades on it already. No exit Plan allowed show me otherwise ?, even not allowed to give it away and don’t tell me about the 7 year rule nonsense, even to put some in trust for grand children not allowed you pay tax on money and tax on it (property or money the same) going into trusts then pay someone to manage the trust but if you die in 3 years it all comes back into your Estate again for Inheritance tax purposes and the tax you paid is washed away at lost.
So sorry for ever been a Landlord what for, the taxes paid the Sacrifices made the Holidays missed and the 7 day a week worked just to be classed as Rogue’s by lame ducks, Criminalised by Authorities and robbed by Councils.
Incidentally it’s our Anniversary today 49 years married don’t know how she stuck me, yes it’s a woman.
You could just sell up and pay all the CGT due then you are out? If not your heirs will inherit your portfolio, will need to pay the inheritance tax and then be saddled with a portfolio they never built or wanted? Do they carry on with it or sell up themselves? I understand Ellie will be selling. Anyway you always sound like you know what you are doing.
I always understood being a landlord was great. I wished I did it earlier. But now I am glad I did not. This RRB is an absolute disgrace coming from a Tory government. Labour will be worse. Perhaps they are just doing what they think will be inevitable.
For me I won't deal with all the lame ducks who have no stake in my property telling me that 'some nobody' is entitled to XZY in my property and I will be made to give it all and fined and criminalised where I don't. This country is becoming very backwards in many ways. I would like to emigrate if it were not for family ties.
Wishing you and your wife a very happy anniversary, Michael!
I am not 100% sure about selling Nick. Frequently, I have let to people whose main residence is elsewhere - and that type of tenancy may not be covered by the Renters Reform Bill/Act. I am not sure. The tenancy/property may fall into a new planning class under those circumstances which initially will have permitted development rights - but with the possibility that those permitted development rights could be removed by the local authority. All the "reforms" are causing such uncertainty.
The other issue is the hassle of all of it when the return is quite small - it could be better to sell for that reason.
But, but, but half the Portfolio / Estate will go to pay tax and the tax has been paid over & over 👍
I know it would be painful. But it would get you and your family out of this viscous circle which is becoming incredibly more viscous by the year! The rate things are going you will loose it all in taxes and fines for every misdemeanor going! Before long tenants will have the right to buy your property for nowt.
Anyway as I said I am sure you know what you are doing.
Michael, totally my sentiments, why did we become landlords after umpteen sacrifices and a lot of tax, stress. I have treated my tenants as my own children. We are at their back and call even after making extra sure that the property we let are properly managed, all issues dealt with and they do not treat it as their home. Tenants leave 2 months early without paying rent, stating take it from the deposit. Leave practically all their belongings and go abroad. No keys left. When you open the front door, there are lots of empty cleaning stuff in the kitchen and bathroom, shampoo, rotting foods in the 2 fridge freezers (one in kitchen and one in the dining room). This was let to a couple, whose 19 year student daughter was visiting for the summer in a 2 bedroom house. Let as unfurnished, but left all their furniture and various make-up etc. Dry foods in the kitchen. No proper notice was given. Just a message on what's app to say the father passed away so left and will not return again. I would like to believe this being a fact, but these excuses are used by all Romanians and Polish people who leave without 2 months notice and no rent. They sate keep the deposit. 5 weeks deposit is not sufficient for 2 months rent and removing all their belongings and a good clean. Forget any damages.
Unfortunately the market is at a lowest for over 15 years with the high rates of interest and stupid RRB hanging in the air. The fixed rate is coming to an end, at the end of the year. Temptation was to sell it, however not possible at the lowest price we are willing to sell. So alternative is to pay off the mortgage or re-mortgage it. Tenants can be found very easily but, yes, you guessed it, they are all Polish and Romanians, who do not have the same sense of responsibility to pay the full year rent. I have to make do with anything between 6 to 10 months rent and damages and removal of their furniture at the end. I may try to let it with the full furniture this time. This is the reason, I do not use agents. Their set up fees and letting fees are horrendous in that little town. They open for business between Monday to Friday, 9am to 5pm. Short hours and expensive at set up fees for about £500 and 10% per month and VAT. I have 2 fixed rate mortgages are due by end of the year and hoping to pay them off rather than re-mortgage them at 6.84%. Or re-mortgage one of them. Our residential variable mortgage is due and to be paid off in just over a year. 3 less mortgages would be good. So altogether reduction of about £60k to 100k in mortgages.
Owning BtoL is not an investment as the government and charities wish to believe. Investment is more like an armchair, apart for selecting the right investment and checking now and again from your home computer. Renting your own property is all the time, be available for your tenants. Ensure the full refurbishment ad maintenance of the property before the start of tenancy, all certificates are available with EPC, Guidance to right to rent etc. Check in inventory, cleaning etc. Once the tenants move in, there may be a lot of hand holding, like how to switch on a boiler, central heating, the workings of the showers. The landlord, if not using the services of expensive agents, then to register the deposits within 30 days and pass it on to the tenants and then may ongoing queries and may be work. Oven, washing machines, fridge freezers have a short life with the tenants living there. Maintenance like painting walls, ceilings and woodwork needs to be done every 3 to 5 years. To follow the government guidelines or get into trouble. Tax returns for properties, so keeping all these records. One wonders for a small returns if it is worth while any more. The worst is for LL's who keep re-mortgaging 75% every time when the house prices go up and keep buying more properties and have ended up with a lot of properties with large mortgages. The LLs have to do a lot of courses to carry out the work. How can this be classed as an investment by the closed-eyed government. It is a business, and as such S24 need to be removed.
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