The average age of a landlord is now just under 60, as younger people are unable to afford second properties
The days of non-professional landlords may be numbered should the Chancellor go ahead with predicted tax changes in the Budget next month.
With next month’s Budget looking set to hit landlords with a tax rise once again, we look at what the impact will be.The Government has been clear it needs to increase its tax take but has ruled out doing this by increasing rates of income tax, national insurance or VAT. This leaves Reeves with not many options other than to increase CGT.
The financial uncertainty of Brexit, inflation, higher interest rates, tax changes, and lower house price growth, have all conspired to mute the nation’s appetite for this type of investment.From 2000, to 2016, Zoopla’s figures showed the number of landlords doubled, to 5.5 million. Now the number of landlords has stagnated around that figure.
In the 2000s, it was common for people to keep the first home they bought, remortgage it to take out equity which was put towards buying their second home. They then rented out their first home for extra cash or to subsidise the mortgage on their second home. Four in five 16- to 25-year-olds said they invest a portion of their income, according to a survey conducted by the Royal Mint last year. The period around Covid introduced lots of people toWhile their parents or grandparents may not have trusted the stock market with their money or thought it part of their world – preferring to put it in bricks and mortar instead – these attitudes may be changing.The typical landlord that sold up this year sold for £102,000 more than they paid.
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