Online letting agency survey says 66% of landlords undeterred by tax changes
A survey for online letting agency Upad claims that 66 per cent of landlords are not going to change their property investment activities despite the substantial tax changes imposed on the rental sector by government in recent years.
In a survey of 3,800 private landlords, some 59 per cent admit these changes – concerning mortgage interest tax relief, stamp duty and wear and tear allowances – are an issue. In addition, some 28 per cent are concerned by both the buy to let mortgage market and interest rates, and 26 per cent are concerned about Brexit.
However, the substantial majority – two thirds – are retaining their property portfolio and are committed to remaining a landlord, although a small number admit they are considering switching to holiday lets or restructuring their activities.
Commenting on these findings, Upad founder James Davis – himself a portfolio landlord – says: “Sooner or later the UK Government will have to take action to ensure private landlords – who, let’s be honest, are a hugely important part of the UK rental market in general – are able to run a buy to let business without it leaving tenants further out of pocket.”