118 Landlords Panic and try lobbying MP's yet again

ruggedtoast

Osborne has shown he has no fear in targeting the Boomer sacred cows. He has knelt down, taken aim at the undergrowth, and blasted buy to let out of the sky. The chickens are running in panic and coming home to roost!

ruggedtoast

brit1234 wrote: »

I think the Tories saw how well Labour did in ground zero of the housing crisis (London), the parties are finally working out that decent housing policy wins more votes than supporting Landlords.

Here in London there was a massive campaign against Labour by estate agents due to their housing policy, it failed. Housing is becoming the main issue and I don't think property 118 are going to change that.

Buy to let was swaggering home from the pub after celebrating the Tory victory. Then suddenly George Osborne has appeared at the bus stop, asked it for a light, then beaten seven bells out of it.

padington

If they ban second class seats on trains and allow everyone to enjoy first class travel, we'll have the cherry on the masterpiece pie.

Jason74

A lot of good sense posted on this thread from people on opposite sides of the debate. I think Paddington is dead right that this is a seriously shrewd political move (and I say that as someone who has never voted Tory in my life, and probably never will). Some landlords might complain, but very few will actually not vote Tory as a result. But seeing the Tories doing something to address the BTL problem might just swing votes their way from people who otherwise would have voted Labour. So it's a no lose from an electoral perspective, as well as being the right thing to do (hopefully it's just a start in terms of eroding advantages for BTL).


I think Brit also makes a good point when he says that this will go down particularly well in London. We all know that London swung towards Labour in a way that nowhere else did, and this was imho mainly about housing. This move will do a lot to change this, even if Graham is right in that this is a classic case of "stealing Labour's clothes"


But I think it's a bit premature to be talking about Osborne having won the 2020 election already. The smart money right now would be on the Tories for sure, but a lot can happen in 5 years. And the tax credit changes will impact a lot of people who wouldn't have expected to have been impacted by changes to welfare. But that doesn't change the fact that politically speaking, this was another astute budget from a chancellor who has used his office very well for political ends.

CLAPTON

presumably rents will fall, owner occupation will rise, house prices will fall

all without building a single house

magic

must do more of this

[Deleted User]

BTL LL's don't like TORY budget...you couldn't make it up...or could you?

sorry i can't stop laughing almost a week later

cells

CLAPTON wrote: »

presumably rents will fall, owner occupation will rise, house prices will fall

all without building a single house

magic

must do more of this

Its not very likely to play out how you hope.

For example, in London I figure the BTL sector as a whole is going to be £1B pa worse off. However if rents increase by 4% in a year that brings in an additional £0.5B

So over the course of 2 normal years, rent rises would just about offset these additional taxes. Im sure almost all landlords can hold on for two years especially as the bigger of the two changes doesn't even come into effect until two years

sadly you are your own worse enemy. Building more homes would push rents down in real terms (eg no 4% a year increase maybe flat) which would put a lid on price growth too

but either way good luck to you and to all

Fella

Alister Heath is convinced this is just the beginning:

http://www.telegraph.co.uk/finance/budget/11730158/The-faulty-logic-behind-George-Osbornes-living-wage.html

Has the Chancellor decided that he wants to eliminate the tax deductibility of interest, for property as well as for all other businesses? His decision to start the process of restricting tax deductibility for landlords is now almost bound to lead to its total abolition in that sector at least.

Note that he is against this, so unlike some on this board is not simply saying what he would like to happen....

Spidernick

'I have been a Conservative voter for my whole life and have used the influence of my property forum and blogs (200,000 subscribers) to encourage my peers to vote the same way.'

Well there's my sympathy out the window in a matter of words!

cells

Fella wrote: »

Alister Heath is convinced this is just the beginning:

http://www.telegraph.co.uk/finance/budget/11730158/The-faulty-logic-behind-George-Osbornes-living-wage.html

Has the Chancellor decided that he wants to eliminate the tax deductibility of interest, for property as well as for all other businesses? His decision to start the process of restricting tax deductibility for landlords is now almost bound to lead to its total abolition in that sector at least.

Note that he is against this, so unlike some on this board is not simply saying what he would like to happen....

it makes no sense to just arbitrarily state one cost is no longer to be considered a cost

its worse in that, at least this is what it seems, interest is to be not a cost for only one sector (residential lettings) and only if done so by an individual

At least he should have tried to keep within logic and just put a residential property licence fee or some such. Charge £1k a BTL for a "fee" or whatever if you think you need to charge the BTL industry more. Why go to the steps of arbitrarily deciding one cost is no longer a cost if that one cost is a cost to a individual letting houses


also whats to happen for commercial lettings
and lettings within companies
can they still use interest as a cost?