Private landlords have called on the government to abandon plans to increase Capital Gains Tax (CGT), and instead to work to reduce red tape around the lettings industry. That's the finding from Upad's latest Rental Confidence Index survey, which asked 257 UK private landlords "do you feel more or less confident in the market than you did last month".
54% of landlords said that they did feel more confident in the market. Some of their comments included:
• Rents and demand are rising as are capital values, interest rates are still low and don't look to be increasing for a while yet: what's not to like?
• For the last year there has been a steady increase in property prices and rental levels.
• Easier to let and good rates compared to last year.
Many of those who said they were less confident mentioned the proposed changes to CGT. Their comments included:
• If the 40% capital gains tax comes in, the BTL market is even less attractive than its current state.
• I'm appalled at the government's proposed CGT increases.
• Capital gains tax without taper relief, not good!
• The sooner this new government get rid of all the red tape the last government put in place the better.
James Davis, Upad's CEO and a landlord himself, comments: "There's a clear divide in landlord opinion at the moment. Those who are more confident are looking at the strength of the buy-to-let market, rent levels and tenant demand. Those who are less confident are looking at the legislative and fiscal spheres. It seems clear that the market is healthy, and that the problems that landlords have are ones imposed on them from outside."
"The new government now has the opportunity to help landlords play their role in the UK housing market effectively and efficiently – or it can leave it to stagnate under over-regulation and increased taxation. Private rentals will be crucial to the UK housing market in the coming months, as job cuts come into effect and local councils grow even less able to cope with the demands put on social housing. Landlords can help bridge this gap – but only if they are given adequate support by those in power."
Upad.co.uk launched in October 2008, enabling landlords to advertise each property for a one-off cost of £59. The service then became available to the 1.5 million landlords across the UK in May 2009.
Notes to editors
Upad.co.uk (http://www.upad.co.uk) is the UK’s largest online lettings agent, with more than 250,000 rental properties distributed across 500 UK rental property sites.
The site provides landlords with the largest online property distribution platform, ensuring extensive exposure for their properties. And it maximises tenant leads for landlords, minimising unnecessary void periods by offering a comprehensive tenant-find service. Landlords pay a one-off fee of £59 per listing.
Upad.co.uk is free for renters to use, and helps them find their ideal property quickly and easily. It enables online searches that are interactive and intuitive, to produce relevant properties.
Launched in October 2008 under the banner 'reinventing renting', the company's innovative approach is aimed at filling a gap in the property rental market.
Read the Upad.co.uk blog at http://www.upad.co.uk/blog/, or follow Upad on Twitter at http://twitter.com/AvoidtheVoids
In September 2009, Upad.co.uk was shortlisted in the UK 2009 Tech Media Invest Top 100 list http://www.guardian.co.uk/tech-media-invest-100/top-100.
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