16 Mar

NLA: More UK buy-to-let landlords set to sell up

NLA: More UK buy-to-let landlords set to sell up

There has been an increase in the number of landlords who may sell property as a result of recent legislation chances, according to a new survey.  

Research by the National Landlords Association (NLA) has shown there has been a significant rise in the concerns of landlords in central London.  

Just after the 2015 Budget, a total of four per cent of landlords in central London had plans to sell part of their portfolio, however, this has now increased to 19 per cent.  

The rise has not been as consistent across other regions, with landlords in the North East reporting the smallest increase in plans to sell, rising from 17 per cent in June to 24 per cent at the start of 2016.  

In particular, the NLA research showed many buy-to-let landlords feel worse off because of the changes in the income tax brackets. The so-called Turnover Tax means the amount of tax landlords will need to pay is now calculated on rental income rather than profits.  

"Local property markets vary greatly across the United Kingdom, but we are seeing a loss of confidence across the board as many landlords realise they won’t be able to remain in the market," said Richard Lambert, NLA chief executive officer. 

He added: "If landlords follow through with their intentions over the coming months this could lead to a massive sale of property, as we have previously warned.  

"We urge those considering selling up to think about when they will need to do so, and to plan ahead now in order to minimise the risk of losing money as a result of a failure to sell."ADNFCR-1222-ID-801814677-ADNFCR

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