14:32 PM, 6th September 2024, About 2 months ago
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Rumours of a capital gains tax hike, the proposed Renters’ Rights Bill and the abolition of Section 21 are sending landlords into a state of uncertainty.
Many landlords are openly questioning whether it is worth the trouble and are exploring their options.
It’s no surprise that hundreds of Property118 landlords have contacted Landlord Sales Agency rushing to sell.
David Coughlin, the chief executive of Landlord Sales Agency, is a landlord himself so knows all the challenges landlords face in the current market.
He tells Property118: “I’ve been a landlord for more than 20 years and currently have a portfolio of about 75 properties.
“I originally had about 150 properties, but like most other landlords over the last four years since Section 24 and other legislation, which has made it difficult to be a landlord, came in, I’ve been selling my properties.”
David set up Landlord Sales Agency with his business partner to help landlords sell their properties.
He said: “Landlord Sales Agency is specifically geared up to help portfolio landlords like me and thousands of others buy and sell properties.”
Since it started, Landlord Sales Agency has built up a vast network of 30,000 buyers and investors who are willing to pay the best prices.
David warns with a new Labour government planning a tax raid, nothing is safe.
With rumours of a capital gains tax hike, this could be the final nail in the coffin for many landlords and many are now deciding to sell to avoid a potential increase.
David explains there seems to be a change in landlord behaviour and that many are now fed up and want to sell quickly.
“There seems to be a swell of anxiety and desperation among landlords at the moment,” he said.
“A lot of landlords thought they’d got on top of Section 24 and interest rate increases, but now landlords are having to deal with the proposed Renters’ Rights Bill, with rumours swirling that it could prevent landlords from evicting tenants if the tenant is not paying rent, especially if it causes hardship for the tenant.
“Then we have the rumours surrounding Labour and the supposed tax raid on capital gains tax and pensions.”
“When landlords, including myself, wake up to news like this, many are saying ‘we’ve had enough’ and you then start looking at your portfolio and say what should I do?”
Landlord Sales Agency tries to help landlords and offer the best solutions for them.
David tells Property118: “We have a lot of conversations with landlords who are in various situations like this with tenants in situ, smaller portfolios or larger portfolios, and they all come to us, and we can help offer various solutions. No matter your situation we always try to help.”
The future of the private rented sector looks uncertain, but David says more landlords will be thinking of selling.
He said: “More landlords are looking at selling and there’s a landlord sentiment that looks like it is gathering pace for landlords wanting to exit.
“It just depends on what happens now with interest rates, and the Labour Budget in October and how will it impact people that own properties either outright or through a limited company.
“There’s a lot of things on the horizon that some landlords are still waiting to see what happens but, in the meantime, there’ are a lot of landlords looking at selling and getting out of the market as soon as possible.”
Landlord Sales Agency has helped hundreds of Property118 landlords sell their portfolios quickly and for a competitive price.
David explains the process: “Landlords generally come to us with a big portfolio with tenanted properties and they are looking for the best solution either to sell them in bulk or individually.
“We had one Property118 landlord called Shauna who had a portfolio of 23 properties that she had looked after really well, and all owned in a limited company.
“She wanted to sell the entire portfolio in one go. She didn’t want any valuations or viewings that might unsettle the tenants, so we found the right solution for her. We can help other landlords find the right solutions for them, too.”
David explains how another Property118 landlord was helped by Landlord Sales Agency.
He said: “We helped another landlord called Darren who has a portfolio of 80 properties in Liverpool and he’s also a property developer, so he saw his rental portfolio as more hassle than it’s worth.
“He doesn’t want to sell them all at once and instead wants to maximise his gains from the properties, so we are helping him sell his properties individually.
“We’ve sold around 80% of his portfolio one by one to try and get the best price.”
Some landlords may feel uneasy about investors not paying the full market price, but David explains that Landlord Sales Agency offers a “Goldilocks level” and many pay a fair and competitive price.
He explains: “Here at Landlord Sales Agency, we use a Goldilocks level where it is somewhere between an estate agent and an auctioneer price, around 80-85% of market value. Our goal is to achieve the best price by pitching landlords and first-time buyers against each other to secure the best possible deal.
“We’ll try and do a win-win deal with the tenant, landlord and the buyer so if we do get a good price, it might be from an owner-occupier, and we look to do a deal with the tenant to move out. Or we will get a landlord to buy and keep the tenant in situ.”
For landlords still on the fence about using Landlord Sales Agency, David points out that there’s no cost to making an inquiry.
If you decide you like what Landlord Sales Agency offers, you can move forward; if not, there’s no pressure and no commitment.
David said: “I suggest that landlords reach out to us as I’m a landlord myself and I’ve been through everything other landlords have been through.
“To secure a great price, you need to resolve issues that estate agents and solicitors often lack the skills, expertise or drive to handle.
“I’ve built my business on overcoming those issues for other landlords. We are specialists in helping sell landlord-tenanted properties for good prices and helping them get over the line.”
