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Let market on the move

Tax changes and new regulations in the letting market are shaping its future and could curtail some buy-to-let, according to one of the county’s leading agents.

Charlotte George MARLA, senior negotiator for Balfours Property Professionals, says the introduction of an extra three per cent stamp duty rate band on second homes, from April, is unlikely, alone, to have a negative impact on buy-to-let landlords.

However, she explains: “Add to this the Chancellor’s second cut when, in 2017, reductions in mortgage interest relief go live, it may well make some prospective buy-to-let landlords think twice.”

At the same time there has also been an increase in legislation landlords must adhere to including changes to deposit regulations, introduction of smoke and Carbon Monoxide legislation and changes to notices. In addition a specific set of documents must be given to tenants at the start of the tenancy to avoid any implications further down the line” says Charlotte.

The latest legislation to come in earlier this month is the “Right to Rent” scheme which means that all prospective adult occupiers for properties in England must have the right paper work to reside in England. “This is another responsibility for the landlord and to which he is accountable.”

Charlotte continues: “Some people say that the tax changes will dry up the appetite of buy-to-let landlords. I don’t think that will be the case, but with the continuing barrage of legislation and paperwork I would encourage prospective landlords to talk to a reputable agent who is ARLA and or RICS accredited.”

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