Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
8th October, 2019
Boris Johnson MP,
10 Downing Street,
London SW1 2AA
SELLING BTL PROPERTIES
I have a two-bed terraced house in Whitstable which I have agreed to sell to a first-time buyer who presumably was previously a tenant.
The house was purchased “off plan” in 2003 and has been let to three tenants only, all of whom were in the house for 5 years plus. The average let of such a house is 4½ years so this house has a period of slightly more.
The tenants have all moved for reasons of promotion to other towns.
Of course, any landlord who sells a house is depriving a tenant of a home according to the left-wing press and so on. In this case it makes no difference! All that has changed is the label! It now has an owner-occupier and not a tenant.
HMG is keen to encourage First Time Buyer ownership. I would say that 80% of the houses I have sold have gone to First Time Buyers. They are all two bed terraced houses. Around 10% to other landlords and the 10% Detached to non-first time buyers.
Can I ask you to take a look at the tax regime applied to Landlords! You may wish to consider why so many landlords are selling up. I hope you have some positive news you can let me have!
After Brexit is achieved, I really think you need to address the housing issue which is now critical for would be tenants!
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