Thanks George! Landlords’ confide
Thanks George! Landlords’ confidence at its lowest ebb for a decade
April 28, 2016 | Marc Shoffman
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Buy-to-let tax changes have pushed landlord confidence down to its lowest level for ten years, a consultancy has claimed.
BDRC Continental has run a quarterly landlord panel, based on more than 1,000 National Landlord Association members, since 2006 and has found just 41% are feeling positive of the sector.
This is the lowest level of confidence since BDRC Continental started its research in 2006.
The analysis comes amid the introduction of extra stamp duty charges, removal of the wear and tear allowance and the prospect of the end of mortgage interest relief from next year.
The research found 59% believe that Chancellor George Osborne’s buy-to-let overhaul will decrease their profitability.
A third of respondents were preparing for the mortgage interest relief changes by setting up companies.
Despite all the negativity, 72% of private landlords said they still believe that investing in and renting property is better than other investments.
Mark Long, director at BDRC Continental, said: “There are few ‘happy ever after’ tales here.
“Many private landlords in Britain are really concerned about the impact of last year’s Budget when tax relief on private rental properties was cut, and given the housing shortage, the potential knock-on effect on renters and the supply of rental homes, that is something that we all need to care about.”