Landlords face new restrictions despite a growing need for rental properties
Statistics show that by 2025, one in four Manchester households will live in private rented accommodation, as a result of cuts to social house building and private developers being “cautious about expanding too rapidly”.
Why, then, has the Government pulled the rug from under the feet of landlords? Why is it doing everything to deter them from investing in and letting new homes?
Increasing numbers of people are choosing renting as a lifestyle option, and 80pc of tenants are satisfied with their current landlord. Yet landlords are consistently being demonised by politicians, including now by the Treasury. This would surely have an adverse affect on lettings not just in manchester but throughout the country.
Almost nine out of 10 landlords are individuals, letting 71% of all homes in the private rented sector.
More than three-quarters of landlords own just one rental property. According to a survey by the Residential Landlord Association, over 60% believe that the Chancellor’s decision to restrict mortgage interest relief for residential landlords to the basic rate of income tax will push them up a tax band despite their income not increasing.
You can read more about the finance bill here
AMCO Management are Manchester’s leading independent lettings company serving both Landlords and Tenants with property maintenance and management. For more information contact the head office on 0161 773 3978 or contact us today