Will there be further buy-to-let changes?
The changes brought in over recent years for buying property to let may not be the last, experts have suggested.
Buyers have seen cuts to mortgage interest tax relief and a three per cent surcharge on stamp duty; what’s more, tighter rules on affordability tests were introduced in April 2017 and are being phased in over a period of four years. The rules, which affect all residential landlords, have resulted in a reduction in the number of buy-to-let mortgages taken out, with numbers in March 2019 down 9.1 per cent on the same month in the previous year.
With the current political turmoil and the chance of a change in government, landlords should not rule out the possibility of more changes in the future, which may include further cuts to mortgage interest tax relief. Adrian Moloney from OneSavings Bank has said that while HM Revenue & Customs currently seems satisfied with the tax coming in from landlords, it is difficult to know what a future government might do.
For example, Jeremy Corbyn has previously talked about Labour focusing on the housing market, with ideas such as extending the right to buy to tenants of privately rented properties. In April 2019, the government proposed a consultation on stopping landlords from evicting tenants at the end of their contracts without a reason.
Smoothing the process
While there is no controlling what the government will do next, landlords and agents can at least take full control of their rental properties by using property inventory software that literally processes everything while they are on site. The latest software is sophisticated enough that a virtual office can be carried on a tablet, with the facility to book viewings, take photos, plan maintenance, record voice notes, check inventories, record contract signatures via touchscreen, and more. The portable reporting tools mean that time and money can be saved by providing an immediate service, reporting, audit trails and more.
Specialists such as Inventory Base property inventory software providers can offer a range of features from which to choose, such as multi-user access for a support team to use.
Now is the time to invest in or upgrade your inventory software – in these times of uncertainty, this is a service you can confidently rely on.