Owners of multiple properties have ‘no choice but to sell’ because of Welsh Gov, landlord complains
A landlord has complained that owners of multiple properties have “got no choice but to sell” because of Welsh Government legislation.
David Gould, co-owner of The Landlords Letting Company, has claimed that over the last five to 10 years he has seen first hand the “demise” of the rental industry in Wales.
He said that the Welsh Government has been “putting more restrictions and costs against” landlords and letting agents.
Gould also claimed that over the last three years many landlords have been “leaving and selling up”, and that with “new restrictions being imposed it prevents new landlords from buying”.
He told WalesOnline: “The Welsh Government has been hammering away at this industry and against the agents and landlords putting more restrictions and costs against us. It has been a barrage to navigate over the last few years.
“As a result if you’ve got multiple properties you’ve got no choice but to sell. Over the last two to three years particularly we have seen so many landlords leaving and selling up. I’m expecting the rate in which landlords start selling their properties to increase.
“With new restrictions being imposed it prevents new landlords from buying, which means less houses are available to rent, which makes it even more competitive.”
He has argued for a review of the current legislation as he believes it targets the wrong areas of Wales.
He said: “The government need to review the land transaction tax and make it different for coastal towns as that’s the area that they are trying to tackle. In doing so they have had a huge impact on the rental market throughout Wales.
“Most communities are crying out for investors to buy properties, except in coastal towns as they are driving communities to the brink of collapse, but they have destroyed the central part of Wales where investments are needed.”