Sunday, 20 August 2017

Buy-to-let couple to cash out

BRITAIN’S biggest buy-to-let landlords, Fergus and Judith Wilson, have announced plans to sell their entire portfolio of more than

BRITAIN’S biggest buy-to-let landlords, Fergus and Judith Wilson, have announced plans to sell their entire portfolio of more than 900 homes ahead of George Osborne’s tax changes.

The properties, located in Kent, will go to a foreign consortium that paid more than £250million. They’ve already sold 100 houses to Chinese and Indian investors for £25million.

Richard Maby, head of lettings at the Henley branch of Savills said: “With the additional three per cent levy of stamp duty for buy-to-let investors, we anticipate that this may increase stock availability in the short term as investors bring forward their planned purchases to beat the deadline — especially from those looking to extract cash from their pensions.

“However, overall it is unlikely to have a significant impact on rental values or lettings stock. Prospective landlords should be relieved by the news that they will now be able to offset the increase in stamp duty when they onward-sell the property, as the increased stamp duty levy would be deemed part of their acquisition costs.’





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