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Pete's Blog

Hello Everyone,
Wow guys! Are we seeing an MP talking sense and sticking up for the Landlord at last?
I have been waiting a long time for this, and he has echoed my thoughts and comments over these past few months. Just look below at Ian Duncan Smith's comments which is a vote for common sense. Maybe the Landlord has an ally in Government after all. Although it remains to be seen if it makes any difference...
The former Secretary of State for Work and Pensions said it was time to reconsider, the way we treat private landlords. He went on: “A large number of them are talking about no longer buying to let, and they blame it on George Osborne’s decision to impose a Stamp Duty levy on the purchase of homes to rent, to restrict mortgage interest relief to the basic rate of income tax, and to tax a landlord’s turnover rather than profits. This, they believe, has led to private landlords scaling back their operations or even leaving the sector altogether."

Mr Duncan Smith went on to say, “We should all be concerned about this, because private landlords are a significant provider of the additional housing we need. We won’t be able to provide all the housing in the medium term through aggressive building programs alone. We will need other sources of accommodation, as well. That’s why we should be encouraging them with devices such as VAT relief on conversions or even capital allowances, not punishing them. It’s no wonder buy-to-let purchases have fallen dramatically."

He finished, “Despite what has been said and written, they’re not enormous property magnates
, for the most part, but often people using the market to help provide retirement income in later life or assets to pass on to their children.”
Keep you updated...

Best Wishes

Pete Mitchell
Managing Director

Property Portals