Simply Business comments on the 2021 Autumn Budget for landlords

Alan Thomas, UK CEO at Simply Business, one of the UK’s largest insurance providers for small businesses and landlords, comments on the 2021 Autumn Budget for landlords.

“Landlords across the UK will have welcomed the chancellor’s decision to not announce an increase on capital gains tax in today’s Budget – especially when coupled with the recent boiler upgrade scheme and £65 million support package for rent arrears. However, it remains clear that landlords face further challenges in their recovery from the impact of Covid-19, and that more support is needed over the coming months and years.

“Over half (51%) of residential landlords lost rental income as a result of the pandemic, with a staggering 46% losing up to £10,000 – an amount that could have repercussions for years to come. It comes as no surprise that only 7% of landlords are looking to buy property in the coming months. The reasons for this are clear – 56% expect long-term property prices to increase, while 23% are reluctant to buy while the future of the market is so uncertain.

“It’s vital the government considers the role landlords play in our collective recovery. Contributing over £16 billion annually, an exodus of smaller landlords from the buy-to-let market would have a devastating impact on the UK economy. What’s more, landlords are crucial to our communities, offering much-needed accommodation to over 4.4m households.”

See the full report on the impact of Covid-19 on UK landlords.

Kindly shared by Simply Business

Main photo courtesy of Pixabay