Almost half of the investors in the private rental sector do not know what the changes in mortgage relief will cost them between now and 2020.
Although 80 per cent of landlords questioned stated that the changes would eat into their rental yields, many were unsure what action they would take to maintain a consistent yield and annual profit from their property portfolios.
Some 21 per cent of landlords already admitting they will put the rent up to protect their yields and maintain rental profits.
The survey, for agency Upad, discovered:
- 47 per cent of landlords did not know how much mortgage relief changes will affect them between now and 2020;
- 20 per cent admitted to not knowing what the changes meant at all;
- 80 per cent believed that in general the changes would eat into their rental yields;
- 32 per cent didn’t know what action they would take while 21 per cent said they would increase rents to cover shortfalls.
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Many Landlords haven't crunched the numbers to determine what impact s.24 is going believing that is can't be all that bad as it was a Conservative Government that introduced this measure. How wrong they are! Effective rates of tax on actual profits can be over 100%.
Rents will need to be raised from between 20% to 40% just to pay the extra tax. And if the local market cannot bear this then they'll have to evict and sell up
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