Reasons to choose Wilson Browne
Reports indicate the private landlords are making difficult decisions about their property portfolios.
With the Government cracking down on tax breaks for landlords (from April 2020 landlords will only be able to claim relief on mortgage interest at the basic rate of income tax), replacing the wear and tear allowance with a less generous system and announcing plans to offer tenants greater protection from eviction many of those who have dabbled in the private rental market are selling up.
The increase in property prices also leads to landlords deciding to cash in on their investment.
Although the Government predicts that a number of landlords will purchase additional properties for their portfolios, so stabilising the number of properties available for rent in the market, there is still a shortfall between those selling and those buying.
In addition, it is expected that the number of households relying on rental properties will increase – hence the Government making it harder to evict people – and so the pressure on the market will still be building.
In such times it may be that landlords will increase rents. That, in turn, can lead to arrears of rent being accrued and to higher levels of possession claims.
This complex social problem looks set to remain and continues to be an area of law which creates huge issues for landlords and tenants alike.
If you are a private landlord, our job is to make your life easier. Give our Housing team a call on 0800 088 6004.