Originally posted by AtW
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Buy to let stamp duty surcharge and other related news
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I am more annoyed now with 3% extra stamp duty on second homes - so now you have to sell house first or do the chain, even though this got nothing to do with Borrow-To-Let which this tax supposedly targeted.Comment
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Originally posted by DimPrawn View Postgreedy, make a quick buck leveraged property speculators have none.
Aside from the tax regime, another thing that differs between the UK and other markets is the degree to which retail speculators are involved in BTL here. In other countries, SMEs and larger corporates are much more involved in BTL. There's an analogy with the recent volatility in the Chinese stock markets - as soon as you get retail speculators heavily engaged, the market acts like an utter tw*t.Comment
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Originally posted by AtW View PostI am more annoyed now with 3% extra stamp duty on second homes - so now you have to sell house first or do the chain, even though this got nothing to do with Borrow-To-Let which this tax supposedly targeted.
If you want to tax Borrow To Let, do it via tapered CGT.
And if banks are lending too much to BTL, stop printing money and giving to the banksters.Comment
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Originally posted by AtW View PostI am more annoyed now with 3% extra stamp duty on second homes - so now you have to sell house first or do the chain, even though this got nothing to do with Borrow-To-Let which this tax supposedly targeted.Comment
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Tories effectively introduced a 3% tax on 2nd homes, that's just a starting point - soon it could turn into 5%, and why not 10%???
This is actually now affecting my purchasing decision - I thought maybe buy something small now and bigger later, but now I'd have to pay 3% tax on bigger purchase, which would have high enough stamp duty as it is - which has gone up massively under Osborne already!
Will foreign buyers pay this tax??? Pretty crazy tulip Osborne is doing, fooking around with the housing market.Comment
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Brighton and Bristol saw rents rise by 18% in 2015, the largest increase seen from any of the UK’s largest towns and cities, research shows.
Edinburgh and Newcastle followed with a 16% increase, while London rents rose by 11% compared to 2014, data from HomeLet reveals.
Full story here:
Rents increase 18% in Brighton and Bristol - Mortgage SolutionsComment
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Rent rises counteracting increasingly tougher B2L stress testing
(Taken from mortgage strategy)
Landlords’ ability to take out larger loans is not being harmed by increasingly tougher stress testing criteria due to rising rents, according to research from Buy to Let Club.
Lenders’ norm for many years has been 125 per cent at 5 per cent, but this is increasing, according to Buy to Let Club managing director Ying Tan.
Tan says that TSB, Paragon, TMW, BM Solutions and Godiva all calculate rent cover at 125 per cent at 5.5 per cent for 65 per cent LTVs and over, due to more focus on stress testing and Government tax changes.
But the average rent cover on rentals provided for applications was 163 per cent at 5.5 per cent in the fourth quarter of 2015, according to the club.
Tan says this gives BTL borrowers “sufficient breathing space” and should not harm current borrowing levels.
He says: “This analysis shows that LTVs are sensible and rents are high enough to sustain the extra rent stress testing lenders are implementing.
“The analysis is nationwide, however the rent coverage is tighter in the south. The only mainstream lender that still operates at 125 per cent at 5 per cent is Santander. With their slick processing they are gaining business, particularly in London and the South East where yields are lower.”Comment
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Interesting article from Bloomberg:
London Home Presales Drop 19% as Sales Taxes Damp Demand:
London Home Presales Drop 19% as Sales Taxes Damp Demand - Bloomberg BusinessComment
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