Housing Crisis if Landlords Leave the Market

[Richlist]

The boy Carney has spoken again......I do wish he would shut up...

http://www.thetimes.co.uk/article/carney-warns-of-housing-crisis-if-landlords-quit-the-market-s9mrr2hx2

 

 

[Carryon Regardless]

What do you mean shut up? This should have been recognised long ago.

The continual attack on this industry has been over the top. Idiots with a new MP title with a left wing attitude wishing to make name for themselves. the industry has evolved from the days of one abuser using grenades to scare out secure tenants to increase his equity. 

I would very much like to see an increased respect for us as business peoples. Not hero's, not supporters of the needy just persons getting on with running a business in nope to pay for our lives.

Carney should have shut up before the referendum instead of 'obviously' siding with the Remainians. It wasn't his place to become political.

[Richlist]

Almost every time he speaks, a market somewhere takes a dive. I'd much prefer he either only speaks when there is something positive to report or just says nothing. His continual interference is creating problems unnecessarily.

This really is a case of him stating the obvious....why doesn't he tell us its going to get dark later.........thats equally so totally unnecessary.

[Carryon Regardless]

I agree he is getting involved where he need not. It makes me wonder what his aspirations are, or is this just an American (I know he's north of there but there is an influence) style of just speaking cos they like there own loud voice.

But, this industry has been the target of so many do gooder initiatives, again not needed more often than not. Still we are considered the grubby grabbers who dereserve bad things and strict controls. It has become totally disproportionate. For some one to perhaps introduce a reversal of that trend would be oh so lovely.

"Leave me alone you wannabe dictators, I can do this without you." Ah that's better.

 

[Mortitia]

When he applied for the job surely somewhere it must have said 'applicant must have a 'can do' attitude?  I think I might have spotted very early on that this was not in his nature.  Was there really no Brit that could have done the job?

How long do you think Osborne will last?

[Carryon Regardless]

It will be v nice to see the back of Wishy Washy (Osborne).

But anyway the futures bright, the future's May.

[Richlist]

I'd have suggested that George would stay in his job for a few months longer, given the pressing need for stability and an experienced pair of hands during the approaching economic winter HOWEVER......announced today is that Teresa will now be PM by Wednesday and she may want to quickly appoint a new team.

There is likely to be the need for a totally different set up. Going forward there will no doubt be a totally new department to handle brexit and the financial aspects of that might mean the chancellor's job will be split.

The political landscape is likely to look unrecognisable before the end of the year.

 

 

[Melboy]

I can't see Gideon Osborne holding onto his job really. Nothing he has forcasted on the future economic policy has even come near to accuracy.

I will always remember him for his hot Pasty tax and screwing up the housing market with tax reforms and SDLT at too higher levels.  Good riddance I say.  Next !

[Richlist]

Be care full what you wish for Melboy. There are plenty of people who could do a far worse job. Given the amount of work to be done over the next couple of years anyone who gets the job is likely to upset somebody perhaps everybody. It's a difficult job under normal circumstances.......but we are a long way from normal now.

Keep your fingers and toes crossed........there is bound to be lots of bad news to come.

?

[Mortitia]

Well I am wishing for something different.  Let's hope we see some action now after all this time with MPs not believing or wanting to accept what the majority of the electorate wanted.

[Melboy]

On 12/07/2016 at 5:35 PM, Melboy said:

I can't see Gideon Osborne holding onto his job really. Nothing he has forcasted on the future economic policy has even come near to accuracy.

I will always remember him for his hot Pasty tax and screwing up the housing market with tax reforms and SDLT at too higher levels.  Good riddance I say.  Next !

        Smug Grin,     

 

There was no way he was going to stay on as Chancellor as the Prophet of Doom that he was.    Byeeeeeeeee!   

[Richlist]

Well George Osbourne has done lots of good stuff for me. 

Since 2010

*  Income taxes are far lower.

*  CGT is lower so my property sales mean I pay less.

* I can't think of any of his negative budget changes that affect me personally  in any significant way.

So, well done George.

I understand others may not have faired as well, but there are winners and loosers as with everything else.

 

[Carryon Regardless]

Until you may have desire to sell. Many will expect the additional stamp duty loading to be knocked off the price, well some at least.

I accept that in a very bouyant market a seller can wait for inflation /  a better offer but for me personally it will be a serious disadvantage as most of mine aren't so bouyant. But suppressing the market was the aim I believe.

[Melboy]

George Osborne was the architect of his own downfall with his doom mongering speeches of what he was going to do if the Brexiteer's won the EU vote. This had to be a big vote losing strategy as people are not that stupid to believe what he was saying. Families £4,300 worse off per year by voting out?  Really?

Anyway, it must have cut across Mrs. May's future thinking because according to those who know about these things there was a sharp exchange of views when he met Mrs. May at No. 10 and he was removed from office. If he had been that good he would have stayed in post for the sake of the Conservative Party. 

George Osborne was definitely not the Landlord's friend............. to keep the topic relevent   

[Richlist]

How, specifically, have fiscal changes affected landlords adversely ?

[Melboy]

On 15/07/2016 at 10:15 AM, Richlist said:

How, specifically, have fiscal changes affected landlords adversely ?

1.   From 1 April 2016, all purchases of additional property — anything that is not intended to be the buyer's main residence — will be subject to an extra 3% levy on top of standard stamp duty rates.  ( This does affect me.  )

2. Osborne slashed CGT rates — but said gains made on property prices would still be subject to the old higher tax rates. It follows a number of tax increases on property investors, including the scrapping of a relief that allowed landlords to offset their mortgage interest against income tax bills, and a new annual tax on offshore owners of UK property.

3. Wear and Tear tax relief  scrapped.

4. Landlords’ future inability to deduct the cost of their mortgage interest from their rental income.Tax will be applied to the rent received – rather than what is left of the rent after the mortgage interest has been paid.

[Richlist]

1. Only applies to new purchases from 4/2016. Existing landlords unaffected. My own and agents experience suggests the 3% stamp duty is being paid by buyers or shared 50: 50 between buyers and sellers. Sales have slowed since introduction but lots of external factors may also be contributing.....not least of all Brexit from EU. Minimal affect on majority of existing landlords around the country.

2. Latest lower CGT rates do not apply to landlords as you correctly stated but the landlord CGT rate is considerably lower @ 18% & 28% than it was pre 2010 @ 40%.......so landlords are still better off than they were due to Osbourne.

3. W & T allowance scrapped.....but this only affected fully furnished properties which are a tiny proportion of the private rented sector. Therefore zero affect for the vast majority of landlords.

4. Agree this is a major issue but only for landlords with mortgages. It's being phased in gradually between now and 2020 so lots of opportunity for those affected to plan ahead/ mitigate damage.

[Mortitia]

According to today's press Osborne was dismissed in a 60 second interview with TM.  I do like a woman who manages her time well - I am not in that category unfortunately!

[Grampa]

My wife can dismiss me in a lot less time than 60 secs.