Best Advice have run a piece by the chief commercial officer at Fleet Mortgages, Steve Cox, commenting on the harm being done to landlords by politicians.
It can be seen here, and starts:
There seems to be a lot of noise around the buy-to-let/private rental sector at the moment, not least because of a shortage of supply, the impact this is having on rents, and the wider understanding – or otherwise – about what this means in terms of meeting housing need in the UK.
It still seems to me a truly odd state of affairs, that many people who should be ‘in the know’ about our sector, seem to have such a warped worldview, particularly when it comes to buy-to-let landlords.
For example, I read recently that the Labour Party – if elected – might look to raise the tax it charges on ‘unearned income’ such as rent from buy-to-let properties. As a start, I have an issue with how you might describe rental payments as ‘unearned’ and I’m sure every single landlord would think the same too.
The notion of ‘unearned’ suggests that properties have just somehow landed in the lap of landlords and that there has been no monetary outlay at all in buying a property, paying the stamp duty, making it fit for purpose, paying for the insurances or licenses, securing tenants, and every other single and not insignificant cost that comes today with offering a property up to rent.