The following is a report featured on Property Industry Eye.
Almost one in five landlords across Britain is planning to sell up.
According to the National Landlords Association, the proportion planning to sell before last July’s Budget was 7%, and is now 19%.
In every part of Britain, more landlords are planning to dispose of property.
The NLA says the increase was triggered by the restriction of mortgage interest relief announced by Osborne in the Summer Budget.
The NLA says that this will leave many landlords worse off, forcing some basic rate taxpayers into a higher tax bracker, and leaving higher and additional rate-payers with considerably bigger tax bills.
The organisation’s CEO Richard Lambert, said: “Local property markets vary greatly across the United Kingdom, but we are seeing a loss of confidence across the board as many landlords realise they won’t be able to remain in the market.
“If landlords follow through with their intentions over the coming months this could lead to a massive sale of property, as we have previously warned.
“However, this may not be a straightforward process, especially for those with stock in low demand areas.
“We urge those considering selling up to think about when they will need to do so, and to plan ahead now in order to minimise the risk of losing money as a result of a failure to sell.”
Full regional breakdown:
Region
| Intention to sell
July 2015
(before Budget)
|
Intention to sell
Jan 2016
|
% Difference
|
| London (Central) | 4% | 19% | +15% |
| South West | 6% | 20% | +14% |
| East Midlands | 15% | 28% | +13% |
| Wales | 10% | 23% | +13% |
| North West | 9% | 22% | +13% |
| London (Outer) | 8% | 21% | +13% |
| South East | 7% | 20% | +13% |
| East of England | 5% | 18% | +13% |
| Scotland | 9% | 19% | +10% |
| West Midlands | 10% | 19% | +9% |
| Yorkshire | 13% | 22% | +9% |
| North East | 17% | 24% | +7% |
| UK average | 7% | 19% | +12% |
* NLA Quarterly Landlord Panel – July 2015 (977 respondents)
**NLA Quarterly Landlord Panel – Jan 2016 (1364 respondents)
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