9:26 AM, 8th November 2022, About 11 months ago 14
Hello, No landlord can be immune to the ever increasing attacks, not only on the buy to let business in general, but also very personal attacks that question our morals, our values, even our right to exist.
I decided to sell up after the S24 announcement. The writing was on the wall.
I only had a small portfolio anyway and I am now down to just two. The others sold reasonably well. Not vast capital gain, but hey, they had provided a very respectable income for many years and that had been my goal when starting out in the business 15 years ago.
A few months ago I managed to take possession of a property that had given me sleepless nights for months. “Finally!” I thought. Let’s get this one refurbished and get rid of it.
Well, best laid plans and all that! It went on the market last week, just as the market collapsed.
So now I have a very nice 3 bed semi awaiting a buyer, but buyers, it seems, are not buying.
So, are other landlords in the same boat? (I need to sell this one. I would hate to have to rent it out again). If you have one for sale, have you had viewings in the last couple of weeks?
Have you considered sending it to auction? I have no experience with auctions but I’m thinking I should consider it.
I have approached one ‘quick sale’ type outfit but their view is recent valuations are far too high and investors would probably only pay around 80% of the pre-covid valuation.
I’m not expecting to sell at the current valuation, or to be honest anywhere near it, but I do want to sell!
I’m sure other landlords must be playing this ‘find the buyer’ game, so, are there any options I have missed?
(PS. I can’t even contemplate the additional stress if CGT is increased in the budget later this month!).