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John McKay
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John McKay
"On top of that, the additional homes stamp duty surcharge appears to have led to an exodus of landlords" No, not at all true. The exodus of landlords has been caused by S24 - the phased restriction of mortgage interest relief. In addition it is the additional SDLT, combined with S24 that is preventing landlords buying properties. Some landlords have bought of course but as there are 46,000 fewer properties in the PRS than this time last year, over 50,000 families have been displaced. Many of them are on low incomes and struggling to find somewhere else to call home in a shrinking market. The very predictable result is a massive surge in councils using emergency accommodation. The BBC reports "Costs rose from £460m to £690m over the period, freedom of information figures from 31 (London) councils show". If you extrapolate that across the country but knock a bit off because London is likely to have a greater problem then we're looking at something like £1.75bn. Not a bad result if you happen to own a B&B and will take council tenants. On the other hand if you're a tenant then you've lost your home. You might very well have had to dispose of most of your possessions as you can't take them into a Travelodge. Even if the Council then find you somewhere to live how will you ever get back on your feet? You might have no furniture, no crockery, no bedding and little left of the kids toys. The only people that will do well from that situation will be the doorstep lenders as people will doubtless borrow to buy the necessities of life. My own view is that Osborne's attacks were about short-term tax take but it's costing a fortune and less tax is now being taken. The tax that will be still taken will generally fall on the less well-off as tenants find their rents rising. If you believe the guff from Osborne and the Treasury that it is all about increasing the number of owner-occupiers then what we have is a clear case of social cleansing. I'd never have thought we'd see that in the UK. It's a disgrace.

From: John McKay 13 August 2018 08:17 AM

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