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A new survey has suggested that nearly half of all UK landlords plan to ditch letting agents if their profits fall when tax relief is cut back next year.
The poll conducted by the National Landlords Association (NLA) found that 47% of property investors are prepared to ditch their letting agents and go it alone when new tax cuts kick in from April next year.
The removal of tax relief on mortgage interest over the next four years has been widely tipped to wreak havoc on PRS landlords' profits, with many warning they will have to hike rents to cover their increasing costs or even sell up altogether.
The NLA's research shows that:
These survey results will come as a further blow to lettings agents who already face a drop in their income after the Chancellor of the Exchequer announced banning tenancy fees in last month's Autumn Statement.
The question now is whether letting agents will seek to pass costs onto landlords, which coupled with various tax changes, including the scrapping of mortgage interest relief from April 2017, would make it even harder for buy-to-let investors to make a profit.
Many news sources are reporting this as ‘bad new for landlords’, however we believe there is a positive spin
on this. Primarily, this is the perfect opportunity for landlords to become accredited and learn how to
efficiently self-manage their properties to keep their costs (and rents) down.
At the TR Group it has been our mission to create the best products at the best price over the years, to help our member landlords meet their costs as well as their legal obligations.
So landlords, if you’re looking to give your tenants the best deal and prepare for another drastic change to the private rented sector join LandlordReferencing.co.uk today for all your Referencing & Insurance needs.
I am not a letting agent nor do I use them. My advice to those who intend to self manage, in addition to using the excellent services of LRS, you must ensure that ALL the paperwork/documents/deposit etc. etc. are correctly in place when you take over from the LA.
One thing often missed is that the contact details on the existing tenancy agreement and the bond/deposit management will invariably be the LA.
May I take this opportunity of wishing all LRS staff and members compliments of the season and a prosperous and healthy new year.
Full time experienced landlord & property investment mentor in West Yorkshire.
Happy Christmas and new year to you too. We have been held up are going to get the locum service live in the new year and hopefully invite good landlords to help others out of their area to do viewings as a network.
We are going to get the locum service live in the new year and hopefully invite good landlords to help others out of their area to do viewings as a network. We have been delayed on the locum launch because of the tenant passport scheme but that is all up and running now so full steam ahead in the new year.
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