Home  London Property News  Landlords have no option but to increase rents

Landlords have no option but to increase rents

Reading Time: 2 Mins Read

Britain’s biggest private landlord is increasing rents by up to 33%.

Britain’s biggest landlord blames Chancellor for raising rents by up to 33%.

Britain’s biggest landlord blames Chancellor for raising 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.

For more information on this story,  click on the link below:

Letting Agent Today

Image credit: Linus Bohman (flickr.com)

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

Related Post

Smoke and Carbon Monoxide Alarm Regulations for Landlords in the UK
Updates: 8 Mins Read
Smoke and Carbon Monoxide Alarm Regulations for Landlords in the UK

You might believe that a fire or incident of carbon monoxide poisoning is unlikely to happen in your rental property. Sadly, such tragedies are all

Advice for landlords with cash flow difficulties
Updates: 2 Mins Read
Advice for landlords with cash flow difficulties

Buy-to-let landlords struggling to make ends meet as a result of the coronavirus pandemic have been given the option of deferring their self-assessment tax payments

How to add value to your home in the UK – 9 Tips
Updates: 5 Mins Read
How to add value to your home in the UK – 9 Tips

Looking to add value to your rental property? Discover nine ways to add value to your property.