Posted: 2nd October 2024

Mortgage hikes crank rents to even higher peaks

More than half of private landlords may be compelled to increase rents next year as they face a surge in mortgage costs.

Research conducted for the National Residential Landlords Association (NRLA) reveals that 60% of landlords anticipate a rise in their mortgage repayments, even though a quarter of them plan to renegotiate their loans.

This development comes on the heels of the Bank of England's announcement last week that the base interest rate will remain at a 15-year peak of 5.25%.

Data from Hamptons indicates that landlord investors throughout the UK are currently paying £15 billion in annual mortgage interest, marking a 40% increase over the past year.

According to the Bank of England, the buy-to-let market is particularly vulnerable to the effects of rising interest rates, with 82% of mortgages in this sector being interest-only. In contrast, only 11% of owner-occupier mortgages fall into this category.

The NRLA urges the Government to assist the sector by eliminating tax increases, which have diminished the availability of rental homes and contributed to escalating rents.

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