Selling BTL properties – open letter to PM

by Readers Question

11:40 AM, 9th October 2019
About A week ago

Selling BTL properties – open letter to PM

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Selling BTL properties – open letter to PM

8th October, 2019
Boris Johnson MP,
Prime Minister,
10 Downing Street,
WESTMINSTER,
London SW1 2AA

 

Dear Boris,

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!

Yours sincerely,

Fergus Wilson



Comments

James Fraser

9:07 AM, 10th October 2019
About A week ago

Worst letter ever for getting the govt to see the folly of rising rents and homelessness. Surely not written by Fergus Wilson?

Whiteskifreak Surrey

10:06 AM, 10th October 2019
About A week ago

Reply to the comment left by James Fraser at 10/10/2019 - 09:07
Fully agree.
TBH I am not sure what Fergus wants to achieve by that letter?

Rob Crawford

12:16 PM, 10th October 2019
About A week ago

I suspect Fergus is trying to convey that motivating landlords to sell through various tax reforms does not change the housing dilemma maths. So why tax landlords? Then a plea for more houses to be built. Boris could answer by saying, "to compensate for Brexit financial losses, you will still be taxed and that this is likely to increase!"

Whiteskifreak Surrey

12:21 PM, 10th October 2019
About A week ago

Reply to the comment left by Rob Crawford at 10/10/2019 - 12:16"Boris could answer by saying, "to compensate for Brexit financial losses, you will still be taxed and that this is likely to increase!" - I am sure this is correct. Someone has to pay for a spending spree planned for Brexit. Why not Landlords?.
I think the general consensus on this forum was that Boris will be LLs' friend and even increasing a threshold of 40% tax to £80K will help us. ;o)))))
Clearly this is not going to happen.

Paul Essex

17:29 PM, 10th October 2019
About A week ago

For "why not landlords" read "tenants via rent increases".
It is very important we get that message through, if Everytime it said taxing landlords the phrase was replaced by increasing rents I think the appetite for change would rapidly decrease.

Gromit

20:09 PM, 10th October 2019
About A week ago

Reply to the comment left by Paul Essex at 10/10/2019 - 17:29Couldn't agree more no-one especially politicians gives a f**k about Landlords. So everything needs to be turned into how bad it'll be for Tenants (and how votes they'll lose if politicians).

Whiteskifreak Surrey

20:15 PM, 10th October 2019
About A week ago

Reply to the comment left by Gromit at 10/10/2019 - 20:09
Agree with you and Paul. Time to start that. However - Rent increase after S24 is minimal, in a region of inflation, if I am not mistaken... Generation Rent had an article praising S24 and stating that nothing happens if the LLs are attacked. NLA & RLA (soon together) should start campaigning for that. Sometimes attack is the best form of defense. Time to apply that principle. Easier said than done, though.

Chris Daniel

23:37 PM, 10th October 2019
About A week ago

Not one of Fergus' better letters ( putting it tactfully, as a generally pro-Fergus supporter )


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