Adverse changes to tax rules have led to the sale of 116,000 buy to let properties in the last year, as less favourable tax treatment of buy to lets contribute to rising rents
The UK residential market has lost 116,000 buy-to-let properties in the last year, with the number of rental homes dropping from 4,579,000 to 4,463,000, according to analysis.
On top of that, around 70,000 buy-to-let landlords have exited the market in the last year, with the number dropping from 2.82m landlords in 2020 to 2.75m in 2021.
It is believed that this is largely due to the substantial tax increases levied on the sector by restrictive changes to the tax rules, which have encouraged many landlords to leave.
Of course many motorsport business owners use buy to let properties as their pension fund and these investors have been hit particularly hard bu the peverse tax rule changes.