During April this year, purchases by prospective landlords were drastically hindered in the wake of a major rise in stamp duty on second homes. Experts predicted a complete crash of the market.
However, despite all of the predictions the rental industry is ‘staging a fight back against governments efforts to rein it in’, says the Financial Times. The property portal Rightmove has recently reported a ‘surge in buyer interest and a steady stream of rental properties.’
This is great news for tenants in London, who have seen their rental prices drop by 0.7%.
Approximately 700 landlords are jointly taking legal action against the recent tax changes, arguing it undermines the principles of commercial taxation. Their judicial review bid was discarded earlier this month.