Britain’s biggest landlord selling house, but why? Property millionaire Fergus Wilson, has sold off half of his property empire in the last year, it has been revealed.
So, is it time for the rest of us to follow suit? Here’s the best way to sell a buy-to-let property.
Whilst speaking about his decision and the buy-to-let market as a whole, the property guru, who at one time owned 900 houses, suggested that tougher lending criteria has made it too challenging for an amateur landlord to succeed.
The introduction of widely available buy-to-let mortgages in the 1990s enabled Mr Wilson and his wife, Judith, to prosper in the property game, but Mr Wilson says that stricter lending criteria, landlord stamp duty hikes and other changes mean that many landlords are simply unable to succeed.
Danny Luke, managing director of Quick Move Now, commented:
We’ve spoken before about the increasing challenges landlords and buy-to-let investors are facing.
When Britain’s biggest landlord is selling off half of his property empire, and stating how difficult current market conditions are for property investors, many other landlords are sure to follow suit.
With fear and uncertainty about how our exit from the European Union will affect property prices in the coming years, those with high loan-to-value mortgages or properties in areas that are seeing a significant slowdown in the market will be assessing their assets and thinking carefully about what their best move might be.
In recent months we’ve had a significant number of enquiries from the rental sector with landlord selling up and we expect this to continue to rise as we see increasingly challenging market conditions for property investors.
The buy-to-let business has changed dramatically in the last twenty years. In the mid-nineties, when buy-to-let mortgages were widely available with minimal deposit, it seemed that everyone was keen to invest in property.
In recent years, however, we have seen a huge turnaround in public perception of buy-to-let investors. They are now blamed for over-inflated house prices which stop would-be first time buyers from buying.
As a result, the government has imposed a number of measures in an attempt to dampen the investment market. Stamp duty increases, stricter legislation and increased responsibilities, and tax relief changes are just some of these measures.
What’s the best way for a landlord selling house?
If you’ve got a former buy-to-let or investment property that you’re keen to sell, Quick Move Now could buy your property and have the cash in your bank account in as little as 7 days.
For more information on how Quick Move Now could help you secure a quick, guaranteed house sale, call our friendly, professional team on: 0800 068 3366 or fill in the free, no-obligation estimate form.