The National Residential Landlords Association has warned ministers to curb the growing cost of being a landlord \u2013 or risk the rental market becoming even more expensive for tenants.<\/p>\n
Amidst the ongoing conflict in the Middle East, the financial advice website, Moneyfacts, warned of higher rental payments for tenants as landlords face \u201csoaring borrowing costs\u201d.<\/p>\n
Ben Beadle, chief executive of the National Residential Landlords Association, said: \u201cWhilst the government cannot be held responsible for the impact of the conflict in the Middle East, it should take action where its own policies will lead to higher rents.<\/p>\n
\u201cGrowing taxes, uncertain costs associated with the Renters\u2019 Rights Act and the ongoing housing benefit freeze will create the perfect storm for tenants.<\/p>\n
\u201cWith so many people reliant on the sector for a place to call home, ministers need to recognise the real-world consequences of their decisions.\u201d<\/p>\n
According to Moneyfacts analysis, landlords taking out a mortgage now pay an average of \u00a31,100 more a year than they would have at the start of March.<\/p>\n<\/p>\n
UK landlords have been ordered to pay 2% more income tax on their rental profits from April 2027. The basic rate will rise from 20% to 22%, the higher rate from 40% to 42%, and the additional rate from 45% to 47%<\/p>\n
Then there\u2019s the Renters Rights Act, which comes into force in May and introduces reforms including the abolition of Section 21 and periodic tenancies.<\/p>\n
Investors are also expected to pay up to \u00a310,000 per property to meet new energy efficiency requirements from the government, which come into force from 2030.<\/p>\n
Beadle added: \u201cIt is simply stereotyped nonsense that every landlord can somehow absorb ever-increasing costs indefinitely. They can\u2019t, and as a result, it is tenants who will suffer most as rents continue to creep up.\u00a0<\/p>\n
\u201cThe government needs to take action to support renters and ensure a healthy, vibrant market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Residential Landlords Association has warned ministers to curb the growing cost of being a landlord \u2013 or risk the rental market becoming even more expensive for tenants. Amidst the ongoing conflict in the Middle East, the financial advice website, Moneyfacts, warned of higher rental payments for tenants as landlords face \u201csoaring borrowing costs\u201d. […]<\/p>\n","protected":false},"author":1,"featured_media":6229,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n