It's Budget day, so you'll be refreshing the news anyway. Here's what landed while you waited.
The lead: your ombudsman has an operator
Housing minister Matthew Pennycook has said the government expects the Housing Ombudsman Service to set up and run the new private rented sector ombudsman, in a written answer to Becky Gittins MP, as reported by Property118. Regulations in force since 17 September let ministers designate a scheme offering tenants free, impartial redress.
You don't have to join yet. Further regulations will say which landlords must join and when, and no joining fee has been given. Awards to tenants are capped at £25,000, in line with the existing cap for property agent redress, and the cap will be reviewed within five years of the scheme being approved. Tenants can still go to court for more.
A free route for tenants means a complaint can reach you more easily. That's fair, and a good landlord with good records has little to fear. Keep your repair logs, emails and inspection photos in one folder now. If an agent manages your property, ask how they expect the scheme to work for landlords like you, because that isn't published yet.
Budget day: nearly 80% of landlords expect bad news
A survey of about 2,000 landlords for lender Landbay found almost 80% fear more tax rises in today's Budget, as reported by Landlord Today. Waiting has a price: 22% delayed buying another property, 16% put off remortgaging, 14% delayed improvements and 12% held off on a decision to sell. Still, 52% delayed nothing.
Chancellor John Healey is due to speak this afternoon. It's unclear whether landlords face new taxes, and The Negotiator reports that major capital gains tax changes are ruled out. Propertymark has asked for a review of property taxation as a whole and for the return of the Landlord's Energy Saving Allowance.
Nothing is confirmed until the Chancellor sits down. If you've paused a decision, you'll know more by tonight. Read the Budget documents on gov.uk, or ask your accountant, before acting on a WhatsApp summary.
Landlords sold at a loss: £1.15bn of it
Losses from landlords selling residential investments rose 32% in the last tax year, from £870m to £1.15bn, according to Bowmore Wealth Group's analysis of HMRC figures, as reported by Landlord Today. Those are losses actually realised on sales. Bowmore says paper losses are likely much higher.
Bowmore points to flat prices (Lloyds' September index shows no change nationally over 12 months and a 2.2% fall in London), higher mortgage costs and the Renters' Rights Act.
If you're weighing a sale, get a realistic valuation and add up the full cost of selling before you list. Ask your accountant whether a loss could count against other gains.
Quick hits
- Deposits: in a survey by lettings agency LRG, 38.2% of tenants didn't know they can challenge deductions through a government-backed scheme, and 21.8% of landlords didn't know tenants have that right, per Landlord Today. About 1% of protected deposits needed formal adjudication in the year to March 2025, and cleaning was the cause in 54% of those. Take dated photos at check-in and check-out, and itemise any cleaning cost.
- Insurance: Tesco Insurance is entering private landlord cover through Prestige Underwriting's Open & Direct brand, sold online or by phone, as reported by Landlord Today. No prices or policy terms are out yet. When your renewal comes round, compare what's covered, not just the premium.
- Mood: in Landbay's survey, 28% of landlords feel positive about their buy-to-let business, up from 22% last time, and 34% plan to buy more in the next year, as reported by Property118. If you're feeling gloomy, you have company, but not everyone is selling.
Number of the day: 29%
That's the share of landlords in Landbay's survey who name mortgage rates and finance costs as their biggest worry, ahead of further tax changes at 26%, as reported by Property118. Today's Budget gets the headlines, but the bill that arrives every month is the mortgage. If your fix ends in the next few months, ask your broker for a quote now.