Wednesday , October 4 2023

Making the case for buy-to-let tax changes

It is quite clear that there is a growing demand for housing, not just privately rented, but of all tenures. 

The ongoing legislation in the private rented sector with still more proposed changes to come, together with the impact of the section 24 tax changes, stamp duty on a second property, and the proposition of ‘making tax digital’ all adds to disincentivise landlords to continue to invest in housing.

Our research shows letting agents have seen peak numbers of prospective tenants registering per member branch, with demand for rental property growing by 57 per cent since 2018.

This is a worrying picture as over the same time period, there was no growth in the size of the private rented sector.

Over 2022, rent increases were the norm in many areas of the UK. The percentage of Propertymark member agents seeing rent rises in their areas increased dramatically over the past five years as pressure continues to rise on the sector to house around 13mn people in the UK.

A big part of this lack of growth in available properties in the private rented market across the UK are the financial implications and barriers that come with purchasing a second property.

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