"Your support makes all the difference. Rachel Reeves' new landlord tax will cause the rental market to dry up and push record-high rents even higher, a leading figure in the property market has warned. In a stark warning to the chancellor, Simon Gammon, the founder and managing director of mortgage brokers Knight Frank Finance, said her Budget decision to hike tax on landlords' rental incomes by 2 per cent will be the last straw for many, forcing them to sell up."
"He said: The nonsense is that the more properties that come to the market, the less they will be available for rental, and therefore the rents will continue to go up. Which doesn't help anybody. It comes after it emerged that the Treasury failed to conduct an impact assessment on how the new levy would impact rents or housing stock supply."
The Independent sends journalists to report on developing stories across reproductive rights, climate change and technology and keeps content free by relying on donations. Donations fund on-the-ground reporting and investigative projects. A 2 per cent increase in tax on landlords' rental incomes has been introduced in the Budget. Simon Gammon of Knight Frank Finance warned the levy will force many landlords to sell, reducing rental stock and pushing rents higher. The Treasury did not conduct an impact assessment of the levy on rents or housing supply. Average UK rents rose 8 per cent in 2023 and 9 per cent in 2024; London saw 11.5 per cent growth.
Read at www.independent.co.uk
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