A Decrease in Buy-to-Let Properties May Slow Down House Sales in Peterlee
According to the National Landlords Association (NLA), around 20% of Landlords in the UK are considering selling up or downsizing their property portfolio, which could have devastating consequences for people who need a fast house sale in areas where there are many rental properties, such as Peterlee.
Information released from the NLA, states that recent Government changes have to led to landlords paying more in tax and seeing sizable downturns in profits. The changes have meant that around one in five landlords are giving serious consideration to the future of their portfolio and many are looking to offload some or all of their buy-to-let properties. The NLA says that a record number of its members are reviewing their futures as landlords and the tax changes are likely to put off potential landlords wishing to buy property for rental purposes.
Government Tax Changes are Affecting Landlords
The Conservative government has introduced various tax changes which has harmed the buy-to-let market. Notably, these include withdrawing landlords’ “wear and tear allowance” and abolishing mortgage interest tax relief for people who pay higher rate income tax, both of which have ensured hefty dents in profit margins for landlords.
In addition, potential landlords are facing a 3% stamp duty surcharge for second (or more) properties and are now banned from charging their tenants letting fees. This has forced many landlords in Peterlee to review the number of buy-to-let properties they have in their portfolio or to quit being landlords full stop.
Fewer Rental Properties Could Have an Effect on the Housing Market
This could have a knock-on effect in two different ways. Firstly, tenants may well be affected by increased rents and less choice as fewer properties become available for rental. Secondly, there could be a surge of smaller properties hitting the market which may adversely affect property prices in places such as Peterlee. For anyone wishing to sell their house fast, this sudden influx of similar priced properties could well hinder their progress and substantially increase how long it takes to sell a property.
If you’re in this position, you may well be concerned and thinking “how to sell my house fast?” Thankfully, there are companies that buy houses fast which can help to address this problem and help you quickly and easily sell my house fast. Property buying companies help people to navigate a fast house sale without the need for estate agents or waiting patiently for a suitable buyer to come along.
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If you’re a landlord who wants to sell a property fast, then companies that buy property for cash can offer you a quick solution that will not affect your tenants and allow you to withdraw the financial investment from your portfolio.