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Monday, September 14, 2015

King of buy-to-let raises rents by 30%

We have highlighted the highs and lows of Fergus Wilson the so called King of Buy-To-Let  in his journey as one of the UK's biggest private landlords.  Despite a number of attempts to unload his residential investment portfolio he still seems very much 'in the game!'  Apparently, the collapse of the Shanghai Stock market has know calmed demand from Chinese investors.

In his latest move he is responding to the rising demand from migrant workers by increasing the rent on one of his portfolio of 900 new build properties in Kent by up to 33% from £900 to £1200.  Most of the demand locally is coming from migrants he says who are prepared to pay more than locals.

The rental market in Maidstone in Kent is apparently overheating and Fergus is using this strong demand by using a section 13 notice to increase rents.

Fergus has justified his rent rises on the forthcoming removal of the higher rate income tax relief by the Chancellor.  Unfortunately, most of us landlords don't have the opportunity to increase our rents by such large amounts.  To check out the latest changes in the average rent then have a look at our Rentindex website.

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