Landlords have disclosed their biggest worries for 2024 including rising mortgage costs and new tax laws, according to new survey from digital mortgage lender Molo.
Nearly half (47%) of landlords surveyed said that mortgage rates going up is one of their top five worries for 2024, making this the most pressing issue for landlords in the UK.
It’s the main source of stress for landlords in Birmingham, with over half (54%) of Brummie landlords ranking this within their top concerns for 2024.
Landlords across the country are also concerned about interest rates increasing in 2024, with 45% of landlords selecting this within their top five worries.
This is the biggest concern in London, with just under half (49%) of landlords in the capital city admitting rising interest rates are within their list of most pressing stressors for the year.
Over two-fifths (44%) of landlords are also worried about tenants being unable to pay rent. One in six (15%) landlords voted this as their number one worry for 2024. Regionally, it’s the biggest concern in Manchester, with 59% of landlords in the city voting it within their top five worries for 2024.
These worries are perhaps rooted in experience. According to a recent Molo study, 59% of landlords across the UK have seen an increase in late payments amidst the cost-of-living crisis.
Coming in third is new tax laws, such as buy-to-let income tax rates and reduction of capital gains tax allowances, with over a third (36%) of landlords selecting this as one of their top five concerns.
Cost of decorating and maintenance is another main concern. About 34% of landlords cited this as their fourth biggest concern for this year.
And finally, UK landlords are also worried about their insurance prices increasing, with a further 34% citing this as a big worry for 2024.
Molo VP of strategy Mark Michaelides said: “In order to get off on the right foot in 2024, landlords need to make sure they’re fully prepared for the year ahead.
“In particular, with the Rental Reform Bill being discussed in parliament, they need to be ready for the upcoming changes and should take steps to manage these proactively. It’s not too early to start thinking about how you might need to adapt to the changes. For example, do you need to review your portfolio, or will you be implementing a new pet policy?
“In general, landlords should also focus on keeping their properties well-maintained, acting quickly with any issues, and keeping communication lines open with tenants to make sure both parties are happy as we head into the new year.”
