The buy to let sector’s main desire for the coming year is for the government to keep buy to let tax relief on mortgage interest payments, according to a Landlord Voice survey conducted by Simple Landlords.
Landlords are beginning to feel strangled by the rafts of regulation and restrictions forced upon them by the government. 47 per cent of landlords who responded to the Simple Landlords survey cited the planned tax relief changes as their biggest concern. Following closely behind this was the wish to end higher stamp duty charges, whilst hope for a reduction in capital gains tax came in third.
This onslaught of regulation has had a detrimental effect upon landlord purchasing activity, with UK independent estate agent haart reporting that the volume of buy-to-let transactions across England and Wales had more than halved over the past 12 months.
Jenny Mayes from Simple Landlords Insurance has drawn attention to the fact that this situation is likely to have a knock on effect for tenants. She said: ‘Landlords should be supported and recognised for their contributions in providing affordable housing, rather than burdened with unfair tax measures that will see them having to take considerable cuts to their income and being forced to pass some of this to their tenants.’