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Consultants KPMG are predicting 2016 will see a reversal in the BTL boom following this Government's sequence of tax changes. (sighs....)
Head of Private Client at KPMG in the UK, Dermot Callinan predicts:
“Over the past four year, there have been 14 tax changes targeted at residential property and in particular buy-to-let landlords, making the economics of such an investment less and less attractive.
“So far, experience had shown that the majority of individuals have opted to pay the higher taxes than invest differently, and in the short-term, we may well see a rush to invest in rental properties before the additional 3% in stamp duty land tax on buy-to-let and second home properties (above £40,000) comes in from 1 April 2016. However, following its implementation and on top of a number of other measures phased in from 2017 onwards such as landlords facing a restriction in their ability to offset mortgage interest, it will be interesting to see whether buy-to-let investors opt to keep property portfolios or sell up ahead of the further changes coming in to force.
“If large numbers of landlords take the decision to sell leading to a significant amount of second hand stock being put up for sale, this will certainly have an impact on the housing market and could also cause problems for some developers reliant on investors to maintain the current rate of sale.”
“Added to this, if fewer buy-to-let properties are available thereby creating a squeeze on the market, there is also the risk that these changes could result in high rental rates as landlords seek to compensate for increased costs.”
“While a number of the tax changes have been highlighted as major revenue raisers for the Government, the thinking behind them is also to deter some from investing property in order to leave more opportunities for owner-occupiers to get onto the housing ladder."
“Whether these changes achieve the Government’s policy aims remains to be seen, but these measures may well dampen demand for the kind of properties that are marketed as buy to let investments in the medium to long-term.”
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Wednesday, January 06, 2016
Landlords projects for the New Year
Well I enter 2016 with a sense of excitement and trepidation in equal measures. Excitement because this year presents for me more opportunities than ever in my 50 years on this mortal coil. Some folks who are approaching 50 might be thinking about slowing down with thoughts of retirement. Lets face it if 50 is the new 40 then I'm only really just getting into my stride. Trepidation.... because I have gone from a situation of being ridiculously busy to I'm really not sure that I will survive the onslaught of things to be done!
Landlord projects in 2016
On a development and building front I have one luxury penthouse apartment to design and fit out. This has been a revelation to me in that after decades of fitting out non-descript buy-to-let properties on a meagre budget. It suddenly falls to me to design and manage the fit out of a luxury palace in the sky. It's amazing now what is available for residential properties interior design. When it comes to bathrooms I'm discovering the world of: back to the wall toilets, freestanding baths, LED back lit mirrors, granite wash basins there literally are no limits.Landlord insurance - professional rates - select online brokers
Free design tools for landlords
As part of my journey on the wonderful new world of bling design I am also discovering all the free design tools that are available to landlords and designers to help them put together, source, find and visualise their new designs. I've embraced pintrest with avengeance. The ability to use a myriad of images to help visualise the design outcome for my new bathroom and kitchen. Ikea an old favourite of mine very kindly provides a free online design tool for bathrooms, kitchens and even it's PAX wardrobe system. One thing that I have picked up in my design journey is that it's still very easy to overspend and be sucked into the world of high end flashy show rooms like Bathstore. Those expensive showrooms and the associated retail estate has to be paid for some how; so internet retailers will provide you similar goods at a much reduced price.Transforming the bathroom
I'm hoping that by the time 2016 draws to an end. Firstly, I'm still standing and secondly the bathroom in the Penthouse has been transformed from the current situation above to something resembling the picture below. Hope springs eternal and Happy New Year to landlords where ever you are in your landlording journey.
Housing Bill set to harm affordability
Experts say housing bill signals end of the road for affordable housing https://t.co/bHuv3Qokhs #ukhousing #housingbill
— Guardian Housing (@GuardianHousing) January 5, 2016Tuesday, January 05, 2016
£50k raised to fight Gov BTL tax changes
Two landlords raise £50k in nine days to fight buy-to-let tax relief crackdown https://t.co/vGMApnRNEs
— This is Money (@thisismoney) January 4, 2016Savills UK real estate report 2016
What's in store for UK real estate markets in 2016? Read Savills cross-sector report: https://t.co/KXMB4udQuP pic.twitter.com/JEFgs9bL1U
— Savills (@Savills) January 4, 2016Latest guidance on the Tenancy Deposit Scheme
Don't get caught out by the legislation and potentially expose yourself to a fine of 3 times the rent!
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