A lettings director of a leading firm has hailed the Chancellor’s work on the private rental sector.
Marc von Grundherr, director of Benham & Reeves Residential Lettings, believes George Osborne has done more for the rental market in Britain than any other chancellor in history.
Attractive
Mr von Grundherr said, ‘thanks to the changes in stamp duty rates, he has made renting long term a more attractive option for many tenants. Couple that with the fact that many overseas tenants can write their rent off against tax but must pay capital gains on any property they own and renting becomes a no brainer.’[1]
Lettings director hails Osborne’s work on PRS
He said that his company are, ‘advising landlords who are already in the market to hang onto the properties and not be tempted to sell ahead of changes to wear and tear allowance and mortgage relief.’[1]
Continuing, von Grundherr noted that, ‘many nervous investors will leave the market and when they do, supply will be limited even further. The rent increases that will inevitably result will more than mitigate landlords’ extras costs.’[1]
[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/1/rent-rises-will-outstrip-buy-to-let-tax-rises-predicts-agency-chief