Lenders Give Out Fewer Mortgages to Buy-to-Let Landlords Amid New Rules

A recent report in the Daily Mail shows that mortgages given to buy-to-let landlords have decreased over the past year.

A raft of new tax rules along with more stringent mortgage rules has meant that fewer would-be landlords have been granted mortgages for buy-to-let properties.

In a bid to help more first-time buyers get onto the property ladder, the Government has bought in a variety of regulations aimed at making it more difficult for people to become buy-to-let landlords or to increase their property portfolios. These include the Bank of England introducing stricter lending guidelines, limiting the tax relief landlords can claim on their mortgage and other costs associated with a buy-to-let property, and a 3% stamp duty surcharge.

Only 5,500 mortgages were granted for buy-to-let purposes in March, a reduction of 19% on the same time in 2017 and financial experts are predicting this number will continue to fall over the next few months.

Less Casual Buy-to-Let Landlords Due to Changes                                                         

The buy-to-let property market has changed significantly over the past couple of years, with many casual landlords deciding that the overheads concerned with owning a buy-to-let property have squeezed their profit margins too much for them to continue, leaving them in a position where they need to sell my house fast. On the other hand, those with sizeable property portfolios are continuing to invest in the buy-to-let market.

With many landlords wanting to offload their properties, problems can arise in difficulties in selling. Often the properties are in areas where there are already a high number of rental properties and are less attractive to first-time buyers.

A fast house sale can prove difficult, as many landlords are forced to wait months or even years for a buyer to come along. If they already have tenants in situ, this can compound the matter and make selling even more troublesome.  However, there are solutions for anyone who in a position where they need to sell my house fast.

Companies that buy houses fast  | Sell my house for cash
Companies that buy houses fast | Sell my house for cash

How to Sell My House Fast?

Property buying companies allow landlords wanting to offload their rental property an option for a quick way to sell my house for cash. Often the transaction can be done with weeks, even days in some circumstances, and in most cases the state of the property is not an issue.

Buyingpropertyfast.com Gives landlords a way to sell my house today and be in a position to recoup their investment, regardless of whether they currently have tenants or not.

Often a quick house sale for cash can save a landlord money down the line, particularly if they are struggling to attract tenants, or need to invest more money into costly repairs to their property. The longer they continue to keep the buy-to-let property, the more mortgage they will have to pay, along with increased income tax.  The months, and often years, it can take to sell a property can be extremely stressful and increasing expensive as time goes by making a fast house sale a necessity.

 

Declining Neighbourhoods Causing Problems for Landlords

Landlords can find themselves unwittingly buying property in undesirable areas and struggling to find tenants in Grimsby. In a recent report featured in Homes and Property, Victoria Whitlock talks about her difficulty in finding families and professionals to rent her recently purchased property.

She explains how, at first, she thought it was due to the flat needing a little bit of attention and smartening up but was later informed in a chance meeting with another local landlord that the area she had bought into had a bad reputation for antisocial behaviour.  Other landlords have experienced similar issues where the area they’d invested in has slowly declined over the years, leaving them struggling to find good tenants and prompting many to seek advice on how to sell my house for cash to help recoup their losses.

Property buying companies | How to sell my house fast
Property buying companies | How to sell my house fast

Declining Neighbourhoods Can Lead to Loss in Revenue

Often in cases such as this, landlords can be forced to lower their expectations of available tenants, often to their detriment. In order to rent out the property and not lose money, they are tempted into renting to people they wouldn’t normally have considered. While many tenants are model citizens who look after the property well and pay their rent on time, there are also many undesirables who end up costing landlords in Grimsby hundreds if not thousands of pounds in repair bills and unpaid rent, leaving them wondering how to sell my house fast.

While the initial low price of the property may be a draw, often the landlord will spend a lot of money updating the property in a bid to attract nice tenants and a decent rental price. In certain parts of the area, however, this may be a false economy and the money spent on refurbishments may never be recouped in either rental income or in resale value if the neighbourhood takes a turn for the worse. Often this can lead landlords in Grimsbyto a position where they need to sell my house fast.

Researching an Area is Vital

Understanding the area in Grimsby you’re tempted to buy in is critical, this way you know who you’re pitching your product at and who you are likely to attract as tenants. This can help you to better plan any needed refurbishments to ensure they are investment worthy.

Speaking to neighbours or local businesses can give you an idea of the type of community you’re investing into. Is this the right opportunity for you, or do you need to look elsewhere? An investment opportunity is only a good one if you can attract a tenant who will pay a fair rental price for the area, and one which delivers a good return on your investment.

Likewise, it pays to keep on top of any changes occurring in the neighbourhood, particularly if it is going to affect rental prices. If a rental property becomes too troublesome to find suitable tenants for, a fast house sale may be a better bet.

Sell My House Fast

For those caught up in such a predicament, a fast house sale may be the best way to recoup your investment and move on. Property investment companies such as buyingpropertyfast.com can help anyone who wants to sell my house today. Allowing landlords to focus on other areas and reinvest their money in a different property which may attract better tenants. Often the sale of the property can be done with tenants in situ and no repairs need to be carried out on the property.

 

 

 

Number of Empty Properties on the Increase

The number of empty properties throughout England is on the rise, fuelling Government concerns that there are not enough houses for first time buyers in areas such as Leeds and Liverpool .

According to a report in the Telegraph, the number of vacant properties has increased for the first time in ten years. It now stands at 205,293 empty properties up and down the country and said to be worth an estimated £50 billion.

Fast House Sales in Leeds and Liverpool

The financial crisis in 2008 saw many home repossession and bankruptcies and a high of 326,954 empty properties. Since then, the number of empty properties around the country had been on the decline. 2017 saw this trend reverse and the number of vacant properties around England leapt by 2.6%.

While the number of long-standing empty properties remain highest in the capital, where many of the homes are second properties or investment properties where the buyer is holding on to them until the value increases. However,areas such as Leeds and Liverpoolare also high on the list with a registered 2709 properties standing empty in 2017 in Leeds and 3889 in Liverpool. In most cases, the reason for the homes being vacant is rarely due to the owners waiting for them rise in value and usually due to either repossession or the inability to sell the property.

Although the number of empty properties only accounts for around 0.9% of the housing stock in England, Government officials are keen to address the situation and bring these homes back into play to help ease the housing crisis.

Sadly, many of the empty homes in Liverpool and Leeds are now of a poor standard and need lots of refurbishing work to bring them back up to a liveable standard. In many cases, the owners of the properties needed to sell my house fast but a slow-moving housing market has not allowed this to happen.

 

Sell my house for cash | Need a fast house sale
Sell my house for cash | Need a fast house sale

How to Sell My House Fast?

This situation could have been avoided for many.If the owners of the properties had approached a property buying company such as buyingpropertyfast.com, they could have solved their problem quickly and would not be saddled with either an expensive empty property or had the bank repossess their home through defaulting on their mortgage payments.

Buyingpropertyfast.com allows people to sell my house for cash and in many cases, sell my house today. While many home owners feel that using approved property buying companies may lead to them losing money on the value of the home, having the property repossessed or standing empty long-term leads to much more money being lost and potential credit black-listing.

With so many long-term empty houses out there, many local councils are taking measures to bring them back into housing stock by forcing owners to sell at well below market value or increasing the amount of council tax charged on properties left vacant and unfurnished for more than two years. Some politicians have asked that capital gains tax be suspended for the sale of long-term empty investment or second properties to help deal with the situation and prompt more owners to put the properties on the market or reduce the asking price in order to get a quicker sale.

 

Landlords Offloading 3,800 Buy-to-Let Properties Each Month

The number of buy-to-let properties coming onto the market has risen sharply according to a report from the Ministry of Housing and sees no signs of slowing down.

Many landlords are facing tough times and are struggling to make decent returns on their buy-to-let investments. This has led many to decide to cut their losses and put their properties on the market.

The number of rental homes available has fallen sharply over the past year and a half, with approximately 3,800 buy-to-let properties being sold each month. This has left ministers concerned about the number of available rental properties and rising rents for tenants.

Various tax reforms along with mortgage changes for buy-to-let properties have led many landlords to reconsider their future in the rental sector. The changes see an end to the increasing number of privately-owned rental properties witnessed over the past two decades and have plunged the number of rental properties available for tenants into decline.

Stamp Duty and Tax Relief Changes

The introduction of a 3% stamp duty charge for buy-to-let properties along with changes to how much tax relief a landlord can claim has changed the landscape of private rentals.  Landlords now face higher start up costs along with lower returns than they did before the measures were brought in.

This situation has led to a significant rise in the number of properties up for sale, and with many landlords owning more than one property, they are often keen to sell my house fast and hope to recoup their investment as quickly as possible.

Need to sell my house fast
Need to sell my house fast

Third of One Property Landlords Considering Selling Up

According to a report released by Simple Landlord, around a third of landlords who hold just one rental property were planning to sell that property and come out of the rental sector. This leaves many in a desperate situation where they need to sell my house for cash.

Property buying companies can offer landlords a quick and easy solution by offering to buy property for cash. Anyone who finds themselves in the situation where they need to sell my house fast can use buyingpropertyfast.com to quickly sell their buy-to-let property and close this chapter of their lives.

How to Sell My House Fast?

A fast house sale is dependent on finding a buyer, however, in the open housing market this can often take months, and in some cases, even years. The traditional route of marketing your property with an estate agent and showing around potential buyers can be a long, drawn out experience and often expensive. In many cases they will need to either find a buyer who is willing to take on any sitting tenants they have or wait until their tenants’ lease is up for renewal.

Buyingpropertyfast.com can overcome these hurdles by offering a cash value for your buy-to-let property, regardless of the condition of the house and if you have tenants in situ.  So, if you want to sell my house today, this could be the solution for you.