Landlord exodus will follow Budget tax raid

Small buy to let landlords will be eliminated as planned all along and large numbers of people will end up homeless as the overall housing targets cannot be met.
We have a shortage of 250,000 construction workers and shortages of roof tiles,bricks,cement,sharp sand,aggregates,plastic piping,roof trusses,gypsum board,timber,clay etc.The courts are still backlogged so possession hearings will be delayed well into the New Year.
Small landlords will be replaced by large corporate landlords such as Lloyds Bank Plc which will have 50,000 houses rented out by the middle of next year through a subsidiary set up for this purpose.Legal and General and others will be the new landlords and of course the government and local authorities will not be able to push them around with impunity, something which the government and councils have failed to consider properly.
To meet the Housing targets Chinese style construction methods using 3D printing or German style construction robots will be needed.
China can print 3 houses in a day and the German construction robot can build a big house in 2 days.
The elimination of small landlords will please left wing Labour MP's but not create any more houses as to build them energy will be needed.
Ed Miliband's plans to rely on solar farms and offshore wind farms and his decision to stop fracking and drilling for oil in the North Sea do not bode well for house building which will be needed to mitigate the adverse effects of the Renters Rights Bill.

Keep spreading something similar to this please.

Yes lot of us that's charging £200pm less than normal and everyone else, some of us are now going to have to do rent increases to pay for the forthcoming capital gains or whatever it is. I can't charge cheap rent & pay constantly ever increasing changing retrospective taxes.
In the rent increase letter, make it easy for them

Addresses
Phone number
To MP
I have just been given rent increase by Landlord and he says Due to your increased tax....
Have u any thought to those of us that were paying £2400 below anyone else? We didn't want u taxing the landlord more as it's obvious if he's looking after us, charging low etc, he can no longer do this.
Etc.

And you say working people won't get Tax hikes. Well they certainly will get rent hikes when u attack the Landlord again-Where do u think the Landlord gets his money from?

“There may then be a flood of sales, during a window of opportunity, to avoid paying a potential rate hike of capital gains tax (CGT)."

What window of opportunity? Does Ms Springall know something we dont, because the convention with tax rises is that the usually take place from midnight on budget day.

Reply to the comment left by Mick Roberts at 30/10/2024 - 04:28
Sorry Mick, you may remember Alistair Campbell's statement that the Blair government "doesn't do religion", well unfortunately this current government doesn't do logic or cause and effect so I fear your argument will fall on deaf ears.

I have a flat that I rent out slightly lower than market value but it is kept in very good order as soon as issues are raised they are sorted. This was to help keep my head above water when I retire as my work pension will not cover basic living cost. However now looking at what is proposed by this government I'm planning on selling meaning one less property to rent. Less tax for the government and ill be applying for pension credit in due course. So it will cost them to keep me. Where is there logic .

Will cause an exodus, yes and no.

The 5% surcharge will definitely put people off from buying (especially in London where property prices are higher and the level of rent is reaching the maximum people can afford).

Those of us lucky enough to have no mortgage and have 'stable' tenants can just muddle through and hope in 5 years time this Labour shower get thrown out (however, if the past is anything to go by tax raising measures are not abandoned as the government always wants money).

There will be many overextended landlords with bad non paying renters and they will certainly exit the PRS.

There will be many landlords (like me) who will sell up when a tenants leaves

There will be many landlords that just want to retire.

Get your S21's in now while you can.

Looking on the bright side... those that exit can put their money where it'll be appreciated...(but there are plenty of other ideas).

I sincerely hope that some tenants will be able to buy what is getting sold off... but I wish we'd make 'staying at home longer' more fashionable.

Looking into the future... (on another bright note)... the birth rate is in decline, so when the boomers die off, perhaps some people in their 40s who have never managed to get on the ladder can finally get their hands on their parents house, give up their rental tenancy, and the market can correct itself a bit.

Its dismal. It's sad. But I see it from both sides. Hardworking people have saved and invested for the future... but at the same time, handworking people don't stand a chance because there's no way their wages are keeping pace. Something has to give... there are other businesses that are more stress free and profitable than residential housing.

I honestly think when Blackrock, Lloyds and whichever big housing provider owns your home... you will own nothing... and (still) not be happy. Roll on 20230.