14th
Mar 2016
Within the past twelve months (since last year’s ’budget) there has been a 400% increase in London landlords who are intent on getting out of the private rented sector, by putting their properties on the market.
When a survey was carried out last year, prior to the budget, only 4% of central London landlords were intending to sell their properties, but this year’s poll indicates that 19% are seriously considering the option to sell. This is the highest increase across Britain over the last six months.
North East landlords have the lowest increase across the UK as the percentage has risen from 17%, in June, to 24% in January.
The mortgage interest relief which will be cut from next month will see many smaller landlords on the basic rate of tax being forced to pay the higher tax bracket rate, which will force many out of the market.
Richard Merrick of PIMS, says: “The government’s attack on the PRS will be directly responsible for a cull across the sector,
“There will be many properties becoming available, but because of the housing demand, prices have rocketed putting them beyond reach of many would be home buyers; not forgetting of course less private rented properties will cause higher rents.”
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