Landlords plan to increase rents to cover new tax changes
A new survey by Residential Landlords Association (RLA) has found 84% of landlords plan to increase rents to cover the recent new tax increases. The survey also found 78% of landlords would not be investing in property in the near future with 50% considering selling property.
The changes in the tax including the extra 3% stamp duty on 2nd properties is having the desired impact of increasing the supply of properties to first time buyers. However those unable to buy and currently rent will be negatively impacted.
RLA Chairman Alan Ward said: “The Chancellor’s tax policies are impacting on tenants’ lives – not only are more than four in five facing rent increases but half of landlords may be selling rented property, which might result in tenants being given notice to leave their properties.
“Ministers need to end the myth that landlords are to blame for the country’s housing crisis and base policy on fact, not political expediency.”