The Telegraph are running an article on landlords ‘flocking to auction houses in search of a quick sale after tax changes and rising interest rates killed off their profits.’
It can be seen here (subscription might be required), and goes on to say that ‘A series of punishing tax changes in recent years has been compounded by soaring interest rates, impending tenant arrears and the threat of costly energy efficiency upgrades mandated by law coming down the track.
The toxic cocktail of higher costs and unreliable income has made it harder for landlords to make a profit on their investment, with many heading to auction in search of a quick exit from the market.’
But it warns ‘The success rate of residential investment properties listed at auction has fallen in the UK over the past year. In the most recent quarter roughly 66pc of rental properties listed under the hammer successfully sold, compared with 75pc in the same period last year, according to analysis of the auction industry by the Essential Information Group.’