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New research from the Residential Landlords Association shows that private landlords are being forced to increase rents just to meet their mortgage obligations and other costs.
Thanks to the Chancellor's tax clampdown on buy-to-let, as well as rising letting costs, many landlords profits have been completely wiped out. Therefore rent hikes are the inevitable aftereffect for landlords to at least break even.
The recent survey conducted by the RLA shows that 84% of landlords questioned are likely to consider increasing rents following the decision to withdraw the level of tax relief that they can claim. So with no option but to recoup their losses through higher rents, tenants are ultimately going to pay the price of another government's 'unfair tax grab'.
From next April landlords will see their tax relief cut until it is removed altogether and replaced with a 20% credit against mortgage interest.
Alan Ward, chairman of the RLA, said: “Landlords do not want to increase rents unnecessarily but many will have to if they are stay in business as a result of these wholly unreasonable tax increases.
“It is unfortunately tenants who will end up paying the price either through higher rent bills or finding it more difficult to find somewhere suitable to live.
“We welcome the concern of many MPs and hope that they will be able to persuade the Government to change its mind.”
At Landlord Referencing Services we welcome regulation of any profession that deals with others personal details and lives.
What we don’t agree with is that all private housing legislation, new and old, is highly weighted towards the Tenant.
What LRS would like to see is a complete redress of the balance between landlords and tenants; whereby proper regulations are put in place to stop rogue tenants being able to get away with stealing rents via Universal Credit, illegal sub-letting and damaging private rented properties.
Until then, why not consider joining our system? Not only can we provide you with up-to-date details of rent arrears and damages direct from a tenants previous landlord but we can also inform you of a rogue tenant on the move in your area – as quickly as up to 1 hour from when they left their last property, via our unique Tenant Alerts!
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