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London is the most expensive region to be a landlord


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19 Jun 2017

London Rental Price

London had been identified as the most expensive region in Britain to be a landlord, according to new research by Kent Reliance.

 

The study by the specialist mortgage lender shows that the average landlord spends £6,535 per property per year in the capital, or 32% of the amount they receive in rent, excluding mortgage costs and tax but including void periods.

 

The average UK landlord spends £3,632 per year, which equates to 34% of average rental income, which is almost half of the cost of London.

 

The North East of England had been identified as the cheapest region, where the average cost is £1,895 per property per year, or 34% of the amount that they receive in rent.

 

When looking at local authorities, landlords have the lowest running costs in Blaenau Gwent, Wales, where they average at £1,495.

 

Read more: Could the average London home really cost £867,000 by 2027?

 

John Eastgate, sales and marketing director of OneSavings Bank, said: “With a fifth of UK households living in rented accommodation, landlords play a crucial role in supporting the housing market as they bridge the gap between housing supply and demand.

 

“While taxes may seem to be a simple way to tackle the UK’s housing crisis, they will have a ripple effect, and will impact businesses who support the property industry as landlords apply cost cutting measures, or cause rents to rise as tenants cover the cost of rising taxes, or even both.

 

“Another factor that will emerge is a rise in professionalisation of the sector as amateur and accidental landlords leave the market, leaving fewer, bigger landlords. But this alone will not solve the nation’s housing crisis.”

 

At Discount Insurance we value our Landlords and we do our best to find Landlord Insurance suitable to your needs. Give us a call for a quick quote on 0800 294 4522today!


 
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