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fru-gal

Jump In Two-Bed Flats For Sale After Buy-To-Let Clampdown

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http://www.theguardian.com/business/2016/jan/18/jump-two-bed-flats-for-sale-landlords-selling-up

Availability of two-bed flats is now at its highest since 2007, according to Britain’s biggest property portal, which suggested some buy-to let landlords may be selling up before changes to tax relief and stamp duty come into force. Prices for two-bed flats are static. Rightmove director Miles Shipside said: “With the monthly price increase in this sector at a near standstill (+0.1%, +£209), this suggests that some of the dynamics of the changing tax regime for buy-to-let investors are starting to play out sooner than expected.

However, Countrywide’s figures suggest that in London rents have hit a ceiling of affordability. It said rents in the centre of the capital rose just 0.5% in 2015, and that the number of under-25-year-olds able to rent privately was tumbling.

“As rents continue to increase and outpace earnings in the capital, younger people and those in lower income brackets have found it harder to remain in the capital, particularly in central areas,” the group said.

Would be interesting to know how many renters in the PRS in London are under 25?

Edited by fru-gal

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We've entered the panic stage.

Oh no, I think these are the people forming an orderly queue for the lifeboat (probably whilst telling the others not to panic and to remonstrate with the captain). Just you wait till your average halfwit BTL LL catches on to what is happening.

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I haven't done an official count, but it seems that a lot of 2 bedders are coming on to the market in Sw17 - the area I check most often - and prices do seem a bit lower. A while ago almost any halfway reasonable 2 bed that is not an ex LA in a block, would be priced at £500k + - there are several now at more like £450k ish. Still crazy, of course, but I would guess that BTLers who have owned for some time are willing to go in 'low' in order to sell fairly quickly.

It's usually fairly easy to tell which are or have been rentals - messy interiors or those cheap IKEA wardrobes, or empty and looking a bit tired and forlorn.

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