Steve Walsh, a full-time landlord, says he had been considering buying another property but is increasingly unsure about whether to expand“Anti-landlord” tax changes in the Budget show that the Government wants to push those who rent out their properties “off a cliff” and could lead to higher rents,
“With the supply of rental homes so limited and record high rents, this is going to make life even more difficult for tenants.” Tougher tax treatment is not the only headwind landlords face. Mortgage rates have shot up over the past two years, leaving many landlords facing remortgage with the option of raising tenants’ rents dramatically to cover their higher costs, cover the loss themselves or sell up.
The 59-year-old said: “They’re closing that tax advantage while providing no help to families and young people who can neither afford to buy or rent. Steve, formerly a software consultant and now a full-time landlord, said he had been considering buying another property but is increasingly unsure about whether to expand.
Competition is fierce, with 11 tenants vying for each property listed to rent on the site between October and December last year – nearly triple the four at this time in 2019.Polly Neate, chief executive of Shelter, said the Government is making a “political choice” to ignore the UK’s “housing emergency spiralling out of control”.