According to a recent PRS landlord survey held by an insurance company, 90 per cent have or will increase rents.

The survey was held with 600 UK landlords and 50 per cent of respondents stated that they have had to increase their rents earlier in the year because of interest rate rises and half of these intend to do it again.

However 40 per cent of landlords that took part in the survey said they have resisted increasing rents but will have to if the Bank of England introduces further interest rate rises.

Of the 50 per cent of landlords that had already increased rents, said they had to do this because there was no other way of being able to afford the base rises’ effect of increased mortgages. 

The insurance company says that over half a million of UK landlords are experiencing rental arrears down to the ever increasing cost of living crisis and the underfunded local housing allowance.

What is further exacerbating this calamitous situation is that 58 per cent of respondents will be making the decision as to whether to sell up if further interest rate increases come into force.

Regardless of the financial burdens impacting landlords they are still open to working with their tenants as 50 per cent implied they could consider not increasing their rents if tenants were suffering from financial issues, if they were asked they may be willing to help.

A spokesperson for the insurer, says: “Our research shows that a large majority of landlords are willing to help their tenants in the short-term with rent freezes or reductions, this is not financially sustainable for most landlords.

“If mortgage rates climb too high many will have to confront the choice of last resort, either increasing rents or selling property.