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TODAY'S OTHER NEWS

Top agent blasts government for "going to war" on buy to let

A senior London lettings agent has accused the government of “going to war” on buy to let investors.

The director of Benham and Reeves, Marc von Grundherr, says there has been “a consistent string of detrimental changes to the sector through stamp duty increases, tax relief changes and a ban on tenant fees.”

He warns that this has had the desired impact of denting industry sentiment and dampening appetite for future investment due to a reduction in profitability.

However, he insists that while Brexit poses “a challenging obstacle for the immediate future” there is long-term faith in the property market amongst many investors. 

His slap down of the government comes as his agency releases figures based on a survey of over 5,000 buy to let investors on their current feelings around investment and future prospects. 

The research found that 73 per cent of those asked considered property is still the best, least volatile long-term investment when compared to all other asset classes.

In the wake of a number of legislative changes to the sector, 66 per cent believe that the UK government would fail to implement any initiatives aimed to boost overseas investment in order to drive consumer demand. 

With Brexit continuing to dominate the headlines with no end in sight, it’s no surprise that 72 per cent of investors have had their outlook on the UK property market altered since the vote, with 68 per cent now less confident in the market itself.

With more changes to property and investment laws on the horizon, 80 per cent of those asked could be forgiven with being unfamiliar with the latest changes to the buy to let market.

The current financial landscape has provided some assurance, with 60 per cent confident that rates will remain low over the next five years and while 66 per cent aren’t as confident in an adequate return over this time period.

  • icon

    He's obviously correct, as All Landlords and letting Agents know.
    Its only Tenants who haven't realised the impact on them. !

  • Paul Barrett

    It is a Labour Govt that would have even more devastating effects than experienced so far.
    What Labour has planned for the PRS and any homeowner just doesn't bear thinking about!!!!
    The PRS will be praying for the Parliament to run to term to give LL the best chance to escape the PRS before a Labour Govt is installed.
    Any other factors are irrelevant.
    Any LL that votes for Labour is an idiot and deserves to be crushed by what Labour has planned for LL.
    Tenants will be made homeless by their millions as LL evacuate the market.
    What Labour has planned for the property owning classes is the biggest ever attack on property assets.
    It is de facto Communism without the firing squads for the gulaks!
    There will be a Mansion Tax on expensive properties.
    Labour is intending an all out assault on anyone who has property assets.
    The reason!?
    Cos that is where the money is and Labour needs to rob as much of it as it can to pay for the feckless welfare scroungers.

  • Paul Smithson

    The perfect storm is coming, brexit and the politics of envy, the tenants have won for a couple of years.

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