It’s an investment. You take on the risk.
They don’t cushion others either.
These socialists (in heart) fail to mention that they aren’t contributing any value to the worker, they want to be the Middle Man, sponging.
Having a house and rent-fixing shouldn’t be an occupation. Pay your fair share, Boomer Guardian readers! (the largest BTLers)
The Government has dealt a second body-blow to private landlords in six months with the announcement that from April 1 next year the stamp duty payable by investors will be thousands of pounds higher.
Landlords declared the change “catastrophic”.
You can’t afford it.
Gravy train has stopped. You’re stifling the property market. They believe they deserve sympathy.
Phil Stewardson aims to buy a property every fortnight.
In 2015 he spent £3.5m on 30 properties, mainly in the West Midlands and Lancashire. “If I spent the same again this year I estimate I’d pay between £70,000 and £100,000 more on stamp duty thanks to this change,” he said.
And he’s whining about money?
The Stewardsons own 150 properties in total, but their accountants reckon they will still be treated as private landlords, rather than institutional investors, for stamp duty purposes.
This is because the exemption is likely to favour either developers that build properties or fund managers who invest on behalf of a wide range of shareholders or institutions.
People that add value? Perish the thought.
“Landlords won’t accept this,” Mr Stewardson said. “Initially they will behave like all businesses and try to pass on increased costs to tenants through higher rents. But many will give notice to tenants and sell up.”
That’s the point.
“The small perk some landlords overlooked in their initial shock at the announcement is that stamp duty paid on the purchase of buy-to-lets can be deducted from the taxable gains made when the property is ultimately sold.”
Oh they noticed but they are parasites. All they wanna do is suck.
Why give up their host?
I have no idea how many other people reading this thread have a business outside of BTL. But I am sure you have the same problems as me in that we are heavily regulated, inspection every year, if new regulations and costs come into effect we just get on with it and absorb it best we can.. ITS CALLED RUNNING A BUSINESS!!..
I have never heard such a bunch of cry baby’s as these BTL lot, they have had it their own way for far too long now. They pretend to run a business and yet expect Government to handle every little issue for them, pathetic.
Another person who can do maths;
Institutional money has no interest whatsoever in residential property at these price levels. They’re not interested in build to rent and they are certainly not interested in buying a bunch of unloved ex-BTL properties sprinkled here and there.
This present delusion amongst BTL investors that they are going to be able to sell on to institutional money when they exit without taking a loss doesn’t stack up. …
They are going to sell at a loss.
At the House of Lords Economic Affairs Select Committee in March 2015, not for the first time, Carney referred to BTL as an “investor market” and noted how at the Bank of England they distinguish between the owner-occupier mortgage market and the BTL mortgage market.
To call BTL an investor market is to make clear that the participants in the market are assumed to be big enough and ugly enough to look after themselves. Investment in the hope of a capital gain always involves running the risk of a capital loss.
…A borrow-to-let speculator will be a landlord too, but not all landlords are borrow-to-let speculators….
BTL is now closing in on representing fully 20% of all outstanding mortgages. It’s not just a few harmless dabblers. It is becoming a 500 lb gorilla that eats rent and sh!ts financial instability.
That is why they are going to close it down.
It isn’t a pension.
I’m glad these abysmally stupid yet sociopathic people, creating Generation Rent, will have a terrible winter life.