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Owners of multiple properties have ‘no choice but to sell’ because of Welsh Gov, landlord complains

13 Dec 2021 2 minute read
The keys to a property

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.”

‘Review’ 

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.”


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Andy Mayes
Andy Mayes
11 months ago

Hopefully, a large number of houses will be released on to the market and this will lead to a drop in house price, making it more affordable for people to buy a home in their own community. Surely landlords with large portfolios selling up and dumping their houses on the market is a good thing. It affords those who haven’t been able to buy the opportunity to create a home rather than live in someone else’s house. However, banks and building societies need to do their part and accept that if someone can afford X amount in rent, they can… Read more »

hdavies15
hdavies15
11 months ago
Reply to  Andy Mayes

Andy, Banks and building societies have no moral fibre to flex. That’s the problem. Also drop in interest rates some 10 years ago was in isolation a good thing but served only to feed higher property prices. Add to that the stupid arrangement fees and other clutter that feeds off transactions and all we’ve ended up with is a cost burden on buyers and sellers.

Barry Pandy
Barry Pandy
11 months ago
Reply to  hdavies15

I disagree, it is to rein in unscrupulous landlords. This is needed England as well as Wales.

GW Atkinson
GW Atkinson
11 months ago

Sweet, i’ll give you a tenner for your whole portfolio.

Pob lwc
Pob lwc
11 months ago

Good. The only people who need to own multiple houses are ths Government, who can then provide them at affordable rates to those in the most need.

M.R.
M.R.
11 months ago
Reply to  Pob lwc

Alan P. Where on earth are you getting these income figures? You are way way off, I do not know of any housing officer in Wales who earns £105,000, and I work in Local Government. And a secretary on 40k? I earn more than an administrator/secretary and I do not earn anywhere near 40k. Rent Smart Wales protects the landlord and tenant, there are far too many people living in sub standard accommodation, the private sector needs a body that will oversee them.

Owain Morgan
Owain Morgan
11 months ago
Reply to  M.R.

Housing officers are NOT executives! You are referring to Directors and their deputies, not housing officers. That sounds like the kind of skewed nonsense the Daily mail or Daily express would publish. You’re clearly against the public sector and expect executives in councils to do their private sector counterparts do. Feel free to go and live in a tax haven?! Enjoy spending £15 on a microwave meal and £5 on a loaf of bread 🙄😒

Gareth Wyn Jones
Gareth Wyn Jones
11 months ago
Reply to  M.R.

Less money for cronies?

Morris Dean
Morris Dean
11 months ago
Reply to  Pob lwc

Lol. Don’t know where those figures were dreamt up

Owain Morgan
Owain Morgan
11 months ago
Reply to  Morris Dean

He’s referring to what Housing directors and their deputies get paid in local authorities. He’s a bit biased against the public sector.

Last edited 11 months ago by Owain Morgan
Owain Morgan
Owain Morgan
11 months ago
Reply to  Pob lwc

I know GPS who don’t earn over £100,000, never mind housing officers. Where are those figures from? London?!

Backing private Landlords is one thing, but allowing them to be unregulated and letting them evict tenants at short notice is unacceptable. Bad tenants should be evicted, Good tenants should be protected by the law. If Landlords don’t want long term contracts with tenants then they shouldn’t be in the letting business.

John
John
11 months ago
Reply to  Pob lwc

Um, looking at their advertised jobs, £17500 k – why make things up?

Peter Cuthbert
Peter Cuthbert
11 months ago

I’m sorry but this is a rather poor Nation Cymru article and sounds more like a long Twitter rant. There is no mention of just how much the Land Transaction Tax is (on an average Welsh house it is 7.5%) nor are there any statistics supporting the David Gould’s assertions. He also claims that new restrictions are being imposed. What are these? Why not provide details or the relevant link to the Welsh Government website. If landlords wish to complain then the proposal to make all rental properties have an Energy Performance Certificate of C or above might be grounds… Read more »

Siarl
Siarl
11 months ago
Reply to  Peter Cuthbert

I am also a small landlord and couldn’t agree more, I also have no idea what David Gould is on about

Kerry Davies
Kerry Davies
11 months ago
Reply to  Peter Cuthbert

I always suspect landlords that complain about standards and regulation having lived through the Rachman times. A relative had savings that were earning tuppence in interest and a friend in the building industry whose workforce were underemployed. They set together, bought a run-down property, did it up during quiet times in the building game and rented it out at affordable rent. They did this a few times and have ended up with a handful of rentals and when Covid struck went round and interviewed each tenant personally. Some were grateful of a rent reduction, some wanted rents kept as they… Read more »

Doug
Doug
11 months ago
Reply to  Peter Cuthbert

I am from the U.S. and your political landscape looks so complex to me

Chad Simpson
Chad Simpson
11 months ago
Reply to  Doug

These are countries that take care of their people. I can understand how this would look foreign.

Bill
Bill
11 months ago

It actually makes more sense under current regs to by holiday homes as all the increased regulation is aimed at but to let.
holiday home:
tax relief on mortgage
entrpreneur relief on CGT
write down soft furnishings against tax
higher rents
so far at least higher capital growth
no tenant security of tenure
no council tax because of small business relief

its difficult to imagine how the politicians can get it so wrong

Steve George
Steve George
11 months ago

Just hang on while I get my infinitesimally tiny violin out!

Quornby
Quornby
11 months ago

They’ll be leaving for where exactly? Oh sorry….. Daft question.

Finn
Finn
11 months ago

Countries like Germany do well enough with far greater number of rental properties. Its the future for Wales.

Russell Willey
Russell Willey
11 months ago

Absolutely no idea what he’s on about. I’ve two rental properties and I’m under no pressure whatsoever to sell.

Gareth Wyn Jones
Gareth Wyn Jones
11 months ago
Reply to  Russell Willey

Exactly

Ed Jones
Ed Jones
11 months ago

Boo and a hoo!

Howard Smith
Howard Smith
11 months ago

My son and his wife ( in their thirties) live in North Wales and have saved and bought some properties which needed considerable renovation and weren’t mortgageable. They spent months renovating the properties to an extremely high standard, learning new skills along the way and have ensured that they have rented to local families who were living in inadequate housing. They are responsible landlords, responding immediate to any problems and resolving them quickly as well as carrying out regular inspections. Their rents are not exorbitant but provide sufficient income, in their opinion, to live on. They are not rich but… Read more »

Grayham Jones
11 months ago

No more second homes in wales 🏴󠁧󠁢󠁷󠁬󠁳󠁿 100 percent taxes on second homes in wales 🏴󠁧󠁢󠁷󠁬󠁳󠁿 take all second homes of them and give them to young welsh people who can’t get on the housing market because of incomers it’s time for a new wales 🏴󠁧󠁢󠁷󠁬󠁳󠁿 start fighting for your children and grandchildren future in wales 🏴󠁧󠁢󠁷󠁬󠁳󠁿

Dubdee
Dubdee
11 months ago
Reply to  Grayham Jones

“100% taxes” and in the same sentence, “take them off them.” You’re the reason the English laugh at us

CornWall
CornWall
10 months ago
Reply to  Grayham Jones

your the reason people will stop coming to wales and wont spend any money in your economy, no tourism, no investment and then normal socialist spiral of decline, because…..
Socialism makes you Poorer

Gavin
Gavin
11 months ago

“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.“

To some this is an industry and means to accumulate profits and wealth. Others just want a roof over their heads in a village they grew up in. If anyone here is more deserving of having their needs met, in my opinion, it is the latter.

CornWall
CornWall
10 months ago
Reply to  Gavin

your problem is there will be no where to live on declining jobs and wages, because there,s no reason to visit or spend any money there, jobs will go, and the spiral of decline of cheap houses and no one to afford them continues

Owain Morgan
Owain Morgan
11 months ago

This article lacks details and I don’t agree with the sentiment, but one cannot say that Nation.Cymru are biased one way or the other. They are taking views from all sides and publishing them.

Cofid
Cofid
11 months ago
Reply to  Owain Morgan

… unlike some other news platforms that are infested by Torybot comments.

B Williams
B Williams
11 months ago

Great! It’s about time someone fixed this.

Sarah
Sarah
11 months ago

Maybe if unemployment wasn’t so high in Wales local people would be able to afford their own homes, The Welsh government needs to look into how many families are on benefits and how many actually are employed. Wales has the highest unemployment, rather difficult to purchase a home when you don’t earn enough to pay a mortgage.Stop criticising the people who work hard, I have to travel over the border to work and earn a decent living wage to be able to afford my mortgage and home in Wales. What happened to diversity and living as one nation, why is… Read more »

Dave
Dave
11 months ago
Reply to  Sarah

The unemployment rate in Wales (3.7%) is lower than England (4.3%), Scotland (4.1%) and Northern Ireland (4.0%).

Dan
Dan
11 months ago

Your having a laugh aren’t you? There is nowhere near enough regulation from my experience. From my experience the sector is like the wild wild west. Personally I think Landlords have had it too good for too long. Exploiting tenants to doing poor maintenance I would never ever rent from a private Landlord again as to put it simply there is absolutely zero protection for tenants.

Last edited 11 months ago by Dan
David H
David H
11 months ago

Not my community. Tearing houses apart, leaving empty sells whilst they pull apart more houses. Parking where they like, blocking lanes, rubbish abandoned, endless noise. I for one will be delighted if they sell up and move on – quicker the better.

Jim
Jim
11 months ago

Good.

Ren
Ren
11 months ago

I didn’t know it was possible to evict evil landlords! everywhere must do this!!!

Jem
Jem
11 months ago

I do think that the government needs to think about how to help landlords with green upgrades. I have just started a property portfolio and I have upgraded 5 properties this year and there has been no help to make my properties greener. I am concerned that in a few years time I will have to rip out all my combi boilers and replace them with electric. I would have loved to have better insulated my properties but the margins are quite tight to make profits now. The one property that I did cost me an additional £2,000 which I… Read more »

Huw James
Huw James
11 months ago
Reply to  Jem

I commend your commitment to make your properties greener, and I don’t doubt that you are, as you say, a responsible landlord, but you are a landlord nonetheless and that is the heart of the problem: the potential problems you face are a lack of -in your own words – profit. Compare this to the plight of tenants whose income only just covers rent, and communities at the mercy of the latest property trends. (I’m one of the lucky few who live in social housing whose rent is for cost, not to line someone’s pocket). I’m not a Marxist/Anarcho-Syndicalist or… Read more »

Geraldean Swale
Geraldean Swale
11 months ago

Good, landlords with multiple properties being forced to sell, will allow first time buyers and young folk to be able to buy in their home town/village.

Linden Butters
Linden Butters
8 months ago

I am not mega wealthy and will always consider my tenants. I have two properties I rent out. One house has always caused problems from tenants. The last one left owing rent. She refused to let anyone in because of covid. She said her daughter was asthmatic. Fortunately she got a new council house. She posted the keys to the Estate Agents.She had left the house filthy, full of junk and uninhabitable. The air vents had even been sealed with plastic to create damp. It was the worst the clearance men had seen rotting food and dog poo in bags… Read more »

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