London landlords not deterred by taxes

London landlords not deterred by taxes

Landlords in the capital do not appear to be put off investing in buy-to-let properties despite concerns within the industry about tax changes.

Figures from Knight Frank show landlords are re-letting properties even though there has been an extra three per cent stamp duty liability introduced on additional homes. Other potential changes have included the phasing out of mortgage tax relief and the loss of wear and tear allowance.

Overall, there was a 10.1 per cent increase in the number of re-let properties in the 12 months to August.

“We see no signs of an exit,” explained Tim Hyatt, head of Knight Frank’s lettings division.

He said: “Buy-to-let investors typically hold properties for an average of 16 years and most professional investors will ensure their portfolio is able to weather such storms.”

The company added many landlords are not keen to sell because they are not aware of any other investment options that offer the same benefits in the long-term.ADNFCR-1222-ID-801841307-ADNFCR

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