PM Johnson Has No Plans To Encourage BTL Sector Activity
Overall the majority of UK landlords have no trust in Prime Minister Boris Johnson delivering any breakthrough plans to encourage the BTL activities” growth.
The latest survey from a sector website found that 70% of landlords that took part in the poll, believe that the new PM will not bother to reverse the unfair and punitive tax measures to significantly encourage a buy-to-let increase in housing stock.
Around three hundred landlords took part in the survey believe that Johnson has no strategy, plans or inclination to ‘reinvigorate the buy-to-let market’.
With the run up to Johnson’s successful campaign, many in the private rented sector had clung to the hope when and if in power he would turn his attention to the punishing tax change inflicted by previous Chancellors.
Because of the punitive tax changes many landlords have left the market by evicting tenants and selling their properties, others are increasing rents.
The tax changes with the phasing out of the mortgage interest tax relief, wiping out the ‘wear and tear allowance’ for furnished properties, 3% stamp duty surcharge and the stricter lending regime has made it increasingly difficult for landlords.
75% of landlords that took part in a previous poll have little faith on the new Chancellor, Sajid Javid, to reverse taxes, even though the main parties wish to engage with the ‘generation rent’ votes.
Richard Merrick of PIMS, said: “Johnson has said that he intends to abolish stamp duty, however this could just be a ‘soundbite’ in case of a snap General Election brought about the Brexit fiasco.”