London is the most expensive part of Britain

lonLondon has been identified as the most expensive part of Britain to be a landlord, followed by the South East while the North East of England is the cheapest. According to the research from specialist lender Kent Reliance, The average cost for a landlord in London, excluding any mortgage and tax and including void periods, is £6,535 a year. In the South East landlords spend an average of £3,691 or 37% of rental income while in the East of England it is £3,212, or 35%. Landlords have faced with rising tax burdens following stamp duty changes introduced last year and mortgage tax relief changes which came into effect in April, many could be looking to cut costs, targeting letting agent fees, property maintenance and mortgage costs. However, one in five are considering raising rents to get back some of these costs from their tenants.

John Eastgate, sales and marketing director at OneSavings Bank: “With a fifth of UK households living in rented accommodation, landlords play a crucial role in supporting the housing market as they bridge the gap between housing supply and demand, While taxes may seem to be a simple way to tackle the UK’s housing crisis. They will have a ripple effect, and will impact businesses who support the property industry as landlords apply cost cutting measures, or cause rents to rise as tenants cover the cost of rising taxes, or even both. Another effect that will emerge is a rise in professionalization of the sector as amateur and accidental landlords leave the market, leaving fewer, bigger landlords. But this alone will not solve the nation’s housing crisis.”

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