Are you a landlord or letting agent in the Rushden, Kettering, Wellingborough, or Corby areas? If so, you may be interested to learn about the recent survey conducted by PropTech platform Goodlord.
The survey, titled "Renting Done Right," polled over 1,500 agents, landlords, and renters to create a manifesto of demands on the government. Among the requests made by respondents was the reinstatement of Section 24 mortgage tax relief, which was identified as the top priority for 37% of letting agents and 29% of landlords.
Before Section 24 was amended in 2017, landlords were able to deduct mortgage interest from their income tax. However, now tax is payable on all rental income upfront, even if it moves the landlord into a higher tax bracket. Instead, landlords now have only a basic rate reduction from their income tax liability for their finance costs of 20%.
Unsurprisingly, the Goodlord survey found that 77% of landlords want financial incentives to boost investment. But what other changes did respondents call for?
Letting agents advocated for a range of different "wish list" entries, with 11% seeking an end to the three per cent buy-to-let Stamp Duty surcharge. Meanwhile, only 1% wanted an increase in the Capital Gains Tax allowance, which is being sharply cut by the current government.
Tenant respondents had their own demands, with 83% of renters disagreeing with agents and landlords allowing so-called over-bidding in hot rental markets. Rent controls were also popular with tenants, but not with property professionals submitting responses to the report.
Overall, the Goodlord survey found that some 65% of agents reported feeling positive or neutral about the sector, despite its challenges.
At Prime Choice Properties, we understand that the letting industry can be complex and difficult to navigate. That's why we prioritize simplicity and consistency in our approach to property management.
We believe that the government should incentivize the lettings industry to encourage more investment, and we support the reinstatement of Section 24 mortgage tax relief as a step in the right direction. Financial incentives are crucial to help landlords maintain and improve their properties, which benefits both tenants and the wider community.
In addition, we agree with the need for simplicity and consistency in government policy towards the letting industry. This would provide clarity and stability for landlords and tenants alike, reducing the likelihood of disputes and ensuring that everyone involved understands their rights and responsibilities.
We are proud to be one of the best estate agents and letting agents in the Rushden, Kettering, Wellingborough, and Corby areas. We are committed to providing excellent service to both landlords and tenants, and we believe that our focus on simplicity and consistency sets us apart from the competition.
If you are a landlord or tenant in any of these areas and are interested in learning more about our services, please visit our website at www.primechoiceproperties.co.uk. And if you are a landlord who wants to join the call for the reinstatement of Section 24 mortgage tax relief, you can sign the petition here: https://petition.parliament.uk/petitions/627785.
At Prime Choice Properties, we believe that by working together, we can create a better future for the lettings industry.
