LETTING & ESTATE AGENT

Are landlords really rushing to get out of the buy-to-let market?

Are landlords really rushing to get out of the buy-to-let market?
Recent media coverage claims that the Chancellor’s latest tax reforms will signal the beginning of the end of buy-to-let as an investment option. We asked our landlords what they thought. In a survey of 304 landlords 90% said that they would maintain or expand their portfolio, even in light of the tax reforms. In other survey, conducted on 4,000 landlords, 40% said they intended on expanding their portfolio – and this number also hadn’t been affected by the tax change announcements. Though it is an unexpected tax change this kind of move is expected in the wake of a General Election. The changes will be implemented gradually, giving landlords plenty of time to adapt. Therefore this backlash is probably a knee-jerk reaction, and only time will tell if this is a legitimate barrier to buy-to-let success. However, the fundamentals still apply. The UK is one of the world’s most popular property markets, net inward migration is high, the unaffordability of property impacts many people of all ages, and competition to find a rental property is rising. Regardless of tax reform, the time to be a landlord is, as ever, “now”. As a landlord, should you require any general or lettings-based tax advice, or you would like to obtain further details of the introductions made to the summer 2015 budget, then please feel free to contact the tax team Crossley Group Chartered Accountants and Tax Advisors using the following contact details.Email:  tax@crossley.co.ukTelephone:  01634 840440