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National register of BTL properties requested
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A leading property investment search portal has put forwards an online petition with the help of the UK Parliament, requesting a national register of buy to let private rental properties.
Founder of Buy2Let.com Martin Wilkinson, is campaigning for a register of transactions completed by buy to let investors, in order to assist in removing rogue landlords from the market.
Slack
Mr Wilkinson believes that despite recent attempts by the Bank of England to stifle the buy-to-let sector, a chronic shortage of properties available, coupled with increasing house prices, means that the private rental sector picks up the slack.
‘We frequently see reports and statistics on the owner-occupier market but the lack of reliable, comprehensive data on the private rental and buy to let sector means no one-including politicians, mortgage lenders and estate agents-has a clear picture of what is happening in the market,’ observed Wilkinson. ‘In much the same way as a mortgage charge is registered on traditional house sales, we think there should be a similar requirement for buy to let purchases.’[1]
National register of BTL properties requested
Wilkinson claims that the Buy to Let sector makes over £100bn in transaction each year. With this in mind, he said, ‘it’s vital that we capture the true scale of this important market and at the same time, use the data gathered to identify and stamp out malpractice and rogue landlords.’[1]
[1] https://www.lettingagenttoday.co.uk/breaking-news/2015/11/buy-to-let-chief-wants-register-to-deter-rogue-agents-and-landlords
