We got talking about the Aylesbury
Property Market and this landlord brought up the subject of a report she had
read from the Royal Institution of Chartered Surveyors (RICS) and
PricewaterhouseCoopers (PwC) that stated almost 1.8m new rental homes are
needed by 2025 to keep up with current demand from tenants. She wanted to know
what this meant for Aylesbury.
Well, some commentators said last Winter that buy to let was
about to die, what with the new stamp duty changes and how mortgage tax relief
will be calculated. Others even said 500,000 rental properties would flood the
market nationally in the 12 months after the new Stamp Duty rules came into
force on the 1st April 2016 as landlords left the rental market. Well, I wish
all the landlords of those half a million properties would hurry up and put
them on the market – because I have plenty of other landlords wanting to buy
them!
Back to the matter in hand.. if the RICS and PwC are indeed
correct, what does this mean for Aylesbury? The fact is, as a country, we are
facing a precarious rental shortage and need to get Aylesbury building in a way
that benefits a cross-section of Aylesbury society, not just the fortunate few.
This government should drop the higher stamp duty tax on buy to let purchases
to ease the pressure on the rental market.
Of the 28,900 households in Aylesbury, currently 11,200 tenants
live in 4,700 private rented properties. If we apportion those 1.8m households
equally around the Country, that means in nine years’ time, the number of
rental properties in Aylesbury needs to rise by 2,000 (i.e. 42.8%) .. taking
the total number of rented properties in the town to 6,700.
That means Aylesbury landlords need to buy around 200 properties
a year every year between now and 2025 to meet that demand – because , an
additional 4,800 people will want to live in all those 'additional' Aylesbury
rental properties – so why is the government penalising landlords?
Thankfully the new housing minister Gavin Barwell detached
Teresa May's new administration from the Cameron/Osborne focus of just home
ownership to solve our housing issues, saying "we need to build more homes
for every single type of person needing a home and not focus on one single
tenure". The private rented sector became a stooge under David Cameron's watch
and still, with increasingly unaffordable Aylesbury house prices, the majority
of new Aylesbury households will be relying on the rental sector in the future
to house them. Westminster must put in place the measures that will allow the
rental sector to flourish. Any restrictions on the supply of rental property
will push up rents (bad news for tenants), thus side-lining those members of Aylesbury
society who are already struggling. Let's hope this new Government continues to
see the contribution landlords give to the country as a whole.
If you want to discuss your investment plans…where and what to
buy for the best returns get in touch ian@mortimersaylesbury.co.uk
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