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Thirty per cent of UK landlords have hiked rental prices as tax increases bite

Rent Costs London

Thirty per cent of landlord have hiked rents in response to tax and regulatory changes according to a new survey of the rental market.

The study conducted by BDRC Continental on behalf of Foundation Home Loans revealed that 30 per cent of landlords have hiked rental prices, with the greatest proportion doing so in the East Midlands (41 per cent).

More than a third – 38% – of landlords said they had reviewed the size of their portfolios to ensure they could withstand any creeping costs, while 7% have sold off properties to either reduce portfolio sizes or diversify.

Furthermore, 19 per cent of landlords with 20 or more rental properties have reduced the size of their property portfolios by selling off property.

Aside from political uncertainty, many landlords have been deterred by recent tax changes, including the phasing out of tax relief for higher-rate taxpayers and the introduction of a 3% stamp duty surcharge.

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Jeff Knight, marketing director, Foundation Home Loans, said: “Landlords have been met with a raft of changes, from stamp duty charges to shifts in tax policy, and the lack of certainty on the political front has clouded the picture somewhat. The response has been to ‘batten down the hatches’, streamlining larger portfolios and protecting income by increasing rents – decisions that can be reviewed once the buy to let market is more accommodating.

“The fact remains that, whether it’s as a stepping stone to home ownership or a longer term lifestyle decision for tenants, the rental sector is an increasingly important part of the housing mix. This will ultimately be best served by a wide choice of property, and good landlords who can have confidence in decent returns.”

Percentage of UK landlords who raised rents, by region

UK 30%
East of England 33%
East Midlands 41%
London (Central) 24%
London (Outer) 24%
North East 23%
North West 35%
Scotland 15%
South East 33%
South West 31%
Wales 23%
West Midlands 31%
Yorkshire 31%

Percentage of UK landlords who reviewed portfolio size, by region

UK 38%
East of England 40%
East Midlands 50%
London (Central) 45%
London (Outer) 40%
North East 43%
North West 34%
Scotland 35%
South East 40%
South West 38%
Wales 32%
West Midlands 35%
Yorkshire 28%

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National Renters AllianceThe National Renters Alliance helps tenants and renters with common renting problems and bad landlords and letting agents. Services include helping renters recover money unfairly taken from deposits and help with property maintenance issues amongst other services.

Landlords and letting agents have always had an unfair advantage over tenants and renters which has only strengthened with housing crisis which is decades in the making. The National Renters Alliance has a cumulative experience of 20 years helping tenants and renters in both the private and social rental sector.

If your landlord or letting agent is not fulfilling their repairing duties as a landlord or have unfairly taken money from your deposit, contact us today and see how we can help you.

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