16:31 PM, 31st October 2024, About 8 hours ago
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It’s been tense week this week as landlords waited patiently for Rachel Reeves’ Autumn Budget. As the countdown began to the Chancellor’s announcement, the biggest fear for landlords was a possible hike in Capital Gains Tax.
Yet to the utter relief of the entire landlord sector, the day passed with the news that CGT was going to remain the same for buy-to-let properties. Property investors didn’t walk away completely unscathed, however. As Mortgage Solutions reported, the Chancellor announced that the stamp duty surcharge on the purchase of second properties would be increased from 3% to 5%.
Despite the overall good news, many landlords have remained in brace position and have reached out to exit the market and sell their buy-to-lets.
“We’ve got off this one, but to be honest there’s still very little money in the buy-to-let industry now if you’re a seasoned portfolio landlord” said one Landlord, selling their properties through Landlord Sales Agency. In fact, for Shirley, Farouk, Alistair and Roy, four portfolio landlords who reached out to us, it doesn’t matter what happens to the regulations moving forward, they’re out. Why? Because the profit margins of being a landlord just aren’t worth the amount of work, upkeep and stress that has squeezed many of us to breaking point.
Despite over two decades of being a landlord, Farouk’s portfolio was running at a loss, with him unable to sell his properties with tenants. The portfolio “was costing me money” said Farouk, “that’s when I realised I needed to do something.” Roy, Alistair and Shirley agree. “I had four good tenants. I didn’t want to disrupt their lives. But the property market was awfully slow,” said Shirley. Alistair echoed these sentiments: “we’ve got to a point where we need to downsize.”
They’re not alone, in the last two weeks alone, 70 landlords have reached out to sell their buy-to-let portfolios irrespective of the Capital Gains Tax news.
It’s clear that landlords have had enough, and despite efforts to try and slow down the mass exodus of landlords leaving the sector, it’s too little too late.
So why are all these landlords coming to Landlord Sales Agency to sell?
Put simply, it’s because we’ve built up a name for ourselves as the company who can sell any property, anywhere, no matter what condition, and no matter what the tenant situation. Even problem tenants are no issue for us; we have a 100% success rate and resolving tenant matters and completing the sales. We’re not just efficient, we’re also fast.
Our properties on average sell in less than 28 days, and with Christmas closing in, it’s understandable that landlords want to get a move on if they’re thinking of selling.
What’s more:
You won’t get a higher price for the service, and any company promising you 100% market value is hiding a huge list of costs that are going to come after the sale. That’s not the case with us. It’s what makes us different.
As well as our private database, we also market to local agents, property buying companies and list your properties on our online auction, all of which creates a bidding war to drive up prices.
So, if you’ve had enough, want to get out and put your investment elsewhere into a more profitable sector, our team of experts are exactly who you need to get the job done.
Simply fill in the form below and we’ll give you a call to chat. You’ve got absolutely nothing to lose, and everything to gain.
