237 Stotfold Landlords – Is This a Legal Tax Loop-Hole?

173 image

In November 2015, George Osborne disclosed plans to restrain the buy-to-let (BTL) market, implying its growing attractiveness was leaving aspiring first time buyers contesting with landlords for the restricted number of properties on the market.  One of things he brought in was that tax relief on BTL mortgages would be capped, starting in April 2017.  Before April 2017, a private landlord could claim tax relief from their interest on their BTL mortgage at the rate they paid income tax – (i.e. 20% basic / 40% higher rate and 45% additional rate).

So, for example, let’s say we have a Stotfold landlord, a high rate tax payer who has a BTL investment where the rent is £900 a month and the mortgage is £600 per month.  In the tax year just gone (2016/17), assuming no other costs or allowable items, the figures are below:

  • Annual rental income £10,800.
  • Taxable rental income would be £3,600 after tax relief from mortgage relief
  • Meaning they would pay £1,440 in income tax on the rental income

And assuming no other changes, the landlord would have income tax liabilities (at the time of writing May 2017) in the tax years of:

  • (17/18) £1,800
  • (18/19) £2,160
  • (19/20) £2,520
  • (20/21) £2,880

Landlords who are higher rate tax payers are going to have be a lot smarter with their BTL investments and ensure they are maximising their rental properties full rental capability.  However, there is another option for landlords.

The Stotfold landlords who own the 237 Rental properties

in the town could set up a Limited Company and sell their

property personally to that Limited Company

In fact, looking at the numbers from Companies House, many landlords are doing this.  In the UK, there are 93,262 buy-to-let limited companies, and since the announcement in November 2015, the numbers have seen a massive rise.

  • Q2 2015 / Q3 2015 – 4,193 Buy to Let limited companies set up
  • Q4 2015 / Q1 2016 – 5,403 Buy to Let limited companies set up
  • Q2 2016 / Q3 2016 – 3,007 Buy to Let limited companies set up
  • Q4 2016 / Q1 2017 – 7,149 Buy to Let limited companies set up

 

173 Stotfold Graph

By selling their buy to let investments to their own limited company, owned 100% by them, these landlords could then offset the costs of running their BTL’s as an ‘allowable expense’ – effectively writing off the cost of 100% of their mortgage outgoings, wear and tear and upkeep, letting agent’s fees etc.

I am undeniably seeing more Stotfold landlords approach me for my thoughts on setting up a BTL limited company, so should you make the change to a limited company?

In fact, I have done some extensive research with companies house and in the 15 months between 1st January 2016 to 31st March 2017, 67 buy-to-let limited companies have been set up in the SG postcode alone.

If you are looking to hold your BTL investments for a long time, it could be very favourable to take the short-term pain of putting your BTL’s in a limited company for a long-term gain.  You see, there are huge tax advantages to swapping property ownership into a limited company but there are some big costs that go with the privilege.

As the law sees the new limited company as a separate entity to yourself, you are legally selling your BTL property to your limited company, just like you would be selling it on the open market.  Your limited company would have to pay stamp duty on the purchase and if you (as an individual) made a profit from the original purchase price, there could be a capital gains tax liability of 18% to 28%.  The mortgage might need to be redeemed and renegotiated too and this could come with exit charges.

On a more positive note, what I have seen by incorporating (setting up the limited company) is landlords can roll up all their little buy to let mortgages into one big loan, often meaning they obtain a lower interest rate and the ability to advance new purchase capital.  Finally, if the tax liability is too high to swap to a limited company, some savvy buy to let investors are leaving their existing portfolios in their personal name whilst purchasing any new investment through a limited company, just an idea, not advice!

It’s vital that landlords get the very best guidance and information from tax consultants with the right qualifications, experience and insurance.  Whatever you do, always get the opinions from these tax consultants in writing and you shouldn’t hurry into making any hasty decisions.  The modifications to BTL tax relief are being progressively eased in over the next three years so there is no need to be unnerved and rush into any decisions before finding out the specifics as they relate precisely to your personal situation.  With decent tax planning from a tax consultant and good rental / BTL portfolio management (which I can help you with), whatever you do, let’s keep you the right side of the line!

6.82 Babies born for each new home built in the Stotfold area

166 - Biggleswade

As more babies are being born to Stotfold and  Central Bedfordshire mothers, I believe this increase will continue to add pressure to the over stretched Stotfold property market and materially affect the local property market in the years to come.

On the back of eight years of ever incremental increasing birth rates, a significant 6.82 babies were born for every new home that was built in the Central Bedfordshire Council area in 2016.  I believe this has and will continue to exacerbate the Stotfold housing shortage, meaning demand for housing, be it to buy or rent, has remained high.  The high birth rate has meant Stotfold rents and Stotfold property prices have remained resilient, even with the challenges the economy has felt over the last eight years, and they will continue to remain high in the years to come.

This ratio of births to new homes has reach one its highest levels since 1945 (back in the early 1970’s the average was only one and a half births for every household built).  Looking at the local birth rates, the latest figures show we in the Central Bedfordshire Council area had an average of 66.7 births per 1,000 women aged 15 to 44.  Interestingly, the national average is 61.7 births per 1,000 women aged 15 to 44 and for the region its 67.6 births per 1,000 women aged 15 to 44.

166 - National Graph JPEG (fixed graph) - to be used to add weight to your local graph

The number of births  from Stotfold  and Central Bedfordshire women between the ages of 20 to 29  are close to the National average, but those between 35 and 44 were much higher.

 However overall, the birth rate is  still increasing and when  that fact is  combined  with the ever-increasing life  expectancy in the Stotfold area, the high levels of net migration into the area over the last 14  years (which I talked about in the previous articles)  and the  higher predominance of single person households … this can only mean one thing … a huge increase in the need for housing in Stotfold.

Again, in a previous article a while back, I said more and more people are having children as tenants because they feel safe in rented accommodation.  Renting is becoming a choice for Stotfold people.

The planners and politicians of our local authority, central Government and people as a whole need to recognise that with individuals living longer, people having more children and whilst divorce rates have dropped recently, they are still at a relatively high level (meaning one household becomes two households) … demand for property is simply outstripping supply.  The simple fact is more Stotfold properties need to be built, be that for buying or renting.

Only 1.1% of the Country is built on by houses.  Now I am not suggesting we build tower blocks in the middle of the  Stotfold Nature Reserve , but the obsession of not building on any green belt land should be carefully re-considered.

Yes, we need to build on brownfield sites first, but there are not  hundreds of acres of brownfield sites in Stotfold, and what brownfield sites there are, building on them can only work with complementary public investment.  Many such sites are contaminated and are not financially viable to develop, so unless the Government put their hand in their pocket, they will never be built on.

I am not saying we should crudely go ‘hell for leather’ building on our Green Belt, but we need a new approach to enable some parts of the countryside to be regarded more positively by local authorities, politicians and communities and allow considered and empathetic development.  Society in the UK needs to look at the green belts outside their leisure and visual appeal, and assess how they can help to shape the way we live in the most even-handed way.  Interesting times

Should the 1,155 home owning OAP’s of Stotfold be forced to downsize?

164 pic v3

This was a question posed to me on social media a few weeks ago, after my article about our mature members of Stotfold society and the fact many retirees feel trapped in their homes.  After working hard for many years and buying a home for themselves and their family, the children have subsequently flown the nest and now they are left to rattle round in a big house.  Many feel trapped in their big homes (hence I dubbed these Stotfold home owning mature members of our society, ‘Generation Trapped’).

Should we force OAP Stotfold homeowners to downsize?

In the original article, I suggested that we as a society should encourage, through building, tax breaks and social acceptance that it’s a good thing to downsize. But should the Government force OAP’s?

One of the biggest reasons OAP’s move home is health (or lack of it).  Looking at the statistics for Stotfold, of the 1,155 homeowners who are 65 years and older, whilst 681 of them described themselves in good or very good health, a sizeable 366 home owning OAPs described themselves as in fair health and 105 in bad or very bad health.

164 Graph Stotfold

9.54% of Stotfold home owning OAP’s are in poor health

If you look at the figures for the whole of Central Bedfordshire District Council (not just Stotfold), there are only 818 specialist retirement homes that one could buy (if they were in fact for sale) and 956 homes available to rent from the Council and other specialist providers (again, you would be waiting for dead man’s shoes to get your foot in the door) and many older homeowners wouldn’t feel comfortable with the idea of renting a retirement property after enjoying the security of owning their own home for most of their adult lives.

My intuition tells me the majority ‘would be’ Stotfold down-sizers could certainly afford to move but are staying put in bigger family homes because they can’t find a suitable smaller property.  The fact is there simply aren’t enough bungalows for the healthy older members of the Stotfold population and specialist retirement properties for the ones who aren’t in such good health … we need to build more appropriate houses in Stotfold.

The government’s Housing White Paper, published recently, could have solved so many problems with the UK housing market, including the issue of homing our ageing population. Instead, it ended up feeling annoyingly ambiguous. Forcing our older generation to move with such measures as a punitive taxation (say a tax on wasted bedrooms for people who are retired) would be the wrong thing to do.  Instead of the stick, maybe the Government could use the carrot tactics and offered tax breaks for down-sizers.  Who knows, but something has to happen?

Come to think about it, isn’t the word ‘downsize’ such an awful word?  I prefer to use the word ‘decent-size’ instead of ‘down-size’ as the other phrase feels like they are lowering themselves as though they are having to downgrade themselves in their retirement (and let’s be frank – no one likes to be downgraded).

The simple fact is we are living longer as a population and constantly growing with increased birth rates and immigration. So, what I would say to all the homeowners and property owning public of Stotfold is … more houses and apartments need to be built in the Stotfold area, especially more specialist retirement properties and bungalows.  The government had a golden opportunity with the White Paper and were sadly found lacking.

A message to my Stotfold property investor readers, whilst this issue gets sorted in the coming decade(s), maybe seriously consider doing up older bungalows as people will pay handsomely for them be that for sale or even rent?  Just a thought!

 

What will the General Election do to 3,077 Stotfold Homeowners?

168 image

In Stotfold, of the 3,978 households, 1,171 homes are owned without a mortgage and 1,906 homes are owned with a mortgage. Many homeowners have made contact me with asking what the General Election will do the Stotfold property market?  The best way to tell the future is to look at the past.

I have looked over the last five general elections and analysed in detail what happened to the property market on the lead up to and after each general election. Some very interesting information has come to light.

Of the last five general elections (1997, 2001, 2005, 2010 and 2015), the two elections that weren’t certain were the last two (2010 with the collation and 2015 with unexpected Tory majority). Therefore, I wanted to compare what happened in 1997, 2001 and 2005 when Tony Blair was guaranteed to be elected/re-elected versus the last knife edge uncertain votes of 2010 and 2015 … in terms of the number of houses sold and the prices achieved.

Look at the first graph below comparing the number of properties sold and the dates of the general elections:

168 Graph One

It is clear, looking at the number of monthly transactions (the blue line), there is a certain rhythm or seasonality to the housing market. That rhythm/seasonality has never changed since 1995 (seasonality meaning the periodic fluctuations that occur regularly based on a season – i.e. you can see how the number of properties sold dips around Christmas, rises in Spring and Summer and drops again at the end of the year).

To remove that seasonality, I have introduced the red line. The red line is a 12 month ‘moving average’ trend line which enables us to look at the ‘de-seasonalised’ housing transaction numbers, whilst the yellow arrows denote the times of the general elections. It is clear to see that after the 1997, 2001 and 2005 elections, there was significant uplift in number of households sold, whilst in 2010 and 2015, there was slight drop in house transactions (i.e. number of properties sold).

I then wanted to consider what happened to property prices. In the graph below, I have used that same 12-month average, housing transactions numbers (in red) and yellow arrows for the dates of the general elections but this time compared that to what happened to property values (pink line):

168 Graph Two

It is quite clear none of the general elections had any effect on the property values.  Also, the timescales between the calling of the election and the date itself also means that any property buyer’s indecisiveness and indecision before the election will have less of an impact on the market.

Finally, what does this mean for the landlords of the 388 private rented properties in Stotfold?  As I have discussed in previous articles (and just as relevant for homeowners as well) property value growth in Stotfold will be more subdued in the coming few years for reasons other than the general election. The growth of rents has taken a slight hit in the last few months as there has been a slight over supply of rental property in Stotfold, making it imperative that Stotfold landlords are realistic with their market rents. However, in the long term, as the younger generation still choose to rent rather than buy the prospects, even with the changes in taxation, mean investing in buy-to-let still looks a good bet.  If you want to find out more about the Stotfold property market or need some advice please feel free to pop into the office, phone us on 01462 894565 or e-mail us at: lettings@satchells.co.uk.

 

39 Properties For Sale in Stotfold … is this a good time to sell?

image12017 has started with some positive interest in the Stotfold property market.  Taking a snap shot of the Stotfold property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.

Let us first consider the number of properties for sale, compared to   twelve  months ago:

Stotfold 159 Table 1

When we add in building plots and other types of properties that do  not   fit into the four main categories, that means there are 39 properties for sale today compared with 15 a year ago, a rise of 160%.

Secondly, Stotfold asking prices, compared
to the same as a year ago, are 3.96% higher..

With that in mind, I wanted to look at what property was actually selling for in Stotfold. Taking my information from the Land Registry, the last available six months property transactions for SG5 4 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so March 2017 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.

Stotfold 159 Table 2

What does all this mean for the property
 owning folk of Stotfold?

With more property on the market than a year ago and asking prices 3.69% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy to let landlords or people moving up the Stotfold property ladder have much more price information about the Stotfold property market at their fingertips than ever before.

Stotfold 159 Graph.png

Those Stotfold people who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market. Over the last 12 months, I have noticed the approach of a few Stotfold estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and will not waste their time asking for a brochure. They will not   even view the property, let alone make an offer. So when the price is reduced a few months later, the property has become market stale and continues to be ignored.

Whilst the Stotfold property market has an unassailable demand for property, there is one saying that always rings true:

As long as the property is being marketed
at the right price it will sell.

If you want to know if your Stotfold property is being marketed at the right price, send me a web link and I will give you my honest opinion.

Stotfold’s ‘Generation Trapped’ and the £702.5m legacy

Generation Trapped Pic 3

I have previously written an article on the plight of the Stotfold 20 something’s often referred to by the press as ‘Generation Rent’.  Attitudes to renting have certainly changed over the last twenty years and as my analysis suggested, this change is likely to be permanent. In the article, whilst a minority of this Generation Rent feel trapped, the majority don’t – making renting a choice not a predicament. The Royal Institution of Chartered Surveyors (RICS) predicted that the private rental sector is likely to grow substantially by 1.8m households across the UK in the next 8 years, with demand for rental property unlikely to slow and newly formed households continuing to choose the rental market as opposed to buying.

However, my real concern for Stotfold homeowners and Stotfold landlords alike, is our mature members of the population of Stotfold.  Currently OAP’s (65+ yrs in age) in Stotfold are sitting on £282.9m of residential property.  However, what about the ‘Baby Boomers’, the 50yr to 64yr old Stotfold people and what their properties are worth – and more importantly, how the current state of affairs could be holding back those younger generation renters.

In Stotfold, there are 672 households whose owners are aged between 50yrs and 64yrs and about to pay their mortgage off.  That property is worth, in today’s prices, £255.2m. There are an additional 433 mortgage free Stotfold households, owned by 50yr to 64yr olds, worth £164.4m in today’s prices, meaning…

Stotfold 156 Graph

Stotfold Baby Boomers and Stotfold OAP’s are sitting

on £702.5m worth of Stotfold Property

These Stotfold Baby Boomers and OAP’s are sitting on 1,850 Stotfold properties and many of them feel trapped in their homes, and hence I have dubbed them ‘Generation Trapped’.

Recently, the English Housing Survey stated 49% of these properties owned by the Generation Trapped, as I have dubbed them, are ‘under-occupied’ (under-occupied classed as having at least two bedrooms more than needed). These houses could be better utilised by younger families, but research carried out by the Prudential suggest in Britain it’s estimated that only one in ten older people downsize while in the USA for example one in five do so.

The growing numbers of older homeowners who want to downsize their home are often put off by the difficulties of moving. The charity United for all Ages, suggested recently many are put off by the lack of housing options, 19% by the hassle and cost of moving, 14% by having to de-clutter their possessions and 14% by family reasons such as staying close to children and grandchildren.

Helping mature Stotfold (and the country) homeowners to downsize at the right time will also enable younger Stotfold people to find the homes they need – meaning every generation wins, both young and old. However, to ensure downsizing works, as a Country, we need more choices for these ‘last time buyers’.

Theresa May and Philip Hammond can do their part and consider stamp duty tax breaks for downsizers, our local Council in Stotfold and the Planning Dept. should play their part, as should landlords and property investors to ensure Stotfold’s ‘Generation Trapped’ can find suitable property locally, close to friends, family and facilities.

 

Great buy-to-let investment opportunity in Arlesey

This property has gone onto the market with Express Estate Agency.  A good size flat in a location just round the corner from the station – an ideal purchase for an investor with a potential yield of 5.1%.  View ASAP before it goes.   Take a look at the advert here

12 properties a year need to be bought in Stotfold to satisfy tenant demand

Shefford image

The good old days of the 1970’s and 1980’s eh … with such highlights lowlights as 24% inflation, 17% interest rates, three day working week, 13% unemployment, power cuts … those were the days (not)… but at least people could afford to buy their own home. So why are the 20 and 30 something’s not buying in the same numbers as they were 30 or 40 years ago?

Many people blame the credit crunch and global recession of 2008, which had an enormous impact on the Stotfold (and UK) housing market. Predominantly, the 20 something first-time buyers who, confronting a problematic mortgage market, the perceived need for big deposits, reduced job security and declining disposable income, discovered it challenging to assemble the monetary means to get on to the Stotfold property ladder.

Credit crunch

However, I would say there has been something else at play other than the issue of raising a deposit – having sufficient income and rising property prices in Stotfold. Whilst these are important factors and barriers to homeownership, I also believe there has been a generational change in attitudes towards home ownership in Stotfold (and in fact the rest of the Country).

Back in 2011, the Halifax did a survey of thousands of tenants and 19% of tenants said they had no plans to buy a home for themselves. A recent, almost identical survey of tenants, carried out by The Deposit Protection Service revealed, in late 2016, that figure had risen to 38.4%, with many no-longer equating home ownership to success and believing renting to be better suited to their lifestyle.

You see, I believe renting is a fundamental part of the housing sector, and a meaningful proportion of the younger adult members of the Stotfold population choose to be tenants as it better suits their plans and lifestyle. Local Government in Stotfold (including the planners – especially the planners), land owners and landlords need an adaptable Stotfold residential property sector that allows the diverse choices of these Stotfold 20 and 30 year olds to be met.

This means, if we applied the same percentages to the current 826 Stotfold tenants in their 237 private rental properties, 317 tenants have no plans to ever buy a property – good news for the landlords of those 91 properties. Interestingly, in the same report, just under two thirds (62%) of tenants said they didn’t expect to buy within the next year.

Does that mean the other third will be buying in Stotfold in the next 12 months?

155 Stotfold

Some will, but most won’t … in fact, the Royal Institution of Chartered Surveyors (RICS) predicts that, by 2025, that the number of people renting will increase, not drop. Yes, many tenants might hope to buy but the reality is different for the reasons set out above.

The RICS predicts the number of tenants looking to rent will increase by 1.8 million households by 2025, as rising house prices continue to make home ownership increasingly unaffordable for younger generations.  So, if we applied this rise to Stotfold, we will in fact need an additional 99 private rental properties over the next eight years (or 12 a year) … meaning the number of private rented properties in Stotfold is projected to rise to an eye watering 336 households.

With 826 people in Private Rented Properties in Stotfold – Should you still be investing in Stotfold Buy To Let?

153 graphic no2

If I were a buy to let landlord in Stotfold today, I might feel a little bruised by the assault made on my wallet after being (and continuing to be) ransacked over the last 12 months by HM Treasury’s tax changes on buy to let. To add insult to injury, Brexit has caused a tempering of the Stotfold property market with property prices not increasing by the levels we have seen in the last few years. I think we might even see a very slight drop in property prices this year and, if Stotfold property prices do drop, the downside to that is that first time buyers could be attracted back into the Stotfold property market; meaning less demand for renting (meaning rents will go down). Yet, before we all run for the hills, all these things could be serendipitous to every Stotfold landlord, almost a blessing in disguise.

Stotfold has a population of 9,636, so when I looked at the number of people who lived in private rented accommodation, the numbers astounded me …

Table 153 - Stotfold

Graph 153 StotfoldGraph2 153 Stotfold

Yields will rise if Stotfold property prices fall, which will also make it easier to obtain a buy to let mortgage, as the income would cover more of the interest cost. If property values were to level off or come down that could help Stotfold landlords add to their portfolio. Rental demand in Stotfold is expected to stay solid and may even see an improvement if uncertainty is protracted. However, there is something even more important that Stotfold landlords should be aware of: the change in the anthropological nature of these 20 something potential first time buyers.

I have just come back from a visit to my wife’s relations after a family get together. I got chatting with my wife’s nephew and his partner.  Both are in their mid/late twenties, both have decent jobs in Stotfold and they rent. Yet, here was the bombshell, they were planning to rent for the foreseeable future with no plans to even save for a deposit, let alone buy a property. I enquired why they weren’t planning to buy? The answers surprised me as a 40 something, and it will you. Firstly, they don’t want to put cash into property, they would rather spend it on living and socialising by going on nice holidays and buying the latest tech and gadgets. They want the flexibility to live where they choose and finally, they don’t like the idea of paying for repairs. All their friends feel the same. I was quite taken aback that buying a house is just not top of the list for these youngsters.

So, as 8.6% of Stotfold people are in rented accommodation and as that figure is set to grow over the next decade, now might just be a good time to buy property in Stotfold – because what else are you going to invest in?  Give your money to the stock market run by sharp suited city whizz kids – because at least with property – it’s something you can touch – there is nothing like bricks and mortar!

 

 

Has the rental sector in our town changed forever?

People

The Stotfold housing market has gone through a sea change in the past decades with the Buy-to-Let (B-T-L) sector evolving as a key trend, for both Stotfold tenants and Stotfold landlords.

A few weeks ago, the Government released a White Paper on housing. I have had a chance now to digest the report and wish to offer my thoughts on the topic. It was interesting that the private rental sector played a major part in the future plans for housing. This is especially important for our growing Stotfold population.

In 1981, the population of Central Bedfordshire stood at 211,700 and today it stands at 274,000.

Graph 157 Biggleswade

Currently, the private rented (B-T-L) sector accounts for 8.3% of households in the town.  The Government want to assist people living in the houses and help the economy by encouraging the provision of quality homes, in a housing sector that has grown due to worldwide economic forces, pushing home ownership out of the reach of more and more people. Interestingly, when we look at the 1981 figures for homeownership, a different story is told.

64.03% Stotfold people owned their own home in 1981

26.28% Stotfold people rented from the Council or Housing Association in 1981

 and 9.44% Stotfold rented from a Private Landlord     

The significance of a suitable housing policy is vital to ensure suitable economic activity and create a vibrant place people want to live in. With the population of Central Bedfordshire set to grow to 349,266 by 2037 – it is imperative that Central Bedfordshire District Council and Central Government all work actively together to ensure the residential property market doesn’t hold the area back, by encouraging the building and provision of quality homes for its inhabitants.

One idea the Government has proclaimed is a variety of measures aimed at encouraging the Build-to-Rent (B-T-R) sector (instead of the B-T-L sector). These include allowing local authorities to proactively plan for B-T-R schemes, and making it simpler for B-T-R developers to offer inexpensive private rented homes.

To do this, the government will invent a distinct affordable housing class for B-T-R, called ‘Affordable Private Rent’, which will oblige new homes builders to provide at least 1 in 5 of a new home developments at a 20% discount on open-market rents and three year tenancies for tenants. In return, the new home builders will get better planning assurances.

Private landlords will not be expected to offer discounts, nor offer 3-year tenancies – but it is something Stotfold landlords need to be aware of as there will be greater competition for tenants.

Over the last ten years, home ownership has not been a primary goal for young adults as the world has changed. These youngsters expect ‘on demand’ services from click and collect, Amazon, Dating Apps and TV with the likes of Netflix. Many Stotfold youngsters see that renting more than meets their accommodation needs, as it combines the freedom from a lifetime of property maintenance and financial obligations, making it an attractive lifestyle option.

Private rented housing in Stotfold and Central Bedfordshire, be it B-T-L or B-T-R, has the prospective to play a very positive role.