AXA’s recent survey of landlords has found much unrest among this group following the introduction of the new government plans to phase out landlord tax relief which commenced on the 6^th of April 2017.

Here are the summarized findings of this survey:

67% of landlords feel stigmatized

40% of landlords believe they will be worse off

21% plan to sell all their rental properties

10% will reduce their portfolio

7% will switch to commercial property ownership

8% will transfer ownership to spouse or family member in lower tax bracket

Gordon Rutherford, Head of Marketing at AXA Insurance, stated: “Landlords have been subject to one piece of legislation after another in recent years, much of it very complex indeed.” Many landlords are only accidental landlords, letting a house they are struggling to sell; an inherited property; or a home they no longer live in. These people only make a modest income after expenses are considered.

The problem the government are now creating is that by penalizing landlords, nearly half are looking to sell off their properties, leaving a huge gap in the rental market and driving up rental prices! Looks like once again this legislation has not been thought through!