Landlords defy expectations of an ‘exodus’ – claims Lomond

Landlords defy expectations of an ‘exodus’ – claims Lomond

0:05 AM, 15th November 2024, About 2 months ago 12

Text Size

Two weeks after the Autumn Budget, fears of a mass exodus of landlords from the private rented sector (PRS) are claimed to have been unfounded.

‘Research’ from Lomond indicates that the number of tenanted properties listed for sale has fallen by up to 3% in some areas.

Prior to the Budget, there had been widespread concern that a potential increase in capital gains tax would drive many landlords out of the PRS.

Exodus of buy to let landlords

Despite clear evidence from Property118 readers, it is claimed the exodus is exaggerated.

Lomond’s chief executive, Ed Phillips, said: “It’s becoming fairly apparent that the exodus of buy to let landlords has been somewhat exaggerated and the vast majority continue to see the rental sector as a secure and consistent avenue of investment, despite the government’s best efforts to dent profitability.

“The good news is that having escaped a capital gains tax increase, we simply haven’t seen a rush for the door following the Autumn Budget.”

He added: “We expect the buy to let landscape will continue to remain positive now that the budget dust has settled.”

Any Drop in rental listings still impacts tenants

While second homebuyers and buy to let investors faced a 2% increase in stamp duty in the Budget, the overall impact on the rental market seems to have been minimal.

Lomond’s analysis shows a marginal decline of 0.6% in the number of tenanted properties listed for sale across England.

Some regions have seen even more significant falls.

It found that the East of England experienced a 3% drop in tenanted property listings.

The South West and North East also saw notable reductions of 2.5% and 1.9%, respectively.

Only the Midlands bucked the trend, with a slight increase in tenanted property listings in both the East and West Midlands.


Share This Article


Comments

Stella

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:19 AM, 16th November 2024, About 2 months ago

Reply to the comment left by JamesB at 16/11/2024 - 09:32
I will be selling as they become vacant

There is one property that I would like to keep in the family which we purchased in 1975 but unless I can find a way of avoiding having protected tenants again I will have no choice but to sell that also.

I was not intending to sell but it would be wrong to inflict my children with all the stress and with the nightmare of what pennycook has in store for the PRS.

Old Mrs Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

20:39 PM, 16th November 2024, About 2 months ago

Reply to the comment left by Reluctant Landlord at 15/11/2024 - 16:52
Did you actually read what I posted?

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More