The controversial changes to landlords’ mortgage interest tax relief and to the wear and tear allowance “have failed to dampen the appeal of putting spare cash into property” according to the head of a high-profile letting agency.
Nick Simpson, director of Linley & Simpson director, has made the claim in an interview in the Bradford Telegraph & Argus.
“The market conditions show that this threat has failed to dampen the appeal of putting spare cash into property - with the prospect of both capital gains and a healthy rental return” he says.
Linley & Simpson, which has 11 offices across west and north Yorkshire, secured a record 401 lets for its landlord clients last month and insists existing landlords are looking to expand their portfolios while new landlords are being attracted into the private rental sector despite the proposed tax changes.
“The resurgence of buy-to-let has been a dominant theme throughout 2015. And while this has improved availability, the increase in stock levels has not been able to move at the same pace as tenant demand in order to bridge this supply gap” says Simpson.
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This does indeed seem to be the case. The Government sneakily moved the changes just far enough ahead for people to mostly ignore. At the moment, it seems to be business as usual.
The Governments process seemed to go thus:
1) Encourage massive BTL investment
2) Allow unrestricted pension withdrawals for further bloat the market (knowing full well the damage it'll cause to many pensioners)
3) Tax it to death
The cynicism of it all beggars belief.
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