Thousands Of Buy To Let Sales CANCELLED Due To Budget

[@propertyaccelerator]

Read MORE about it on our new blog: property-accelerator.co.uk/thousands-of-buy-to-let-cancelled/

[@iamindysingh]

Where did you get the 35% transaction cost from? Thanks @propertyaccelerator ?

[@nib213]

I flip houses and I buy properties that can’t be mortgaged because they need too much work. Renovate using self employed tradesmen and local suppliers but I’d be paying extra at both ends with Stamp and capital gains. There’s not enough margin in it for the substantial capital outlay on each unit coupled with how solicitors have slowed the buying and selling process down so my money is tied up for too long. I’m out.

[@propertyaccelerator]

Hopefully prices can adjust in future that it will work again.

[@sophieryan8010]

It took three months for me to buy a garage recently.

[@dazmurph]

@@nib213 Great comment, we don't want to lose people like yourselves in the market, it's an absolute joke what's happening, there are thousands of houses that are empty up and down the country that could be redeveloped, yet they keep building new ones....to be honest I don't mind working and paying my taxes....but there taking the p?ss out of the working people trying to get on.

[@eezy251able]

Think this is the whole point buddy. They don't want this anymore. They obviously want to stop people making money from property to free up the market. Not sure how that's going to work?...

[@coolco1619]

100% stupid to introduce it immediately, if people decided to pull out due to the stamp duty hikes, means government will lose out on collection of tax immediately too. This is a nasty government!

[@Bubbles77418]

And everyone moaned about Rishi and co's lying......... We ain't seen nothing yet!

[@propertyaccelerator]

True and its responsible for people to know what tax they would have on a purchase prior to spending out on valuations solicitors etc.

[@iaprm]

Never trust a gov. Complete gamble.

[@Milford_Cubicle_]

So true.

[@ZenKaizen7]

First time buyers and home buyers jumping up for joy? Not really, still prices are high, probably not as high as it could have been

[@Gary_Nomad]

Keep an eye out for large corporations getting into property. Blackrock, Lloyds

[@graemejones9707]

Yes, they will hoover up unsold properties and become the nation's landlords. Then their DEI/ESG nuttiness will kick in and white people won't be allowed to rent a property All part of the great displacement.

[@propertyaccelerator]

They wont buy single units, they will want blocks or they will build their own blocks.

[@garethhhhh]

They'll be the ones paying farmers with 1 mill in land 200k for 300k's worth of land. Farmers with no cash will be offered rock bottom for 20% tax. If your farms 1 mill, they'll say "we'll buy all this for 200k or you'll need to sell the entire thing anyway" They'll get great deals and houses will be popping up all over the place.

[@graemejones9707]

@@garethhhhh They're targeting the large independent farms to get control of food supply and in turn the population

[@oldmangolf72]

I was going to buy a house at auction but I was holding fire until after the budget safe to say I won't be buying it now.

[@propertyaccelerator]

To be fair next week could have some auction bargains, a lot of people might sit out for a few months so less competition.

[@gulagga371]

I am mortgage broker and have 4 clients really pissed off with Vendor's Solicitors and Managmnt companies. Convaeyancing is so slow recently that only one client could exchange 30th. All others have £4K each to find. Had to action it by April really..

[@propertyaccelerator]

Totally unfair, if people has already started the transaction they should have been given time to complete. Like getting into a taxi who says the fare is £5 then they want £25 when you arrive.

[@gulagga371]

@@propertyaccelerator Trying to pass some to the Vendors. Their side causing delay. But not really sure if tiey partake.

[@MancunianStacker]

I’m a broker too! I have one in a similar position 🤦‍♂️

[@jeremybevan5946]

There are companies that claim to buy any house. If you look in details they pay 20% discount of their valuation; not yours; this means they offer just over half of what you thought you might get. Now if you are looking for a quick sale to a cash buyer what will they be offering now?

[@propertyaccelerator]

Not much! They offer similar to what you would get in an auction. They save the fees so better for them.

[@matthewbloomfield9372]

Never seen the attraction with Buy to Let. It you're going to invest in property, commercial is much better. However, it's far far easier to simply invest in low cost index funds. Get a nice 5% dividend every 3 months with no tenant hassles plus its liquid. Residential property is highly taxed, illiquid and politized.

[@propertyaccelerator]

👍

[@kittywitty8970]

I got out in time. So sorry for my then current and lovely tenants, but I can't take the risk now. House was part of my pension plans. Council now double tax if unoccupied; if they moved out I may have no say who rents it next. I believe this new legislation will I send landlord's insurance through the roof too. One less private tenancy in the market.... along with all the others selling up.

[@propertyaccelerator]

👍

[@MS-rv4cw]

Rental caps....It's a delicate balance, though. If landlords feel too constrained, they might exit the rental market, reducing the overall supply of rental properties and making it harder for tenants to find affordable housing. Government strategy seems to be to squeeze the landlords out and bring in the Big Boys.

[@propertyaccelerator]

They have said last week they 100% wont do rental caps. That means they will probably do them then!. Every place that has done them regrets it, mass landlords exodus and 100 people trying to get 1 house.

[@netty8960]

And the big boys like to increase rents and service charges, they don’t care if you can’t pay, they’ll just seize your assets and sell to the next mug.

[@robertwest8300]

I have another property related question. I can convert my house into a pair of large, 4 bed, 3 bath, 220 sqm each. Do I avoid CIL payments and what are the pros and cons of new builds vs sub-division. The site has expired planning for a pair of semies and a detached but, unbelievably, that doesn’t stack up due to build costs, red tape, CIL and other extortionate costs (outside materials and labour).

[@propertyaccelerator]

I think you need to speak to a solicitor and accountant on this to see if it still works for you.

[@markbuhler5721]

James I’ve been saying for months, it’s time up for landlords . Sell up and relax and enjoy life !

[@propertyaccelerator]

👍

[@netty8960]

So they can fleece you with capital gains tax?

[@MegaGg31]

The govt are working for the corporate landlord masters ,its putting the little guy put of business basically it's a racket!

[@propertyaccelerator]

👍

[@UWot-i9e]

CGT will never go back down again either, thats it from now on.

[@graemejones9707]

Bizarrely it was Gordon Brown that last lowered it!

[@propertyaccelerator]

👍

[@PatrioticDuty-cv6es]

Didn't Rishi do it not long back 28% to 24%?

[@graemejones9707]

@@PatrioticDuty-cv6es Yes I think so, that was the housing rate. The main CGT rate was last cut by Brown (he also cut Corporation Tax actually)

[@youtubeman5033]

This is the last straw for me, I’m not buying anymore I’ve got enough and extra 5000 per house is to much for me, the only way would be if the seller drops the price to match the stamp duty, my brother says he’s out aswell, I have no intention to to sell any property’s I’m just going to increase some rents and and do all my property’s up spending thousands which will wipe out my tax bill

[@propertyaccelerator]

👍

[@voiceoverguyharris]

I feel the same. I've heavily invested in mine to get them to a high standard too. Tenants all very happy too. I also feel disappointed at the extra stamp duty. It's very sad especially if it becomes corporates owing rentals. They could be brutal and faceless and not something most tenants would want.

[@rogercantwell3622]

It's not a tax on the seller, so they'll just sell to a first time buyer, which I suppose is the whole idea.

[@youtubeman5033]

@ well it is a tax I think it’s designed to get the landlords that’s what they call it The landlords tax,,,,,,,,,they are always on our case but all it does is put rents up because landlords have to make a profit so the tenants have to pay for it,

[@karenbarker9474]

Good budget for Blackrock to sweep up all the properties.

[@propertyaccelerator]

They wont take single units, they will build big blocks.

[@dazmurph]

Absolute carnage, cos of the national insurance rise harder to get full time work, try and get a mortgage on part time money, higher stamp duty... interest rate rises, we are heading for a poorer society unless things change sorry to say..

[@propertyaccelerator]

Worst budget I have ever seen.

[@69spook]

Good observation. The country has been getting poorer since the peak of the empire in 1910s. It's how far are we going to fall.

[@stephenjones3415]

I can not see it affecting house prices, buy to let is no longer a large share of the market of purchases. House prices are only going up as the interest rates come down. Im affraid rents are going to get ridiculous but you do have to question are they unaffordable: There is no use expecting to charge a rent that can not be paid.

[@propertyaccelerator]

👍

[@JASuperflex1]

Corporate landlords are reasonably price to be fare and the process is a lot easier so i disgree on that. Not all the properties are tower blocks some are extortionate but not all but the extortionate ones normally come with all luxuries and mod cons.. what might happen is the corporate landlords might buy the properties then there might be more corporate landlord houses as most are apartments and complexes.

[@propertyaccelerator]

They won’t be interested in single units which some people think they will. Easier to have one roof

[@JASuperflex1]

@@propertyaccelerator who knows, Folio already have several Victoria houses converted to flats with gardens. As a renter the process of applying for a property/getting accepted is much fairer and easier. They do not discriminate or suggest money up front and bidding wars. The estate agents also have a lot to answer to. The private rental sector has never been really fare to the renter firstly remember when deposits were not being returned so the government introduced the deposit schemes then remember the extortionate referencing costs that the potential tenant had to pay per tenant around £250 that got abolished and then landlords took more responsibility for being sure before referencing. Not all landlords will exit I hope we do see more good ones because I really do believe they are few and far between. I have been lucky this time round third time lucky as the saying goes.

[@supersuede91]

So as a first time buyer I should wait and re-evaluate the housing market in 6 months - rates are high, more houses are being built by Government, and higher taxes on property coming in - all a recipe for depressing house values.

[@jon-ie4li]

Get a life, the Budget will not effect you.

[@69spook]

The government has not built any houses since the 1970s......🙄

[@propertyaccelerator]

Could be worth that yes.

[@TazBo-wd2ig]

We are renting and have 1 property on rent. The mortgage is £780 a month, Service Charge, Ground Rent, LandLord Insurance, Maintenance, takes it up to around £840 a month. The rent is £1300 so we are still making some profit. I’m hoping that the interest rates will drop in two years so the mortgage will be lower, before Liz Truss it was £358!

[@propertyaccelerator]

They will drop

[@maxtelero4904]

Ridiculous labour. Should have been apr25. Not it’s straight away. When completions taking place

[@propertyaccelerator]

Yeah very unfair.

[@njp]

A big majority of rentals these days come from buy to key properties, so there will be less properties to rent . Not good in a very over populated communities

[@propertyaccelerator]

👍

[@capitalb5889]

Great news for first time buyers!

[@propertyaccelerator]

👍

[@ExoticDoll-ct3ud]

If my property to sell is only £100k does this mean my buyer would pay 0 stamp duty? I think so. I only have a few but I wish to sell up and do something less stressful.

[@propertyaccelerator]

Depends if they are residential buyer or landlord.

[@ExoticDoll-ct3ud]

@@propertyaccelerator Ty, what are the stamp duty rates for Landlord. I thort new budget said only pay when purchase price is over £125k? Mine's £100k.

[@Gabriel88H.properties]

​@@ExoticDoll-ct3udif is a second property, including BTL is now a 5% stamp duty. Only residential first property is no stamp duty up to 125k

[@robertwest8300]

I have one question that I can’t ever seem to get an answer for. And that question is why? Why are consecutive governments are so keen on deconstructing the private rental sector? It seems utterly counter intuitive. Everything they do to make life harder for landlords, pushing them out the market, which, predictably, reduces rental stock, raises rents, increases homelessness and bankrupts local governments through funding emergency accommodation. I don’t get. I don’t get it. I don’t get it. What are the benefits in inflicting such pain on landlords? Please tell me because I can’t square this circle and it doing my head in.

[@propertyaccelerator]

Landlords are an easy target, they can increase tax and little push back. In fact tenants cheers as landlords get tax increases not understanding their rents will sky rocket.

[@johnmurphy4814]

Umm, it's because the government is a series of corporations & it works for the benefit of corporations. People are not corporations, so they are in competition with corporations - which is contrary to the narratives. I hope that clarifies why the corporation-based government, that legislates for and on behalf of corporations, doesn't favour private person competition...

[@suewright3345]

They don't want us to have anything

[@imapadlock]

There are more people that rent than there are landlords. So they appeal to the masses for vote share.

[@rgyhad484]

Own nothing. Be happy. WEF

[@ijazmahmood5661]

Lot of Investors are investing these money abroad especially in Real Estate because Of Extremely High Taxes and Government policies.

[@propertyaccelerator]

👍

[@youtubeman5033]

I’ve got a house that is completing tomorrow does that mean I’ve missed the stamp duty boat is it going to cost me another 3000, what a rip off if I had known I could have completed last week,

[@zerosumequation]

We are all going to be poorer . . #votelabour

[@BigUpMCD]

Actually I think the budget is great. 👍🏾

[@youtubeman5033]

@@BigUpMCD I suppose there winners and losers in any budget, this is not good for small businesses and landlords, which I am both, shit happens

[@areyoutryingtosay]

@@youtubeman5033 regarding your last 2 words.. yes it does.. but more of it 'happens' under Labour than anyone else. BTW I'll never ever vote Tory either

[@propertyaccelerator]

If you exchanged yesterday you are ok. If you are exchanging and completing tomorrow you will need to pay the higher rate sadly.

[@voiceoverguyharris]

Just pulled out of the next house as it added another £4200 to it. It would work if it was reduced in price but the vendor won't go for it. Sadly it's been on for 2 years too and they've been rubbish with the sale as it's been going on for 7 months due to their inability to reply to questions. I could have had this wrapped up months ago and avoided this new stamp duty. Estate agent desperately trying to save the sale. They now want to complete in December. Any tips on how to negotiate for a better price as I've missed out on several months rent and also can't get my trade in now until after Christmas./ mid Jan?

[@AlanCarter-pw4bm]

How much did you ask them to reduce the price? I'd say both buyers and sellers should meet half way. In other words they come down £2100 and you pay the extra £2100. I don't think it's fair to put it all on one or the other. Everyone got caught out. If you really want the property that is. If it's going to make £££'s over the next 20 years £2100 is insignificant. Then factor the way things are into your next purchase.

[@voiceoverguyharris]

@@AlanCarter-pw4bm thank you. They have been rubbish. It’s taken nearly a year. Even switching to cash purchase didn’t motivate them.

[@rikardsaje]

​@@voiceoverguyharrisI'd walk away,plenty of other properties out there. As soon as someone messes me about I just pull out the deal.

[@propertyaccelerator]

I would go back with a cheeky low ball offer, they might not say yes immediately let them think about it.

[@voiceoverguyharris]

@@propertyaccelerator Thank you, I dropped it by £12.5k and said I'll give them a week to have a think and let me know. They know I'm annoyed this has dragged on for 11 months and I've pointed out how much I've lost in rent with them dragging their heels. Who knows. Sent the email this morning and nothing by the end of the day. Not even an acknowledgement from the agent. They've also been rubbish throughout with not returning calls or emails. Don't need this house but it was just a bonus last house to hit an ambition.

[@ptb2008]

You said "rents will go up", but then Labour may just cap rents.

[@martinrollins4471]

and then people kick you out and sell up

[@propertyaccelerator]

They might put rent caps for sure, then more landlords leave and you wont get a house anyway. Rent caps sound good but they tried in other places (Scotland) and it did not work.

[@JASuperflex1]

@@martinrollins4471 well corporate landlords dont kick people out unless you don't pay your rent I suppose but they offer more security to the tenant I think because they dont need to sell up they are purpose built investments

[@Phyroxin]

I very much prefer Lizz Truss' solution. If only she wasn't stitched up by the Bank of England

[@propertyaccelerator]

👍

[@mattmackenzie1111]

650 notes increase on my mortgage says your talking nonsense

[@graemejones9707]

@@mattmackenzie1111 mine went up £1900 per month, but unlike you I understand the real reason. It was reckless borrowing/printing in 2020 that led to inflation

[@netty8960]

@@mattmackenzie1111She was set up, they didn’t like her plans so the cut off her supply to cash.

[@robinhanley6029]

Looool. What a bunch of trolls in these comment threads.

[@MyMoneyEpisodes]

Quite useful!

[@propertyaccelerator]

👍

[@BobbyHandle]

Good video thanks 👍

[@propertyaccelerator]

No problem 👍

[@IK-yx2gj221]

Is this rate change only when buying a second home in personal name or also LTD company? can anybody explain please?

[@propertyaccelerator]

I will do a more in depth video, but its for personal and ltd company. No way to avoid it.

[@aceofspades5786]

At least it’s better than the pre budget rumours of 40/45% cgt Definitely will kerb buy to let with exorbitant purchase cost. Typically a 5/6 bed student house here in Plymouth will now cost £17,500 stamp duty and from April £20k stamp duty.

[@propertyaccelerator]

I think they kept CGT at the same rate as otherwise nobody would sell. They want sales to flow to keep getting paid the CGT.

[@D76-z2h]

RR didn't actually rule out more tax rises if required, so for me it adds up to a situation where the housing market badly contracts through a complete loss of confidence. Stamp Duty now added on top of mimumum 2 month rentals, abolishment of fixed term contracts, and abolishment of Section 21. There's also the issue of how much letting agents will charge as surely will substantially increase fees for tenant finding and vetting to compensate for all those other services they profit from that will disappear mid 2025.So for me hunker down, keep good tenants for as long as you can, and ride the storm.

[@propertyaccelerator]

True

[@rogercantwell3622]

Our buyer wants us, as sellers, to fund most of the extra tax. We're not desperate to sell, so we're not dropping the price. I guess it will collapse.

[@propertyaccelerator]

I am hearing that a lot, it could be worth trying to negotiate something you are both happy with its a mess.

[@steamerpoint]

I disagree with James that the extra 2% stamp duty on 2nd properties (i.e. rentals) will effect house prices. The number of BTL purchases were already quite low, but if the BOE reduces the base rate next month, buyers will increase and will try to exchange before the March stamp duty deadline. Also, as many estate agents know, traditionally early January tends to be a busy period. A lot of peoples lives change over the festive period. New relationships form, older relationships fail, new years resolutions etc all tend to drive new sales and there could just be enough time to exchange before the stamp duty deadline. Gone are the days where BTL investors effect the housing market prices, certainly by whether they purchase more properties or not. Far more likely to affect prices if they all sell up and flood the market. The day the Renters Charter receives Royal Ascent, might be the next trigger point to watch out for. 😢

[@propertyaccelerator]

🙌

[@sabinereyner5006]

Sorry, but the times where you could buy a property relatively cheaply, pay a very low interest rate are gone. Stamp duty for buy to let property had already been increased to 5% by the Tories. So property investment in itself has been less lucrative over the last 6-8 years. Add to that the reduction in tax relief on mortgages introduced by the Tory‘s, high interest rates over the last 2 years, the threat of cancelling no fault evictions makes buy to let a no brainer

[@propertyaccelerator]

👍

[@mrmeldrew693]

I only own my family home. Bought it at £235,000 a decade ago. The £2350 I had to pay out of my already taxed income for the privilege still annoys me.

[@propertyaccelerator]

👍

[@edc1569]

Why, the house would have just been £2350 more expensive if there was no stamp duty.

[@mrmeldrew693]

@edc1569 why? The previous owner priced it at £235,000. The extra 1% was a random payment to the government.

[@jjefferyworboys8138]

Its a simple tax to collect, but after you have divorced such things become trivial.

[@robinhanley6029]

Why is this anything special. VAT is much bigger and also comes out of your already taxed income for any purchase you make. Whingeing about a 1% tax you paid years ago is pathetic

[@adam1delves]

Any news on leasehold reforms ??

[@propertyaccelerator]

Nothing yet I’m checking daily

[@matthew20able]

I got 1 bed flat - looking to buy a house to live in. I would like to rent out my flat. Would I pay higher rate of Stamp duty on new purchase of house ? Or on the flat that I already own ?

[@ExoticDoll-ct3ud]

Stamp duty is only on a purchase not on the sale of the flat.

[@propertyaccelerator]

You can own two residential I would speak to an accountant and solicitor to see their opinion.

[@cdocks4799]

I've been in this position, you will pay the higher stamp duty on your new property.

[@leemarsden1846]

It’s called “RENT to BUY”

[@matthew20able]

@@propertyacceleratorthanks. I understand that I would pay higher rate for second home but technically my second home would have been flat that I own now and I would be living in house.

[@onlinemoneyhub8513]

Please, how does this budget affect a first time buyer of a property at the inquiry stage. Price:132,500

[@imapadlock]

It won’t affect you. For a first time buyer you won’t pay and stamp until 300k

[@propertyaccelerator]

No change if you buy before April 2025.

[@areyoutryingtosay]

James - I respect what you do, I'm not a hater.. but you have it wrong again and it's worse than you think. SDLT is based on the rates at completion, not exchange! Technically tax law is about the 'effective date' - 99% of the time that is the completion date not the exchange date.

[@ridethelakes]

No you are wrong: www.gov.uk/government/publications/rates-and-allowances-stamp-duty-land-tax/stamp-duty-land-tax-rates-23-september-2022-to-30-october-2024

[@propertyaccelerator]

Stamp duty is at completion, however for this increase you can avoid it if you exchanged yesterday. Ive spoken to my solicitor and every news outlet confirms the same.

[@Juliukas101]

How much SD do I have to pay on BTL flat I'm buying for £33,000?

[@jjefferyworboys8138]

If you aren't capable of finding this out yourself you shouldn't be in this business.

[@xemilyjaynex1]

Nothing you don’t pay under 40 k

[@propertyaccelerator]

5%

[@eezy251able]

So a £500K second home investment would mean you would pay around £37,500 Stamp duty. I'm not the sharpest tool in the box but that seems like a dreadful investment in todays world.

[@propertyaccelerator]

Yeah its brutal.

[@essyveerappan6624]

Here we go ....guess who's going to be buying these properties now? Judging by the trend in the US, where banks are becoming the largest real estate owners aka landlords. I can begin to see how the 'own nothing' rhetoric will happen!

[@propertyaccelerator]

👍

[@andrewsheedy6145]

6% in Scotland

[@propertyaccelerator]

True

[@youtubeman5033]

That’s not the case all of my tenants couldn’t get a mortgage if they wanted one have you tried, it’s impossible

[@BigUpMCD]

Pure Cap 🧢

[@allykhan8594]

True, can't see tenants buying £1m houses in many places in London. My 3 tenants combine salary is £120k, it may buy them my bathroom or the cupboard.

[@BigUpMCD]

@@allykhan8594 London isn’t the only area in the UK mate

[@youtubeman5033]

The house next door to my rental, came up for sale, I told m6 tenant who’s a good tenant and a nice guy why don’t you try and buy it, it was 130,000, so he tried to get a mortgage and I gave him a good reference but everybody turned him down, because he has no financial history , that’s the problem getting a mortgage is like trying to get blood out of a stone my own daughter can’t get one, in Manchester if it wasn’t for landlords like us there would be many thousands with nowhere to live, try the local council 3 year waiting list ,there’s not enough houses it’s very simple, don’t piss your landlord off,

[@allykhan8594]

@youtubeman5033 let them find out the hard way!

[@time4advancement244]

Let's give props to James who has responded to every comment in the section And... Don't forget to Like the Smash button! ✨

[@propertyaccelerator]

Thanks 2000 in 48 hours took AGES........

[@TazBo-wd2ig]

If I had 100k I would never buy a small flat and be a landlord. It’s going straight into the S&P500!

[@propertyaccelerator]

👍

[@Jason-hl8uj]

Confused & not for the first time on one of your videos. Stamp duty is due/charged/paid at time of completion not exchange isn’t it?

[@naeedaafzal3055]

at completion

[@propertyaccelerator]

Completion, the rate went up for Buy To Let last night at Midnight. In order to get the old rate you needed to exchange by Midnight last night. You did not need to complete just exchange.

[@ExoticDoll-ct3ud]

I have been online and used the capital gains calculator. I purchased at £55k and will sell approx £90k and becos I spent £40k on improvements, I will pay £0 capital gains as it allows my Uk personal allowance of £12,570. I am selling 2025 just becos I wish to progress away from property and into a different sector. Very happy and if you have cheaper properties then budget will have 0 to little effect on you, no worries.

[@propertyaccelerator]

👍

[@The_Rationalbeliever]

55+40= 95 . And your selling for 90. Obviously you're not paying CGT😅

[@Bubbles77418]

@@ExoticDoll-ct3ud you've made a £5000 loss! It's called capital GAINS tax for a reason.

[@ExoticDoll-ct3ud]

@@The_Rationalbeliever It is not my main home, so every home it subject for capital gains?

[@ExoticDoll-ct3ud]

@@Bubbles77418 It might have made a loss on paper which is what i wanted. But over 20-yrs I achieved a lot in rent.

[@vtecgrin4503]

Outright theft

[@propertyaccelerator]

👍

[@kevinclark5086]

First sign of any trouble and the weak are jumping ship. 😂 This is exactly what the government and huge housing investors want. Property imo is a long game so you need to be playing the game with that in mind, the market will always sway in one direction over short periods. Just remember you only have to outlast the current regime before it could swing in your favour.

[@graemejones9707]

Yes sit tight, raise your rents and pass it on to the people who voted these swines in. Hopefully they'll be gone in five years.

[@kevinclark5086]

@graemejones9707 At current rate they will be lucky to get in power ever again.

[@propertyaccelerator]

Very good points.

[@Paul-qg3iw]

Nobody is going to miss this sector and glad that on a forward looking basis, buy to let is basically finished in London . The existing rentals will (largely) remain but additional new stock of rentals in capital will be negligible.

[@markbuhler5721]

I’ve been subsidising my London rents and looking to see

[@ratsliveonnoevilstar1]

Yeh, put your faith in the government and big corporations. Brilliant, what could go wrong 😂

[@propertyaccelerator]

Good luck with corporate landlords 😳

[@Dahabmermaid]

Good, prices will go down and squeeze greedy landlords out of the market!

[@zagoshah]

Opposite will happen less landlords less properties prices up

[@sopissedoff]

And your point is , You r broke and need a landlord to trust that u c pay for the roof over your head because you r not in a position to get a mortgage , going to live in a tent and walk out of Tesco's with free groceries because Ur hungry, good luck with that

[@jjefferyworboys8138]

The result will be fewer properties available to rent and we know what happens to prices when demand exceeds supply.

[@JASuperflex1]

I think the priority here is renters rights so lets hope all works out for the poor renters that pay for everything and work hard

[@propertyaccelerator]

👍

[@Mr1971mccarthy]

I think it’s the completion date that counts and not exchange. Am I wrong?

[@propertyaccelerator]

Normally but for this change it you got the old rate if you exchanged yesterday. Would not have been possible for people to complete yesterday.

[@OneAndOnlyMe]

Glass half empty: "one of the biggest tax rises" Glass half full: "one of the biggest investment in public services"

[@propertyaccelerator]

True

[@slaveoth5114]

Thank god buy to let is over.

[@propertyaccelerator]

It will be replaced by banks owning rental properties, that happened already in USA and rents went up 25%. Not sure why tenants would want that.

[@slaveoth5114]

@@propertyaccelerator Rent went up 25% lately anyway. Landlordism should be banned in the UK long time now.

[@englishdecorator]

Snouts in the trough landlords....gravey train over...

[@propertyaccelerator]

👍

[@MrVeryfrost]

Good news. Let's hope for an even bigger % stamp duty on the secondary homes in the future.

[@propertyaccelerator]

👍

[@jjefferyworboys8138]

Second properties not second homes, big difference.

[@bonariablackie4047]

Let's hope so. Then perhaps renters can buy houses not bought by greedy landlords instead. Just a thought.

[@bonariablackie4047]

@@AlanCarter-pw4bm Housing is at a shortage. I wonder why that would be. Because every new house ends up as buy tio let. So you tell me. How do you propose I get a deposit, when I am paying a thousand a month in rent plus ever rising bills? Give me a way out.

[@bonariablackie4047]

@@AlanCarter-pw4bm Add 10% of properties every year for the last 40 years. Because stating that 10% as if it is nothing is entirely without foundation. You will need to explain the shortage of houses to buy. And you will need to explain how renters get out of renting and are able to buy the houses not already bought up by landlords.

[@propertyaccelerator]

In 6 months rents will be insane thats not good.

[@ozmunky]

People farmers discovering they can't people farm anymore ... Lol

[@propertyaccelerator]

😬

[@Lynnpjjbdndji]

Good !!!! Houses should be homes not an investment opportunity !!!!!!!!!

[@voiceoverguyharris]

Investors don't stop people buying them. Like most, I've only bought houses that haven't sold which is helping the owner move on. I usually work with the owner to allow them the time to move without pressure too.

[@stephenjones3415]

Why, there are loads of people who want to or have to rent, where are these rental houses coming from. The market needs alot more supply of new buy to let properties but its not a good investment anymore. Its easy to loose money renting out properties its not a guaranteed success, its a risk.

[@propertyaccelerator]

Watch rents in 6 months you might not agree then.

[@lucapuzzoli8363]

The government of the people 😂

[@icouldbewrongicouldberight]

As with the American "we the people"....which people? Hth

[@propertyaccelerator]

😂

[@BigUpMCD]

More great news. Let’s get more properties back on the market for first time buyers

[@Mr1971mccarthy]

Plenty on the market for everyone

[@youtubeman5033]

@@Mr1971mccarthy good luck getting a mortgage

[@Mr1971mccarthy]

@ I’m selling not buying. Getting out of the business. Deal has exchanged contracts but doesn’t complete until December. I don’t have a need for a mortgage anymore 👍

[@BigUpMCD]

@@youtubeman5033 actually getting a mortgage is as easy as ever and up to 6X income for first time buyers.

[@propertyaccelerator]

👍

[@naeedaafzal3055]

Good now more for first time buyers

[@propertyaccelerator]

Stamp Duty is going up for first time buyers in April so not that great.

[@jjefferyworboys8138]

assuming you can afford them ?

[@barbaraherbert249]

That's what all the 'big boys' want...

[@propertyaccelerator]

😳

[@gulagga371]

2% is not the end of the world. I heard it is 10% in Spain.

[@propertyaccelerator]

Is it thats brutal.

[@mrgrumpy771]

Expect a recession from this budget.

[@propertyaccelerator]

Could well happen

[@lulabellegnostic8402]

Marjorie Dawes and her mates from Fat Fighters ( aka OBR) have conflated two issues: buying a second property TO LET and maintain a place to live for OTHERS, and buying a second property as a vacation home and remove it as a place of residence in the community. Raising SD was NEVER going to address this because vacation home buyers have money to burn. The govt should have given Councils carte blanche to jack up tax to double or triple on supplementary residences, but give TENANTS the right to discount this back to standard banding. And stop allowing vacation owners to pass themselves off as businesses and avoid tax. BUT this would put money in the hands of local authorities rather than putting it in the treasury bottomless pit.

[@propertyaccelerator]

👍

[@netty8960]

Damn foolishness, every time crap like you’re suggesting happens it’s never the big investors that are affected, it’s the small time investors and the tenants that always suffer each and every time, I guess you’re happy for big corporations to come on in and buy up everything in sight, they won’t just hike up rents, they’ll hike service charges up too.

[@ciarand2823]

Buy to let shouldn't be a thing anyway, this parasitic practice has to come to a stop, houses are a basic necessity not an asset or an investment opportunity. The sort of people who buy to let would still own slaves if it were legal today. Go and invest your money in a business that makes or does something useful, preferably here in the UK where it'll create more jobs

[@propertyaccelerator]

It will be much worse under corporate landlords.

[@ciarand2823]

Corporate landlords need taxed out of it completely, income from renting homes needs to be taxed progressively and aggressively, all income from anyone's first rental property ought to be taxed as it is now, (to allow for accidental landlords ect) but each subsequent property and/or income needs to see a steep increase in the tax applicable, owning an entire apartment block would mean paying 90% of the income generated in tax.

[@andrewharrison3888]

So providing housing isn't useful? Who defines what is "useful" ? Who owns them if your basic BTL landlord doesn't? Property industry employs circa 400,000 jobs in UK.

[@meggriffin4802]

Who would you like to provide rental then. Large corporations who will be at top market rates and increases, do you think councils will replace? Councils are serving section 21s on tenants as they are not viable. The bashing of the private landlords is all good until corporations take over.

[@voiceoverguyharris]

@@meggriffin4802 agreed, and the corporations won't think twice about lifting rents by hundreds if needed. At least with a Private landlord you can have a conversation about what you can afford and come to a mutually beneficial outcome. Corporates will lift them, there will be no one to talk to apart from an advisor at the end of a phone whose hands are tied and you'll pay the increase or have to move out. People that say Private landlords shouldn't exist haven't really thought about the other options. I can't imagine a faceless bank or investment company being a landlord.

[@zerosumequation]

#isbuytoFRETdead . . . 😂😂😂

[@propertyaccelerator]

😘

[@Good-2-Know-4-U]

More purchases. Why not let first home buyers have a chance? Have you no morals?

[@jjefferyworboys8138]

That is part of the plan, although many BTL properties are not first time buyer ones.

[@propertyaccelerator]

There are some great schemes for first time buyers

[@cocos573]

Good. Lets get to a point where no private landlords exist. Landlord shouldn’t ever be a career.

[@erikmorales1004]

You do realise the gov owns houses too yet you have nothing to say to them? Landlords provide a service why don't you purchase a house then ?

[@Juliukas101]

Why?

[@Juliukas101]

Why?

[@stephenjones3415]

Ridiculous!

[@cocos573]

I don’t believe in private landlords. It’s not a career. You raise rents and do minimal work to upkeep. You steal from the vulnerable to line your pockets. There should be a set rent per property. 1 bed flat = so much 2 bed flat = so much. Also I do own a property so what have you got to say? Abolish landlords.