Renting Housing Crisis As Landlords Sell Up

A quarter of private landlords are looking to sell at least one property over the next year according to new research. Of almost 2,500 landlords who responded to a survey by the Residential Landlords Association, just over 25 per cent said that they were planning to sell at least one property over the next year, the highest proportion since the RLA started asking this question regularly in 2016.

The same survey shows that 23 per cent of landlords report an increase in the demand for rental property over the previous three months, with 57 per cent reporting it to be stable. Over a third of landlords reported low levels of confidence in the private rented sector over the next 12 months. Read more on the RLA website.

https://news.rla.org.uk/renting-housing-crisis-as-landlords-sell-up/

Families Facing Homelessness After Tycoon Issues Eviction Notices

Dozens of families are facing the risk of homelessness after receiving eviction notices from one of Britain’s biggest and most controversial buy-to-let tycoons. Fergus Wilson is giving 90 households in Ashford, Kent two months to get out after he decided to sell his 700 property portfolio in the county estimated to be worth more than £200m. He is expected to issue hundreds more evictions in the coming months before retiring to “take life easy”. Wilson started sending out the “no fault” eviction notices on Monday and has already been told by nine families with children under 10 that they have no chance of getting another property and could be left homeless. Read more on the Guardian website.

https://www.theguardian.com/money/2019/jan/14/familes-facing-homelessness-after-tycoon-issues-eviction-notices

'Britain's Most Hated Landlord', 70, Finally Sells Up

'Britain's most hated landlord' is set to cause more misery - by evicting hundreds of tenants. Fergus Wilson, infamous for banning 'coloured' tenants because they smell like 'curry', hopes to sell his portfolio of 300 homes by the end of the year. The 70-year-old is planning to give tenants their marching orders next week. Last month his wife Judith Wilson, 68, was ordered to pay £25,000 in fines and legal costs for failing to supply hot water to a disabled tenant. The couple said they would appeal the decision and threatened to crash Ashford's property market by selling their empire. 32 homes have been sold independently and talks are underway to offload some stock in batches. Read more on the Mailonline.

https://www.dailymail.co.uk/news/article-6586921/Landlord-banned-coloured-tenants-set-evict-hundreds-more.html

Buy To Let Britain: A Divided Nation Sell Or Stay?

Britain’s buy-to-let landlords are divided over their future, in light of tax and market changes. While 56% want to keep or buy more rental properties, 44% are looking to sell. The majority of UK landlords still view it as a money-making asset class but think it will be on the decline in the future. As the market consolidates, buy to let owners are polarized, with tough decisions to make on whether to stay or leave the sector. For those looking to exit the market, nearly a quarter blame falling yields (24%) and tax changes (23%), while a fifth blame cooling house prices (19%). 60% say that property management had become a burden and 61% undervalued the costs involved. Read more on the Property Reporter website.

http://www.propertyreporter.co.uk/property/buy-to-let-britain-a-divided-nation-sell-or-stay.html

A Third Of Landlords With Just One Buy-To-Let Are Considering Selling Up

Two years on from sweeping tax reforms to buy-to-let, the Government's aim of limiting small-scale amateur landlords appears to be closer to fruition. Research conducted by Simple Landlords Insurance has found that a third of landlords with just one buy-to-let property are planning to sell and give up on buy-to-let. Meanwhile, 38 per cent of landlords who own two or more properties say they are planning to buy at least one more in the coming year. Read more on the This is Money website.

http://www.thisismoney.co.uk/money/buytolet/article-5633935/Government-plan-professionalise-buy-let-working.html

House Sales Surge Due To Interest-Only Worries

New research from equity release referral service, Key Partnerships, has revealed that many homeowners are being forced to sell their homes to pay off interest-only mortgages ahead of looming repayment deadlines. The report found that more than two out of five estate agents (43%) say the number of customers forced to sell to pay off interest-only mortgage debts has increased over the past two years. Mortgage debt issues are particularly affecting older customers trying to downsize to less expensive houses to release cash. Key’s research found 73% would-be downsizers are paying off mortgages. Estate agents are regularly asked for advice and guidance on mortgages and remortgages by clients – 58% say clients want support on mortgages. Read more on the property reporter website.

One In Four Buy-To-Let Investors Sell Up Due To New Tax

A quarter of buy-to-let investors say they will sell their rental properties as a result of the Government's tax changes. A survey of almost 1,000 private landlords found that 25pc have already sold, or  are planning to sell, following the Government's plans to remove their ability to deduct their mortgage interest costs from their rental income before calculating their tax bill.  Hardest-hit will be those property investors paying higher rates of tax (40pc or 45pc) and who have large mortgages. Instead of being able to deduct mortgage costs, landlords will have a 20pc tax credit, which will leave many higher-rate taxpayers with squeezed profits and some falling into a loss after the change begins to be phased in in April. Read more on the Daily Telegraph.

Landlords Would 'Sell Up Rather Than Cut Rents'

London landlords are opposed to rent controls and many would sell up if they were forced to cut or cap their rents, according to a report commissioned by the London Assembly. Others warned they would have no incentive to invest in maintenance if the government tried to stabilise rent. The cost of a new tenancy in London jumped 11.9% between 2013 and 2014. The survey of 174 landlords analysed six proposals for cutting, capping or freezing private sector rents. Read more on the London Assembly website.

Move Out Of Your Big Homes and Help Society, Minister Tells Over-55s

Middle-aged couples in large homes should be encouraged to sell up and downsize to smaller properties to “benefit” society, a minister has said. Lord Newby, a Liberal Democrat minister, said that more than half of people aged over 55 years old had spare rooms and suggested the Government should take action to help them move. He pointed to Government trials in which taxpayers’ money had been used to help cover the costs of moving and to help arrange mortgage financing for so-called empty nesters. Read more on the Daily Telegraph website.