Tax Changes on Buy to Let & Professional HMOs
I read in the papers that the new tax changes are slowing down lending on both Buy to Let and Professional HMOs. Probably Manchester Buy to Lets and Professional HMOs are much different than London due to the increased yields. It is getting harder and harder to buy “Good” deals. We get outbid but we do not relent. We keep on putting in offers….we keep on viewing… We are conveying on one property in Salford at a ridiculous price today. We had to work and clean up the title plus the property needs a complete full refurb…bring back to the brick as well as working on the roof. This property was at our solicitors since June 2016. We have another property in Eccles next we are conveying on. This one also is a piece of work. Complete disaster inside. We love these because our builders know exactly what to do and to do quickly.
I would have thought that it would become easier to find properties, however in Manchester it seems only getting tougher. There fore we are looking for bigger conversion projects as much less competition. However the ones we have been working on since January have been 3 months of slow motion aggravation full of issues from title issues to structural issues.
Joys of UK Property
Recent Comments