The government targets Landlords yet again

more than one way to skin a landlord
May 23 2016

The government targets Landlords yet again

It seems that during a meeting between the government and the RLA the minister said landlords should be made to squeal under the current crackdown to help people buy their own homes. The short sightedness of this comment really shocks me. Not everyone can or wants to own their own home. If the government spent more time trying to resolve the supply and demand issues, it would see a natural levelling out of both house prices and rent.

In their infinite wisdom the government via George Osborne has imposed a 3 per cent stamp duty on buy to let landlords and from 2017 will curb tax relief on mortgage interest.

It seems the RLA do not want to name the minister in question, however I think this sends a very clear message to all landlords and letting agents on the governments agenda and how it thinks is the best way to deal with the lack of affordable housing in this country.

Historically private landlords have made significant contributions to housing and it does seem the government are jumping on the media bangwagon with this crackdown. How can you have one rule for private landlords and one rule for another?

It seems reading between the line that if landlords as a populous squeal then the government believe their policy is succeeding. A very interesting key performance indicator.

As previously mentioned if the Government is determined to increase the number of homeowners, surely making the product cheaper either by supply or legal methods place further costs onto landlords which ultimately find their way to tenants, perpetrating a vicious circle

Why would the Chancellor want to dish out a deadly dose to swathes of landlords who contribute a vital part of the nation’s housing?”

I will watch with interest to see if there is a backlash from Conservative MPs of which many are indeed landlords.

The Chancellor has announced a series of policies targeting buy-to-let landlords in a bid to “level playing-field” between those buying a home to let, and those who are buying a home to live in. Would it not be easier to only allow some properties to be purchased as a home? It would be interesting to see if the crackdown is in fact legal?

To recap last April buy-to-let investors face a 3 per cent stamp duty surcharge, and from 2017 they will only be able to claim tax relief on their mortgage payments at the basic rate of 20 per cent.

What are your thoughts on this latest crackdown? Will it lead to more affordable housing or will landlords just pass on the costs to tenants?

3 Comments
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3 Comments
  • robert
    Reply

    Osborne is supporting the corporate landlords (his business pals) at the cost of the smaller man, whom he falsely claims is championing for.

    The rascal.

    2nd June 2016 at 5:29 pm
  • Geoff Willing
    Reply

    The RLA should release the name of the Minister and let him squeal from the backlash of his comments.

    3rd June 2016 at 6:48 am
  • Nel S
    Reply

    This is not a crackdown against buy to let.
    It is a clever ploy by the government to grab more tax – raised through stamp duty.
    Why blame it on buy to let, when others are affected : parents helping children to get onto the property ladder.
    Given the miserable rates of interest on saving a/cs and banks, and the pitiable state of pensions, people are left with only houses to invest in to provide for themselves during their retirement.
    However the government instead of encouraging savings, has chose to grab a large proportion of people hard earned savings.
    Half of the money that would have gone towards the deposit, now goes in stamp duty, leaving people 20K more to pay off in mortgage and interest on it as well.

    It should be down with George Osborne , not down with the Conservatives.
    Please dont forget Labour and their ridiculous mansion tax.
    Both the extra 3% stamp duty and the mansion tax are an attack on hard working earners and savers.
    The big companies get away with tax evasion.

    5th June 2016 at 12:24 pm

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