11th
Jan 2024
A digital mortgage lender’s new survey report uncovers the biggest worries private sector landlords have for this year including new tax regulations and rising mortgage costs.
Virtually half – 47 per cent – of respondents said mortgage rate increases is in the top 5 concerns for 2024 and is the most stressful worry for UK landlords.
Over half of Birmingham landlords – 54 per cent – is their biggest concern for 2024
Across the UK BTL investors are also apprehensive about what their interest rates increase has in store for them with 45 per cent listing it in their Top 5 worries for the year.
Nearly half of landlords - 44 per cent – have major concern over whether tenants will be able to pay their rent this year with 15 per cent saying this is their number one worry.
Over half of Manchester city landlords – 59 per cent – listed this issue in their top five stressors.
Perhaps this is understandable as the company’s recent survey found that 59 per cent of UK landlord respondents reported they have had to content with a rise in late payments due to rising cost of living issues.
The third biggest concern is the overburdened tax regulations including the slashing of capital gains tax allowances and BTL incomes tax rates with 36 per cent in their top five list.
Decorating, refurbishment, maintenance costs are also in the top five concerns with 34 per cent of landlords citing this as their fourth major worry for 2024.
Last but not least worries for UK landlords is the probability of insurance costs rises over this year for 34 per cent of respondents.
A spokesperson for the mortgage lender, said: “In order to get off on the right foot in 2024, landlords need to make sure they’re fully prepared for the year ahead.
“In particular, with the Rental Reform Bill being discussed in parliament, they need to be ready for the upcoming changes and should take steps to manage these proactively. It’s not too early to start thinking about how you might need to adapt to the changes. For example, do you need to review your portfolio, or will you be implementing a new pet policy?
“In general, landlords should also focus on keeping their properties well-maintained, acting quickly with any issues, and keeping communication lines open with tenants to make sure both parties are happy as we head into the new year.”
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