With the number of changes the government have brought in over the past few years, it would be understandable if landlords were planning to throw in the towel - but most of them aren’t.
New research by Simply Business has found that the vast majority of landlords aren’t put off by these changes and still believe there’s a future for landlords in the UK.
However, even though most landlords plan to keep going, it’s not going to be a cakewalk. 48 per cent of landlords think it’s getting harder to keep going, even if they don’t intend to quit.
Moreover, 12 per cent think it’s only possible to be a landlord in Britain if you’re already established. Tax changes such as the increase ofin Stamp Duty mean purchasing a buy-to-let property, whether it’s your first foray into letting or because you want to expand your portfolio, has become much more expensive.
Despite the pessimism, 22 per cent of landlords are completely undeterred and think the idea that there might not be a future for landlords in the UK is ludicrous.
This tallies with other recent surveys - 56 per cent of landlords polled said they were feeling positive about buy-to-let in 2017.
And just because the Government are making life harder for landlords, that doesn’t mean everyone is. Many lenders are coming up with new and inventive ways to incentivise becoming a landlord or growing your portfolio, such as the 1.89 per cent mortgage rates recently launched by Barclays, or the ‘buy-for-uni’ loans proposed by the Loughborough Building Society.
Plus, the good news for landlords who plan to stick it out is that fewer rental properties will increase competition, meaning if some do choose to sell up, others could be able to raise rents - in fact the Royal Institute of Chartered Surveyors say rental prices are set to rise faster than housing prices over the next five years.
How are you feeling about the year ahead? Let us know in the comments.
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