Auction House, which works with a network of local agents, has a record 846 lots entered into its sales this month.
The boost is largely from buy-to-let landlords selling off their properties.
In its 12-year history, Auction House has not had a month like it.
Founding director Roger Lake said: “Taxation changes are driving many investors to sell off their rental properties.”
He added: “There are still large-scale landlords buying such stock, and plenty of refurbishment specialists who would acquire and carry out improvement programmes.”
Auction House, which holds physical auctions as well as weekly national online sales, has so far sold 2,256 lots this year, up 4.6% on last year.
Comments (6)
This article contradicts the Times article saying that btl sales have almost stopped. Which is correct?
It is not possible abolition – it is going to happen the only question is HOW it happens and what is put in place to counter SOME of its consequences. The policy is cross party so Landlords have no freinds in Government. This is what psuedo consultation was about.
The “Conservative” Government seems to have forgotten (or perhaps never realised) that it has declared war on private sector landlords. Doubtless they will be shocked, shocked I say that landlords are getting out of the sector.
Not convinced this is the real story. Didn’t EYE publish some timer back that the majority of landlords are private individuals with one or possibly two properties. Therefore tax changes can be an issue for some but not for many? I think this has more to do with Corbyn and Labour RTB worries, adding to mix of pressures that landlords have come under over the last few years. Said “Turn the lights off, on the way out”.
I agree; it’s not just taxation although I think that is a major factor. but the cumulative number of changes. The ongoing attacks from the likes of Shelter, Generation Rent et al, AND also the prospect of further changes in the pipeline from Government of either persuasions (Labour potentially being the most devastating).
Sadly it’ll be Tenants who will suffer the most, especially those at the lowest end of the income scale, with rents rising, and there being fewer properties available. Landlords who remain in the sector will be ultra cautious to whom they will rent their property to; people without full time employment, an exemplary credit history, excellent Landlord references, are going to struggle to be accepted.
The possible abolition of the section 21 is the biggest threat – small portfolio landlords are made very nervous by the prospect of not being able to evict tenants, which is how they perceive the situation. There’s no convincing them that they’ll still be able to evict bad tenants.