London has been identified as the most expensive region in Britain to be a landlord, according to fresh research by Kent Reliance.
The study by the specialist mortgage lender shows that the average landlord spends £6,535 per property per year in the capital, or 32% of the amount they receive in rent, excluding mortgage costs and tax but including void periods.
The average UK landlord spends £3,632 per year, which equates to 34% of average rental income, which is almost half of the cost of London.
The North East of England has been identified as the cheapest region, where the average cost is £1,895 per property per year, or 34% of the amount that they receive in rent.
When looking at local authorities, landlords have the lowest running costs in Blaenau Gwent, Wales, where they average at £1,495.
John Eastgate, sales and marketing director of OneSavings Bank, said: “With a fifth of UK households living in rented accommodation, landlords play a crucial role in supporting the housing market as they bridge the gap between housing supply and demand.
“While taxes may seem to be a simple way to tackle the UK’s housing crisis, they will have a ripple effect, and will impact businesses who support the property industry as landlords apply cost cutting measures, or cause rents to rise as tenants cover the cost of rising taxes, or even both.
“Another effect that will emerge is a rise in professionalisation of the sector as amateur and accidental landlords leave the market, leaving fewer, bigger landlords. But this alone will not solve the nation’s housing crisis.”