Buy to Let (BTL) Landlords might be thinking of selling their investment due to policy changes including phasing out mortgage tax relief, licencing regulations and changes in policy. The reason BTL was so popular was because landlords could rent out a property which not only paid for the mortgage and management of the rental but could put a few extra pennies in their pocket. As with most good things, they rarely last and the government will always want it’s “share” of the loot.
However, RentalStep, a leading PropTech platform is urging sellers to think again due to the current “tricky” market. Tricky? That might well be an understatement considering the current economic and political “un” status quo! Whilst the £ continues to fall against the Euro and our political system nosedives it is up to the property market industry to ensure the rocky road ahead is paved with nuggets of relief.
In this country we view property as not only a commodity and investment but part of our heritage and there can be confusion as to what it really means. As we have mentioned before, renting in the rest of Europe is common place and lessees are viewed with more respect. Private landlords see the property as theirs rather than an investment whereas BTL landlords see it as a business.
Whilst there are significant regional variations the general consensus appears to be that properties are taking longer to sell than they were a year ago. RentalStep’s founder and Chief Executive, Mike Georgeson, suggests recent data confirms this and as a result landlords considering selling their properties for more financial stability ought to consider laying low until the ongoing question marks over Brexit are resolved. Having said that the lettings market is less affected because it is a more urgent process.
And in other news, have you heard about the hero of Syria, one Mohammed Aljaleel, The Cat Man of Aleppo who has rescued animals and people in war torn Syria. He first emerged some years ago with a cat shelter rescuing 180 cats, after a fatal bombing he and his 11 survivors travelled further afield to return ad start the process again but adding other animals and orphaned children to his team. Check out his story on the BBC website: https://www.bbc.co.uk/news/stories-47473772