More than 92% of landlords believe the Government is anti-landlord, according to a snap survey of 783 landlords by Martin & Co.
The research reveals the anger felt by the majority of property investors nationwide, with the most vociferous responses from people who have been landlords for under five years and who own five or fewer investment properties.
Over 74% of landlords would like to see this year’s Stamp Duty changes scrapped in this week’s Autumn Statement.
In addition, over 50% of this group would like the Chancellor to remove the punitive changes in mortgage interest tax relief which start to come into force in April 2017.
A majority of landlords surveyed (61%) felt uncertain about the outlook for the property market in 2017, although most of the negative responses came from landlords who have owned investment properties for less than five years.
Ian Wilson, chief executive of Martin & Co, said: “The Government seems to be set on making life as difficult as possible for property investors, while ignoring the fact that landlords provide essential rental properties in locations where there are housing shortages and no realistic ability to buy.
“People are relying on the private rented sector to supply property, so we need the Chancellor to back our landlords and encourage them to continue to invest and provide a vital pipeline of homes for people who simply cannot afford to buy.”
One landlord commented: “Why make it more difficult for landlords when the UK has such a shortage of affordable rentable properties? It will just put off landlords.”
Another landlord said: “In a period of housing shortage, the Government should be encouraging investment. The policy is flawed because it assumes that everyone wants to buy which, for a variety of reasons, is not true.”
When asked whether the planning system should be changed to encourage more ‘build to rent’ development, the newer landlords were in favour of this, with the largest group in favour based in the south-east.
One landlord stated: “Any system which increases the quantity of high-quality of rental accommodation must be good for the country.”
The remaining 8% of landlords are probably ministers who enjoy flipping their property!
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“although most of the negative responses came from landlords who have owned investment properties for less than five years.”
Maybe the most important part of the statement? The age of the accidental landlord is coming to an end. I can see people selling inherited property simply to fund retirement and university loans, instead of using them as a long-term source of rental income. And the people they’ll sell these inherited properties to? A professional landlord with a large portfolio – as they’re pretty much the only demographic that is cash-rich enough to buy.
Fewer landlords, more rental properties seems to be the way this is going.
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This has been a relentless labour run campaign for years, hammer the landlords and free reign to tenants. If you think you have it bad now, wait and see what happen if Corbyn and cronies ever get in, this is just the tip of the iceberg. Osbourne gave in (under pressure?) and changed camp when it came to the letting industry. Time for some common sense reversal. I can’t think of another industry that has been so demonised and taxed by central and local government …. and yet they can’t survive without us.
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