City Sales & Lettings Liverpool and today confirm they will be advising their landlords to increase their rents with immediate effect due to the ban on Lettings agents fees by the current Chancellor and the restriction on mortgage interest relief by the former chancellor increasing the running the cost of a property business so substantially that no do so would materially impair their ability to make a return on their expense.
There are now 180 pieces of legislation an owner of a property business has to comply with and here are just a few;
Citywide Selective Licensing
Right to rent checks
How to rent disclosure
Serving prescribed information to tenant
Director of City Sales & Lettings John Bullock said, "Agents & property owners are being hit with more and more compliance which costs money at a time our fee earning potential is being removed. And of course interest paid to serve mortgages is being treated as income from April 2017 and these political decisions will impact tenants and landlords harshly whilst failing to improve the quantity and quality of housing in the U.K. Today I am advising all landlords to increase their rents to cover their costs".
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