Here at City Rental Services, we like to keep an eye on industry legislation, so we’re better placed to advise and assist our buy-to-let landlords in Bristol.
A significant piece of Government legislation recently has, of course, been the Summer Budget – and it’s sparked a huge amount of debate in the lettings industry and Bristol rented property market in recent weeks.
We found a useful industry article here, covering a few concerns that the recent Budget would force private landlords and buy-to-let investors in Bristol to raise rents.
For us, as experienced independent letting agents in Bristol, there are two main areas of concern for landlords with the Summer Budget – namely:
- The restriction on ability to claim interest rate relief on the higher rate for taxpayers (40%) on buy-to-let mortgages
- The loss of 10% wear & tear allowance against income – in future, receipts must be available to prove that expenditure has been incurred
We’ve seen a number of legislative and financial attacks on buy-to-let landlords and property investors in Bristol during this year, and we’d advise all potential new private landlords and property market investors to seek professional industry advice before ploughing pensions pots into property.
We’re not accredited financial advisors here at City Rental Services, but we’re always happy to help and assist our private landlords in Bristol, and often find each week sees a number of our property portfolio landlords in Bristol popping in to see us and discuss the Bristol property market in depth.
To find out more about our letting agency services in Bristol, simply call into 58 Gloucester Road to see us.