Letting Property in 2016
Over the past few months the Government has introduced a raft of changes which will affect the rental market as we go forward in 2016. Legislation has been introduced to ‘encourage’ Landlords to raise standards in rental properties, to be more mindful of the health and safety of tenants and to ensure that property is not rented to anyone who doesn’t have a right to reside in this country.
It remains to be seen what impact the Chancellor’s measures will have on the rental market. The increase in stamp duty rates for buy-to-let landlords, the changes to the fair, wear and tear allowance, and the removal of landlords’ ability to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to pay tax, will all affect the housing market in some way.
It’s all crystal ball stuff but one thing is certain, demand for rental property continues to increase. Much as we love the idea of home ownership in this country, for many it simply isn’t possible. Add to this a move towards renting as a lifestyle choice as families opt to rent the sort of home they can’t afford to buy, the UK rental market will continue to flourish.