Sussex renters face bleak future as housing crisis deepens

According to new data released by the National Residential Landlords Association (NRLA) for the fourth quarter (Q4) of 2022, 81 per cent of private landlords in the South East reported rising demand for rented housing.

This was up from the 68 per cent of respondents who reported seeing the same trend in Q4 2021.

Elsewhere, research consultancy BVA-BDRC, found that just seven per cent of landlords in the south east plan to increase the number of properties they rent out in 2023.

In contrast over a third (37 per cent) said they planned to cut the number they let. In Q4 2021, a quarter of landlords (24 per cent) in the region planned to cut the number of properties they rented out.

According to the Bank of England, the mismatch between the demand for, and supply of rented housing, is in part a consequence of higher borrowing costs and tax hikes on the sector.

The Bank forecasts that by the end of this year, monthly mortgage repayments for buy-to-let landlords will likely rise on average by around £175.

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It also issued a warning setting out how a fifth of landlords with such a mortgage will face increases of over £300.

Ahead of the Budget, the NRLA is calling on the Government to undertake a full review of the impact of tax rises on the sector.

It argues that a tax review of this kind should make the sector “more financially attractive to smaller landlords.”