Buy to let has been an attractive prospect for UK investors over the past few decades, but over the course of the past few years, buy to let has lost a lot of its prior appeal. This was illustrated by a recent survey conducted by FJP Investments involving a total of 1004 investors, of whom 344 were landlords who owned two or more properties. The FJP Investments survey revealed that 68% of respondents believe that buy to let investments have become a less attractive prospect.
The survey by FJP Investments found that 77% of landlords believe that they have been unfairly targeted by recent reforms to property taxes, land taxes or adjustments to stamp duty in the UK.
The UK government has indicated that further tax changes are likely to be on the cards in the near future. This has resulted in UK landlords indicating that 44% of respondents to the FJP Investments survey have stated that they would consider selling at least one of their buy to let properties within the next 12 months in order to avoid being subject to the tax changes.
These tax changes are viewed as being so complex and confusing that 67% of respondents to the survey have stated that they would consider investing in forms of investment other than buying a second home as the taxation rules surrounding other forms of investment are far less confusing to investors.
Why are People being Encouraged to Buy?
The UK property market has been becoming increasingly appealing to buyers rather than buy to let investors. The government’s current stamp duty exemption has now been extended to July 2021 from an initial deadline of March in the same year. This is now making buying a property rather than renting a lot more appealing to first-time buyers, making the market less appealing for buy to let investors.
Why is Conveyancing Important for Investors?
Whether you are planning to buy a home to live in or you’re looking to buy a home to rent out to tenants, it is vital to make sure you’ve had all necessary conveyancing work done before completing a house purchase. House surveys are vital for all types of buyers because they will make you aware of any issues that the property may have. Common issues revealed by conveyancing include damp, subsidence and roof problems.
If you are one of the many investors who are planning to invest in a buy to let property in London, you might be wondering how to find a conveyancing solicitor london. Conveyancing solicitor London firms will have a fantastic knowledge of the local London property market. For more information on UK conveyancing, sites like Which can help you understand the market.
Conveyancers will help you carry out all of the relevant conveyancing enquiries, revealing any potential issues with your investments and determining whether your property is truly suitable for the local investment market.