Landlords planning to increase rents to help cope with recent tax changes!
A recent survey by Cover4LetProperty found that a significant number of private landlords are planning to increase rents to help cope with the recent tax changes.
32.5% of landlords are planning to increase the rents in the next 12 months, in order to keep up with the increased tax liabilities and costs they will incur as a result of legislation changes, which include the scrapping of interest relief on mortgage payments.
On the other hand, 83% of buy-to-let investors said they are not looking to increase or decrease their property portfolio in the next 12 months. In fact, just 14% of private landlords are looking to expand their portfolio within the next year.
The same survey asked how happy the landlords are with their tenants, with 93% of landlords saying they were happy, 6% responding to say they are “50/50” and just 1% saying they are unhappy.
Around half of the landlords responding were property investors, with the other half typically becoming accidental landlords due to remarriage, inheritance or moving abroad and letting their home out.
Looking forward, many landlords have responded to say they are worried about the impact that the “government meddling” will have on the private rented sector, along with the increase in tax liabilities and possible changes to come as a result of Brexit.
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