Taxation of property

Property Outlook

The property outlook for 2024 is somewhat better than it was a year ago. Rents remain high, mortgage costs look like they will come down following the reduction in the rate of inflation to 3.9% (November 2023), and the recent extension of the mortgage guarantee scheme for a further 18 months to June 2025 will help support property prices at the lower end of the market. Although further regulation – in the form of the Renters Reform Bill – is on the cards, the government has backtracked over the introduction of energy performance targets for landlords.

In Scotland, landlords are having to deal with a temporary rent cap and moratorium on evictions, with these measures running until 31 March 2024. The Scottish government’s intention is to introduce a permanent system of rent controls. The Welsh government has also consulted on possible rent controls.

All of this adds up to a very difficult decision for anyone looking to enter the buy-to let market as a new landlord.