Glut of rental properties following tax change

Following the rush to buy by landlords to beat the 3% stamp duty hike in April, these properties are now coming onto the rental market having been refurbished and made ready to rent.  This has been described as a rental “flash flood” according to the latest Buy-to-Let Index.  The Director of Your Move says “Just a month or so ago rents were heating up and spring was in the air – but this has been put on hold as a tide of new properties to let has disrupted the normal dynamics of supply and demand. Landlords escaping a much larger stamp duty bill by completing their purchases before 1st April have now finished their repairs and paperwork, with these homes to let competing for tenants. That short term mismatch has made May and June exceptional months with excellent deals available for some prospective tenants”.

 

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