Labour's budget will force up rents for tenants and they know it! Despite all the tax rises heaped out to landlords over the last few years by the Tories, the increase on stamp duty on Buy-to-Lets will simply force up rents even further for tenants.

The tax will deter landlords thinking of investing in Buy-to-Lets and with so many selling up it will further decrease the supply of private rentals. This will in turn drive rental prices up. Those landlords that do buy will also want to ensure that they cover the 5% charge in their rent, so tenants will inevitably pay for it.

On a typical two bedroomed terrace in Belfast, the 2% will equate to an extra £2,500 for buyers. 

Labour had the opportunity to exclude private social housing from the rise, and indeed reverse other tax rises to help stabilise and even reduce rents for tenants on lower incomes, but they ignored the people that put them into power and it is they who will end up paying more rent because of that. 

Key One Property offer LET ONLY or LET & MANAGE services.