Four times as many landlords looking to sell in the last 6 months

by Property 118

14:44 PM, 10th March 2016
About 3 years ago

Four times as many landlords looking to sell in the last 6 months

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Four times as many landlords looking to sell in the last 6 months

The proportion of landlords in central London who intend to sell property has quadrupled since last year’s Budget, according to new research from the National Landlords Association (NLA).time to sell

Just 4% of landlords in central London had plans to sell property when surveyed before last year’s Budget. However, the figure has almost quadrupled, rising to 19% when surveyed in January this year.

The increase in intention to sell property is the highest witnessed across the UK over the last six months.

Landlords with property in the North East have seen the smallest increase compared to other regions of the UK, rising from 17% in June to 24% in January.

The restriction to mortgage interest relief for individual residential landlords announced during last year’s Summer Budget will leave many landlords worse off, forcing some basic rate tax payers into a higher tax bracket and leaving higher and additional-rate payers with considerably bigger tax bills.

The NLA has labelled the changes the Turnover Tax, because landlords’ tax will be calculated on the rental income they earn, rather than their profits.

Richard Lambert, Chief Executive Officer of the NLA, said:

“Local property markets vary greatly across the United Kingdom, but we are seeing a loss of confidence across the board as many landlords realise they won’t be able to remain in the market.

“If landlords follow through with their intentions over the coming months this could lead to a massive sale of property, as we have previously warned. However, this may not be a straightforward process, especially for those with stock in low demand areas.

“We urge those considering selling up to think about when they will need to do so, and to plan ahead now in order to minimise the risk of losing money as a result of a failure to sell”.

Breakdown



Comments

Robert Smillie

16:19 PM, 10th March 2016
About 3 years ago

Thank goodness that all the tenants have saved up a deposit or have alternative accommodation arranged. Crumbs! what a mess it would be if they weren't all first time buyers.

Gary Nock

19:07 PM, 10th March 2016
About 3 years ago

Winter is coming.....

Colin Dartnell

11:01 AM, 11th March 2016
About 3 years ago

If it was 4% and now is 19% the figure is worse than you say, it is almost five times what it was.

The corporate landlords and foreign investors must be rubbing their hands together for this windfall of properties coming onto the market!

Recardo Knights

15:25 PM, 11th March 2016
About 3 years ago

Hardly surprising I plan to start selling off myself if this crazy law remains in force after the budget.

If my properties are not sold to first time buyers (I plan to advertise it this way, opportunity for first time buyer to get on the ladder) CAN ANYONE RECOMEND THE RIGHT SITE. Don't want those greedy landlords depriving them of the opportunity to buy.

I will be starting with two of my five, and maybe another one next year. The families living there cannot buy, so unless another LL buys and keeps them on, I suppose the council will JUST have to give them a 3 bed house as a replacement.

Steve Wood

16:18 PM, 11th March 2016
About 3 years ago

Maybe the councils could buy the ex-council houses and rent them? Now that would be good. The government are a real bunch of ........hell bent on destroying the country. Attacks on landlords, hard working self-employed etc

Jonathan Clarke

16:56 PM, 11th March 2016
About 3 years ago

Reply to the comment left by "Steve Wood" at "11/03/2016 - 16:18":

Milton Keynes Council did this. 4 million pot they had to spend
So Maggie sells them off under right to buy at a healthy discount
Owner makes a tidy sum.
Council then realise that they cant house anyone.
All B&B`s in MK are full
They have to ship the homeless out of town 10 miles away as a result
Owner then sells right to buy back to the council at full market value
Crazy lack of forward planning.
Cameron is following in her footsteps now with Housing Association stock
.

Steve Wood

17:11 PM, 11th March 2016
About 3 years ago

it is a scandal. Clueless morons. The millionaire excouncil house landlords programme - who sold the bloody things? The people who bought them at a discount of course! And these were tax payer assets. And the hardworking amongst us trying to get ahead and provide for ourselves get an almighty kick in with little redress.

Gary Nock

18:12 PM, 11th March 2016
About 3 years ago

Ah Steve...but we are the nasty capitalist landlords and they were the poor council tenants who deserved to buy their own homes ( which they sold at a profit)...whose sympathies will be with the great unwashed and the left wing luvvies...certainly not the landlords....

Steve Wood

18:44 PM, 11th March 2016
About 3 years ago

It makes sense for them to buy maybe if offered. The policy though was wrong


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