More than nine out of 10 buy-to-let investors are set to lose money within five years due to forthcoming tax changes, a new study suggests.
They will make a loss on their investment regardless of where in the UK they invest, according analysis by the Daily Telegraph.
Its calculations suggest that landlords who borrow 75% of a property price today will be losing money each month by 2021 in 10 out of 11 British regions, including London.
Chancellor George Osborne's forthcoming tax crackdown, which will phase out higher rate tax 2017, is the main reason.
The other threat is a likely increase in mortgage rates over coming years.
It said a modest rise in the Bank of England's base rate will be worsened by tighter buy-to-let lending regulation that will drive up mortgage costs.
Its calculations assume the landlord pays income tax at the higher rate of 40% rate.
However, a study by the Council of Mortgage Lenders last week said that landlords are displaying considerable financial resilience despite growing threats to profitability.
It showed that three-quarters foresaw no problems in servicing their mortgage payments if rates rose by 1.5%.
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