A Ministry of Housing survey has revealed that landlords only earn around £15k a year. This is a far cry from the public perception of landlords. Many people assume landlords earn a fortune from letting properties out to vulnerable tenants, but this data shows most landlords can’t only afford to run their property businesses part-time. Indeed, only 4% of landlords say rental properties are their sole source of income.
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The Association of Residential Letting Agents is warning that the rent controls Labour wants to introduce will worsen the current rental housing crisis. ARLA says any attempt to cap rents on rental properties will drive even more landlords out of the buy to let market.
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For many years, London was the biggest buy to let hotspot in the UK. Property was expensive, but demand for rental homes was so high, landlords were queuing up to jump on the bandwagon. Then property prices went through the roof and demand stalled because tenants couldn’t afford to pay sky-high rents. Today, rental yields in London are low, and with property prices falling across the city, landlords can’t even rely on capital gains to see them through.
Most of us are thoroughly sick of hearing about Brexit. Three years on and nothing much has changed. We are still in the EU and the politicians in Westminster are still arguing over the finer details, like the backstop. All in all, there still isn’t much light at the end of the tunnel!
But spare a thought for London landlords, as new research from a buy to let lending platform suggests landlords in London have been badly hit by the Brexit steam train. The data shows that rental growth in London is 2.84% lower than predicted figures in June 2016. Some experts believe the gap between predicted rental growth and actual rental growth could be even higher.
It takes more muscles to frown than to smile. I’m sure you’ve heard that before. What you won’t have heard is that it takes more effort to give up than to keep going, but it’s true.
This is the time of year for giving up. Christmas and New Year happened, then it was back to business as usual.
