Renters could be pushed out of London

New research reveals landlords in London and the south east are facing a 125% increase in monthly mortgage payments, or £574 on average. Martin Stewart, director of London Money, said the firm had monitored its BTL transactions for six months from last September. He said that this would be pressure on renters as landlords sought to recoup their additional costs via rental increases. He warned that this may result in a “displaced work demographic as renters may be forced to relocate to cheaper areas while “many landlords could defer urgent remedial work on properties due to the damaged cashflow”. He added: “Whilst we have seen rates rise across the board for all forms of lending, I think BTL landlords are going to be acutely affected because of the way the market works due to background stress tests".

City AM (20/03/2023)