A new poll from Landlord Voice on behalf of Simple Landlords Insurance has uncovered what landlords want to see from the Government during 2017.
Number one on landlords’ wish lists for the new year is for the Government to re-think their stance on buy-to-let tax relief for mortgage interest payments.
Tax concerns
Data from the report reveals that the planned tax increases are the major concern for buy-to-let landlords in 2017. 47% of respondents cited these changes as their most prominent worry.
Second on landlords’ wish list would be an end to stamp duty changes, while a reduction in capital gains tax came third.
From April, tax relief on mortgage interest will be gradually phased out and will be fully eradicated by 2020. By then, landlords will be taxed on their income-meaning some will be moved into a higher rate tax bracket.
This said, a separate poll from the Council of Mortgage Lenders revealed that half owned their properties outright and will not be impacted by the changes.
What resolutions do landlords want the Government to make in 2017?
Optimism?
Landlords are undoubtedly under pressure but many are still optimistic about the future. 36% of people questioned said that their confidence level for the year ahead is 8 out of 10 or higher.
88% said they plan to continue as landlords in 2017, with one third planning to increase their portfolios.
Jenny Mayes, of Simple Landlords Insurance, said: ‘We strongly urge Chancellor Philip Hammond to listen to landlords’ concerns. Landlords should be supported and recognised for their contributions in providing affordable housing, rather than burdened with unfair tax measures that will see them having to take considerable cuts to their income and being forced to pass some of this to their tenants.’[1]
[1] http://www.propertyreporter.co.uk/landlords/what-new-year%E2%80%99s-resolution-should-the-government-make.html