The man dubbed Britain’s most controversial buy-to-let landlord, who claims the country is heading for a “housing disaster”, is increasing rents across his 900 properties and filling them with Eastern European migrants.
Guardian Money on Saturday reported that Fergus Wilson had increased rental charges across his 900 Kent properties by 33%, from £900 a month to £1,200, due to a high demand mainly, he said, from migrants who were willing to pay higher prices than other local residents.
He is now believed to be thinking of increasing charges further across his empire.
Wilson told the newspaper that in a competitive Kent market he can fill his properties “within hours” of previous tenants moving out.
He went on to say: “We have more and more legal immigrants but nowhere to house them. It has passed crisis point in Maidstone.
“We have a housing disaster on our hands. Gobbling up the countryside is hardly the answer, but where do the people go displaced by East Europeans?”
And when the paper asked him why he felt he had to increase rents to such an extent, he blamed the government, and specifically George Osborne’s summer budget.
He said landlords would now have little choice but to increase rents so as not to lose out to the proposed tax changes that will cut the amount of tax that can be offset against mortgage interest.
The full piece is here
Love or loath Mr Wilson’s approach the fact is over demand and under supply will set higher market rates. Ultimately you can’t buck the market. Control the rents and supply will drop further the only solution is increase supply of housing across the board or reduce demand.
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The industry needs controversial people like Fergus at this pivotal point in the history of the PRS! The fact is that the new landlord taxes impact EVERY SINGLE ONE OF US … landlords, tenants, lettings agents, and companies who supply products and services to the private rented sector.
I believe that the new landlord tax regime is the biggest threat every faced by the PRS and at Property Tribes we are urging everyone to stand up to it for this reason.
http://www.propertytribes.com/landlord-tax-changes-join-share-our-action-plan-t-127621827.html
Fergus is a member of Property Tribes and is sharing his views on this issue. I don’t always agree with what he says, and he certainly causes controversy, but that’s a good thing right now.
We need people to wake up to the fact that it is obvious the Government want to rid the BTL sector of small “Mom and Pop” landlords, to make way for institutional investors and also to take control of existing landlords by forcing them into limited companies, so that Government can monitor their tax.
Please do not sit idly by waiting for this to happen. Join our Action Plan and make sure your voice is heard!
http://www.propertytribes.com/landlord-tax-changes-join-share-our-action-plan-t-127621827.html
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