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“It will cost me an extra £2,500 a year,” said France, who owns seven properties in Merseyside and Essex, including three homes in Chelmsford, which are houses of multiple occupancy.
“I can’t absorb that kind of hit. We’ve already been hammered by rising interest rates and other changes to the sector, and I’ve tried to feed that through gently to tenants. But I had to write to all of them and say I’ve had to do some recalculations and rents will be going up again from next year.”
How much are they making a year off seven properties? Isn’t £2500 the same 2-5% cost of living hike we’ve all seen? Hell some people who commute to London have taken that yearly hit (or almost) on public transport price hikes alone!
The tax increase is 2% so the increase of £2500 means they’re already paying £125,000 a year in tax on their properties. That would put them in the top rate of tax at 47% if its their sole income which means they’re still going to be raking in more than £130,000 a year minus other costs.
In other words, they’re a greedy arse hole and I don’t care that he “can’t afford” to lose a little money.
But he can’t buy an eighth. Let the man live!
The good news is that the houses are still there and they are still fully occupied.
