Summer Budget 2015 – Landlords Reactions

Or have I been mugged in street? I have worked day and night whilst people were clubbing & pubbing. Taken calculated risk, my heart thumped. My critics laughed at me at the time, when I became portfolio landlord, with my blood sweat and tears. Osborne wants to take it all away…just because, half wit tenants, who are waiting for some miracle to take place and landlords have been used as scapegoats as if they were to blame for their inability to buy.

Buying a property needs, skill, funding, guts, management, determination as opposed to depriving someoone’s right…if anyone could do this, why these a**eho*es don’t buy it.

Reply to the comment left by “shakeel ahmad” at “15/08/2015 – 18:57“:

Boris might jump at the idea of making his arch rival for the Tory party leader and possibly PM, look like a prat.

Reply to the comment left by “Ros .” at “15/08/2015 – 20:20“:

Ros, my heart goes out for you, all your passion and stamina will eventually pay off!

I’m looking for a volunteer to do a bit of research. I am working my way through this thread and found the following quote by Jonathon Wilson:

‘This is the latest attempt at government intervention and it will have unintended consequences. They tried this in Oz in the early 1990’s from memory but it was reversed after a year or two as rents went through the roof!’

Can anyone find me anything on this – preferably a few sentences to sum up what happened? With a source, as the Public Committee will want that.

Update from Scottish Association of Landlords as follows:

Summer budget tax bombshell: update

Tax changes mean a third of rental businesses will no longer be viable

In July the UK Chancellor announced that from 2017, restrictions will be placed on mortgage cost relief for individual landlords. A survey of landlord members carried out in August has revealed that this will have a very significant impact on landlords, with 31% saying their business will no longer be viable as a result of the changes. Based on responses received, we believe that approximately a third of landlords and properties in Scotland will be affected by the changes. Of those who responded, 40% of landlords affected by the changes said they would sell their properties and 64% said they would increase rents to recoup the additional cost to their business. The average rent increase planned is 12%. The Scottish Government’s strategic aim of encouraging growth and investment in the private rented sector is likely to be severely affected by the changes as out of 61% of respondents who said they were considering investing in more rental properties in Scotland before the changes were announced, 60% now say they are less likely to invest. In September SAL chief executive John Blackwood will be meeting officials from HM Treasury to share members’ concerns about the changes.

It’s a pity they didn’t include the number of properties affected by these businesses. It’s probably considerably more than 31%.

BTL, that’s interesting.

Reply to the comment left by “Ros .” at “15/08/2015 – 15:11“:

Hi Ros

I am very happy to help in any way I can and happy for my email address to be forwarded to you if it would help?

Reply to the comment left by “Appalled Landlord” at “15/08/2015 – 19:21“:

Yes, thanks AL. I don’t mind debating with people that consider points as I would do to things they may say, but it was completely pointless going any further with this lot.

I took down the page and Gary will delete the button from home page next week.

TBH I was getting irritated with completely pointless arguments such as that we can’t increase rents because rent is directly linked to price elasticity of land. That’s all well and good from a text book that deals with standard economic situations, but GO has thrown a curve ball in here with abolishing taxation on profit.

Around page 100 in this thread I shared that i had met a letting agent in the street and she had no idea what i was talking about what I asked for her position and thoughts on the Restriction to finance relief..

Well their August newsletter came out and guess what …they have a piece on it . Weak but its a start.

http://belvoirguildford.briefyourmarket.com/Newsletters/Guildford-Property-News-August-2015/Changes-to-Landlord-s-tax-could-lead-to-higher-rents.aspx?utm_source=BriefYourMarket&utm_medium=Newsletter%2c+Email&utm_term=&utm_content=Guildford+Property+News+August+2015&utm_campaign=Instance%3a+belvoirguildford.briefyourmarket.com+-+MessageId%3a+1481

I am still amazed that I am meeting landlords and invested people who have no idea about the change and how massively it will affect them.

How do we ramp up making people aware? I have said lets crowd fund advertising – of course, I have done nothing about that… I am also concerned that we visit this forum when we can but could we not now have an action forum where we share ideas, tasks and things that will make a significant difference.

it is cathartic to have a good old moan but we have allowed ourselves that so can we / should open a new action forum?