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25% of BTL landlords selling up over tax changes

BTL landlords

A quarter of buy-to-let landlords are selling their homes as a result of government tax changes, according to the Residential Landlords Association (RLA).

The RLA found that of the 1,000 landlords it surveyed, 25% had either sold one of their properties or had one on the market following the government’s decision to change mortgage interest relief and tax them on income rather than profit.

The trade body believes this means many landlords on the basic rate of income tax would find themselves pushed into a higher tax rate, despite income not having increased.

The research found that 68% of landlords said the changes would reduce their profitability by a least 20% with 14% saying it would reduce profits by over 60%.

The RLA has warned that these changes are likely to impact tenants who could either lose their homes or face higher rents as landlords look to reduce the financial impact.

David Smith, policy director at the RLA, is now urging Philip Hammond to reverse the decision in next week’s Autumn Statement.

“The RLA’s findings are a worrying sign of the potential trouble ahead for tenants as a result of the previous chancellor’s tax rises.

“Any reduction in supply is going to make it more difficult for them to find a place to live and will inevitably drive rents up.

“Ahead of the Autumn Statement we are calling on the new chancellor to consider the evidence, reverse policy and support growth in the rented sector.”

The proposed tax changes are set to be phased in from next year. 

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