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Monday, March 06, 2017

Landlords resist wringing tenants dry

The 'greedy' label put on landlords has been undermined by Homelet's latest Rental Index.

Their research (3726 respondents) puts annual rental growth in February 2017 at just 0.8%; falling below the consumer price index; currently growing at 1.8% per year.

Homelet reports that the average rent for a new tenancy in February was £895 per month. This compares with £888 recorded 12 months earlier.

The survey found that the majority of landlords were resistant to raising the rent, with landlords seemingly wanting to keep hold of tenants for the long term instead of squeezing out the maximum rent. 

This is supported by 96% of landlords that were surveyed saying they are happy with their existing tenants.

Martin Tott from HomeLet comments: 

“In recent months, we have seen landlords treading very carefully with rental price rises, amid concerns about tenants’ ability to pay. With more than one in five landlords [21%] blaming an increase in their tax liability for raising rents, it remains to be seen if this can sustain.

Landlords will hope the Chancellor does not make it harder for them to continue supporting their tenants in this way, with further changes to the tax system or legislation, as he prepares to unveil his Budget on the 8th March.”

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