Landlords have no option but to increase rents
Britain’s biggest private landlord is increasing rents by up to 33%.
Fergus Wilson, who owns 900 units in Kent, blames Chancellor George Osbourne for his decision to increase the rent he charges on a three-bed home from £900 per month to £1200.
Landlords have no choice in response to budget tax changes sharply reducing the amount of top-end tax that can be offset against mortgage interest paid, he says.
However, Wilson also told The Guardian that most of the local demand is from migrants who are willing to pay higher rents than other local residents.
“I will not be asking the current tenants to leave but will serve them with a Section 13 Notice to increase the rent so that they have the opportunity to move to another landlord should they wish,” he said.
“That is if they can find a house of the same quality and a price they can afford. By the time they have paid out fees, some will take the view there is not much in it.”
If you are a landlord seeking higher returns but are unable to devote the time needed to manage and maintain a property, contact Assetgrove.
Our guaranteed rent scheme not only gives landlords a fixed monthly income for up to five years, we take care of everything so you can get on enjoying your life, leaving us to look after your property as if it were our own.
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