Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Simon Griffith" at "02/12/2016 - 07:51":

I think Rachel's figures are more realistic, based on the actual re-build value (check you insurance policy for that figure on your property/ies). But still a huge impact.
Could you share a template / text of your letter so we all can do the similar thing and send just something different to our MPs? Thank you.
The usual arguments sadly fall on deaf ears

https://www.lettingagenttoday.co.uk/breaking-news/2016/12/new-bank-of-england-claim-that-buy-to-let-risks-economic-stability

Reply to the comment left by "michael fickling" at "02/12/2016 - 01:05":

Michael,

Great analysis

I am just about to send the following to my MP:
"The latest ONS figures show that net migration into the UK is 335,000. Assuming the net migration is of family units this increase in population alone (ignoring the general increase of the indigenous population and the existing backlog of people wanting homes) would require about 150,000 additional new homes, many of these migrants will only want to rent. This will require an investment of £150-250 billion (assuming a build cost + land of £100,000 to £150,000). Some of this will come from the Government favoured “build-to-rent” sector but currently announcements of investment by such business's amounts to just a few percent of this. So why is this Government (with your implicit support) hell bent to drive private Landlords, who can be part of the solution, out of the market? (I am of course talking of those Landlords who provide additional housing through renovating derelict properties, convert large houses into smaller dwellings, provide funding for off-plan developments).

It strikes me that there is a distinct lack of joined up thinking on behalf of this Government."

I'd appreciate any comments before I send it.

Just sent this to my MP (118 members please excuse my rather rude tone and simplistic examples - these are borne out of frustration from my face to face meeting, letters and numerous emails to said MP - all of which have either been ignored or passed to the Treasury for their usual drivel)

Dear MP,

I have sent you lots of information over the last year concerning the housing crisis which your government is making much worse. I think I might have over complicated it.

Brexit. Trump. Richmond. The people ain’t happy. Please listen. We all know that there will have to be a general election soon – those that rule do not respect the democratic rights of the population.

335,000 net immigration.

Say 2 in each household.

167,500 additional units required per annum (will need more to cater for post Brexit surge if a deadline is ever announced) to house immigrants. They clearly never come over here with a bag of cash ready to buy.

5,000,000 rented homes in UK.

You think landlords should sell to first time buyers (none of whom are likely to be immigrants) say 100,000 are sold per annum as a result of your attacks and a cheap crowd pleaser to first time buyers.

Every first time buyer who buys a rented property displaces the tenant who has nowhere to go. Why favour first time buyers over tenants ? More likely to be Tory voters of course.

That means you need 167,500 plus 100,000 = 267,500 additional units per annum from your Build to Rent Corporate buddies who bank roll the Tory Party – they aren’t going to get anywhere near that figure. When they do build, as they have done very nicely in Maidstone they set record new rent levels to high class tenants – never a threat to the normal landlord.

There’s going to be a massive widening of the gap between supply and demand and it is not going to get better soon or ever with your policies.

You spent 3.5 Billion over 5 years on emergency housing – squandering our money on the ne’er do wells for lack of proper organisation.

No landlord in their right mind now houses people on Universal Credit – the recipients don’t spend the money on rent ! We’ve got rid of all bar three of ours now and won’t ever take any more on. Why should we ?

Maidstone Council are out shopping right now for houses to buy or bribe landlords with £2400 to take on UC claimants – they sold them all in 2004 – can you believe it ?

What a mess and you are making it so much worse.

Why can’t you see the damage you are causing ? This was all tried in Ireland (in a more modest format) and it has now been withdrawn as rents rose by 50%. We’ve only managed 11% this year but are now working on more next year – no choice – you have doubled my tax bill on the same profit. You charge me tax on the interest I pay to banks for my debt (madness).

Please answer me just one question. If I sell my houses to first time buyers then where will my tenants live ? Really where ? The ill, the poor, the students, the immigrants, the retired, the career movers, the new couple, the divorcees – none of these want to buy even if they could – where are you going to house them when you force landlords to sell. WHERE ?

Scott – I really would like an answer from Helen personally on just this last question please. Helen will be standing for re-election along with the rest of the Government soon and I want her views now not the muppets in the Treasury who have a very cynical agenda or are just plain stupid.

Reply to the comment left by "Barry Fitzpatrick" at "02/12/2016 - 10:00":

My only comment would be, that in light of the artical posted by NW Landlord this morning fromLettingAgent Today, all the letters we are sending should also go to the Bank of England as well. Mark Carney still seems to have no understanding whatsoever of the British PRS.

Otherwise a brilliant letter...(there is a typo in the first line of second paragraph I think.....missing an 'as'?)

May I copy your letter please?

Reply to the comment left by "Simon Griffith" at "02/12/2016 - 10:40":

Another good letter!

Reply to the comment left by "Lisa S" at "02/12/2016 - 10:48":

@Lisa,

Please feel free to copy it.

Reply to the comment left by "Barry Fitzpatrick" at "02/12/2016 - 10:00":

Barry by stressing the ability of Limited companies to reinvest at a lower tax rate than individuals are you not inviting a change for the worse for small limited companies? Just a thought, we don't want to give the bas***ds any further excuses to tax us.

Reply to the comment left by "David Price" at "02/12/2016 - 13:25":

I suspect this is already on HMRC's agenda but only once they've pocketed your SDLT & CGT in converting to a Ltd Co.

If it's not on their agenda now, it soon will be once they realise their expect tax receipts are down due to Landlords transferring into Ltd. Co's. I can hear the Chancellor now "....... in order to 'level the playing field' between private Landlords and corporate Landlords............"

Reply to the comment left by "Barry Fitzpatrick" at "02/12/2016 - 17:45":

Yes, and some papers describe this as though it is a tax dodge.