Dear Esteemed Campaigners,
As we welcome the new year, I want to express my warmest wishes to you. I know that 2023 was a challenging year for many of us, especially for landlords and tenants. That's why I'm hopeful that 2024 will bring us more opportunities, stability, and harmony.
As you may know, the rental market is facing a challenging situation due to the rising mortgage costs and the unfair tax policies imposed by the government. I would like to share with you some facts and figures that show how these factors are affecting landlords and tenants alike.
● According to a recent survey by the National Residential Landlords Association (NRLA), almost two thirds of landlords expect their mortgage payments to increase over the next 12 months, leading to higher rents for tenants.
● The Bank of England has kept the base interest rate at 5.25 per cent, the highest in 15 years. This affects BTL investors more than homeowners, as most of their mortgages are interest-only. This means that landlords have to pay more interest every month, without reducing their principal debt.
● The NRLA urges the government to scrap the stamp duty levy on additional homes, which has reduced the supply of rental properties and pushed up rents. A study by the Centre for Economics and Business Research (CEBR) shows that removing the levy would create 900,000 new homes and boost the Treasury revenue by £10 billion over 10 years.
● The article also contains comments from landlords and agents, expressing their views on the article and the rental market. Some of them are supportive of our cause, while others are critical or indifferent.
You can read them here: [Landlords Warn Tenants - rents up in 2024 thanks to m... landlordtoday.co.uk]
These are some of the issues that we are facing as landlords and that we need to address as a community. We need to raise our voice and demand fair treatment from the government and the public. We need to educate our tenants and the media about the realities of the rental market and the benefits of renting. We need to work together to improve the standards and the reputation of our sector.
That is why I am asking for your support and your feedback. Please let me know what you think of these facts and figures, and what you would like the government to do.
Please share this message with your fellow landlords and tenants, and encourage them to join our campaign. Together, we can make a difference.
Thank you for your time and your trust.
Franklin Iziren