25
Oct
London landlords not deterred by taxes
Landlords in the capital do not appear to be put off investing in
buy-to-let properties despite concerns within the industry about
tax changes.
Figures from Knight Frank show landlords are re-letting properties
even though there has been an extra three per cent stamp duty
liability introduced on additional homes. Other potential changes
have included the phasing out of mortgage tax relief and the loss
of wear and tear allowance.
Overall, there was a 10.1 per cent increase in the number of re-let
properties in the 12 months to August.
“We see no signs of an exit,” explained Tim Hyatt, head
of Knight Frank’s lettings division.
He said: “Buy-to-let investors typically hold properties for
an average of 16 years and most professional investors will ensure
their portfolio is able to weather such storms.”
The company added many landlords are not keen to sell because they
are not aware of any other investment options that offer the same
benefits in the long-term.