“Against this backdrop of interest rate rises and the cost of living crisis squeezing families, landlords can do their bit to support tenants and help ease some of the strain” he says.
Collar-Brown accepts that in recent years landlords have had to endure rising costs caused by stamp duty increases on second properties as well as the withdrawal of tax relief on mortgage interest.
“Couple this with the same cost of living challenges facing tenants and its inevitable that at some point the rent will need to go up. The question is, by how much?” asks Collar-Brown.
He says the government needs to step up and support landlords and tenants to avoid investors exiting the market and indirectly triggering rent rises because of a stock shortage.
But he then adds: “There is a real opportunity here for landlords to play their part (if they are able) in helping to ease the financial strain that is impacting the lives of so many but they need the support of the government with fast and immediate action. Those that play the long-game and take an approach that appreciates the sensitive situation tenants are in are likely to reap the rewards.”