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Ball, Michael (2016)
Publisher: University of Reading
Languages: English
Types: Book
Financial returns in the English private rented sector should be central to examination of its performance but robust estimates are scant. Here, the results of a simulation exercise based on a discounted cash flow investment appraisal are reported. Returns on own capital are estimated for 10-year long residential property investments made in successive years from 1996 to 2015. They suggest that, once costs, taxes and variability are taken into account, landlords’ returns are far more modest than is often believed and are worse for those that borrow and who pay higher rates of income tax. Some implications for the sustainability of the current size of the private rented sector are discussed, where it is concluded that investor behaviourial motives are important but that the sector may be vulnerable to a sustained market shock.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • ARLA (2016) Association of Residential Letting Agents Private Rented Sector Report. May, 2016, ARLA, Warwick.
    • Ball, M. (2005) Buy to Let. The revolution 10 years on. Assessment and Prospects, Association of Residential Letting Agents, Amersham, Bucks.
    • Ball, M. and Glascock, J. (2005) Property Investment Funds for the UK: potential impact on the private rental market, Council of Mortgage Lenders, London.
    • Baum, A. and Crosby, N. (2007) Property Investment Appraisal, Blackwell, Oxford.
    • Beer, A (1999) “Housing Investment and the Private Rental Sector in Australia”, Urban Studies 36(2), 255-269.
    • Bentley, D. (2015) The Future of Private Renting. Shaping a fairer market for tenants and taxpayers, Civitas: Institute for the Study of Civil Society, London.
    • BoE (2016) Underwriting standards for buy-to- let mortgage contracts. Consultation Paper CP11/16, Bank of England Prudential Regulation Authority, London.
    • Crook, T. and Kemp, P. (2011) Transforming Private Landlords: housing, markets and public policy, Wiley-Blackwell, Chichester.
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