Buy to let, letting agents are reporting that the number of people investing in buy-to-let is falling. Sell By Auction are selling properties for Landlords ahead of the changes to mortgage interest relief.
Changes to tax relief for residential Landlords
As mortgage tax relief will be phased out starting in April 2017, the Bank of Englands Financial Policy Commitee has been vested powers over the buy to let sector, setting high mortgage affordability tests.
Central London has also been hit hard, with Landlords forced out of the market.
Add to that the extra 3% stamp duty on the purchase, along with rising service charges on flats, not to mention Landlord licensing and the new check your tenants right to be in the UK.
All in all being and becoming a Landlord is looking unappealing.
Selling your buy to let property at auction
Correctly priced at auction, properties sold tenanted are still finding buyers. Demand for vacant property especially in need of work is attracting multiple bids. So now is the time to sell, if you are thinking of exiting the buy to let market.
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