Increasing The Tax Will Squeeze Out A Lot Of Landlords

[It is different this time]

http://www.lettingnews.com/

Unsurprisingly, many buyers in today's marketplace feel that those buying property to let out have an unfair advantage over the frequently usurped first time buyer.

However, landlords say that the crisis is simply caused by a shortage of new property in the UK and that ending the tax relief they currently enjoy would force many landlords out of business - perhaps in turn leading to a shortage of rental property, which in itself could be disasterous.

On BBC Radio 4's 'Money Box' program, Paul Diggory - president of the Chartered Institute of Housing - said:

"Our main concern is the acute lack of affordable housing across the UK.

"We've got many examples now in many cities where properties are being secured on buy-to-let mortgages but are being kept empty."

Last year the number of homes sold to buy-to-let investors was around 175,000 out of the 1.3 million homes sold with mortgages. Paul Diggory commented:

"Buy-to-let owners [have] a financial advantage over those trying to buy their first home, pushing prices even higher - further out of reach. Why does the government still offer tax incentives to those who buy simply to rent?"

In response to this suggestion, the National Association of Landlords (NLA) told the programme that any changes would be disastrous. Vice chairman John Socha said that buy-to-let investors have to find much bigger deposits than owner-occupiers and also must pay capital gains tax when they eventually sell.

"Increasing the tax will squeeze out a lot of landlords, most of whom are doing it for their pensions. :angry:

"The government has said it wants a healthy private rented sector. We provide the homes that neither the state nor owner-occupation offers."

So Landlords don't want government to stop offering tax incentives to those, who buy simply to rent, as they are doing it for their pensions, which they don't want to give up!

Come on Gordon do something right, for a change, and stop property speculation. Tell them they need to work & save harder, for their pension, instead of speculating on property with 'borrowed' money! Hang on you can't do it can you? As your entire miracle economy is based on property speculation, excessive debt, HPI & MEW.

[sossij]

http://www.lettingnews.com/

Increasing the tax will squeeze out a lot of landlords, most of whom are doing it for their pensions.

Boo-fecking-hoo.

[South Lorne]

http://www.lettingnews.com/

So Landlords don't want government to stop offering tax incentives to those, who buy simply to rent, as they are doing it for their pensions, which they don't want to give up!

Come on Gordon do something right, for a change, and stop property speculation. Tell them they need to work & save harder, for their pension, instead of speculating on property with 'borrowed' money! Hang on you can't do it can you? As your entire miracle economy is based on property speculation, excessive debt, HPI & MEW.

.....leave it to the 'pension buster'.........at least he might get it right this time.....!

[PropertyGuru]

very interesting news!