New survey shows increase in Landlords selling property with London leading the way
A new survey issued by National Landlords Association (NLA) shows a dramatic increase in the percentage of Landlords planning to sell their investments since lasts years budget.
Many landlords are now realising the future impact of major tax changes including the removal of tax relief on mortgage interest payments and the 3% extra stamp duty on their investments. Many have now concluded they have no options but to sell their investments.
6 months ago just 4% of London landlords planned to sell their properties, this number has now risen to 19% in a survey by the NLA in January. Elsewhere in the country the North East, which had the smallest rise, has risen from 17% to 24%.
“We’re seeing a loss of confidence across the board as many landlords realise they won’t be able to remain in the market. If landlords follow through over the coming months this could lead to a massive sale of property, as we have previously warned. However this may not be a straightforward process, especially for those with stock in low demand areas” says Richard Lambert, chief executive officer of the NLA.