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Increased taxes for landlords over the last 12 months

Monday 03 April 2017

PRESS RELEASE: David Cox, Chief Executive, ARLA Propertymark comments on the increased taxes landlords have incurred over the last 12 months.

“It’s been a year since the Government inflated Stamp Duty costs for landlords to 3%, and it’s already made the Treasury £1.3 billion. That’s more than changes to Mortgage Interest Relief, which are now in force, are expected to make in its first three years. This will only further squeeze the sector and make buy-to-let a less attractive investment for landlords.

 “Our monthly Private Rented Sector (PRS) report shows that since the Stamp Duty reforms came into effect last April, letting agents have seen the supply of rental stock decrease. In February, 44 per cent saw supply fall as a direct result, while only nine per cent saw it increase1. The impending letting agent fee ban will also make buy-to-let investment less attractive, as costs are passed on through inflated agents’ fees which landlords pay. A quarter (27 per cent) are expected to stop increasing their portfolios as a result and a fifth (20 per cent) plan to sell some of their properties2. We’re facing a severe housing shortage at the moment, and if the supply of rental stock falls any lower relative to demand for housing, we’ll find ourselves in the midst of a real crisis.”

-Ends-

 

1 Opinium Research carried out an online survey among 324 ARLA member branches between 3 – 14 March 2017. ARLA Propertymark Protected letting agents were surveyed on a number of key rental sector issues including supply and demand, the management of BTL properties, and monthly rent prices. www.opinium.co.uk

2 Council of Mortgage Lenders, 2016

For further information contact:

Propertymark Press Office
Tel: 020 7566 9777
E-mail: propertymark@lansons.com

 

About ARLA Propertymark

ARLA Propertymark is the UK’s foremost professional and regulatory body for letting agents; representing over 9,000 members. Our members operate to professional standards far higher than the law demands and we campaign for greater regulation in this growing and increasingly important sector of the property market. By using an ARLA Propertymark Protected agent, consumers have the peace of mind their agent will provide a professional service and their money is safeguarded by Propertymark’s Client Money Protection scheme.