Follow the money: what Shelter’s own accounts reveal

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Property118

Follow the money: what Shelter’s own accounts reveal

Millions of people donate to Shelter believing they are helping to put a roof over someone’s head, but what happens to that money once it arrives?

The answer is not hidden, it is published every year in Shelter’s audited accounts, yet very few donors ever read them.

When David Knox FCA, known to Property118 readers as “Appalled Landlord”, began examining those accounts several years ago, he did something simple.

He took out a calculator.

What he found raised questions that have never been fully addressed.

This article revisits Shelter’s latest accounts to see what the numbers say today.

The headline numbers

Shelter’s 2024/25 annual report shows total income of £76.960m, compared with £81.331m in the previous year.

Of that, £49.628m is recorded as donations and legacies. This is the largest single income stream and represents the voluntary support of individual donors and supporters.

Statutory grant and contract income is shown at £9.400m.

Retail income is reported at £12.830m.

These figures alone tell a story of scale. Shelter is not a marginal campaign group, it is a substantial national organisation operating with an income comparable to mid-sized commercial enterprises.

Scale invites examination.

The cost of raising voluntary income

The accounts disclose £19.147m of expenditure on raising donations and legacies.

Placed alongside £49.628m of voluntary income, this produces a ratio of approximately 38.6p spent for every £1 raised within that income stream.

That figure is drawn directly from the audited notes. It is not an estimate and it does not rely on interpretation.

Shelter’s public messaging states that 29p of every £1 donated is spent on fundraising. The audited line item labelled “expenditure on raising donations and legacies” appears higher when expressed as a proportion of the voluntary income total.

There may be legitimate accounting explanations for this difference, including allocation methods and definitional scope. However, from the face of the accounts alone, readers cannot replicate the 29p figure by dividing the disclosed fundraising line by the disclosed voluntary income line.

David Knox’s earlier analyses focused on exactly this type of reconciliation question. His concern was not whether fundraising costs existed, but whether published summaries matched audited disclosure in a way that an ordinary donor could understand.

That question remains relevant.

Retail operations

Retail activity is often perceived as a dependable contributor to charity income. In 2024/25 Shelter reports retail income of £12.830m and retail costs of £14.831m.

After allocation of support costs, this produces a net loss of £2.001m on retail operations for the year.

Some might ask how a national retailer whose stock is mainly donated and has volunteer staff actally manages to lose money. It’s a fair question.

Retail losses do not automatically imply inefficiency. They may reflect strategic investment, restructuring, or property rationalisation. However, the headline assumption that charity shops are consistently profitable is not borne out by this year’s figures.

In previous years, retail produced modest surpluses. The current position represents a marked change and deserves attention.

Statutory income and organisational character

Shelter reports £9.400m in statutory grant and contract income for 2024/25.

This is materially lower than the voluntary income total but still significant. It confirms that Shelter operates partly within publicly funded frameworks, delivering services under contract or grant arrangements.

David Knox FCA previously questioned whether Shelter’s identity was closer to that of a campaigning body, a government contractor, or a traditional charity providing direct housing relief. The current accounts show a diversified income base combining donations, contracts and retail activity.

Shelter does not own or operate housing stock. Its primary activities are campaigning, advice, legal support, and research. Whether that aligns with public perception of the word “shelter” is a matter for readers to consider, but the operational model is clear from the financial statements.

Executive remuneration and scale

The accounts disclose the Chief Executive’s remuneration at £147,491 for the year.

Charity leadership pay is often controversial. Context matters. Shelter employs a large workforce and manages national operations. The appropriate level of executive pay is ultimately a governance question, but transparency in disclosure allows informed debate.

Again, this is consistent with David Knox’s approach.

What has changed since David’s review?

When David last examined Shelter’s accounts in detail, voluntary income was lower and the cost of raising it sat at around thirty pence in the pound.

The 2024/25 figures suggest both higher income and a higher proportional fundraising cost within the voluntary income category.

Total organisational income has grown, reinforcing Shelter’s influence in national housing discourse.

These are not minor movements. They reflect structural evolution over time.

Why this matters

Shelter plays an active role in shaping legislation affecting landlords and tenants across England and beyond. Its statistics are cited in parliamentary debates. Its press releases influence national media coverage. Its campaigns contribute to policy direction on issues such as eviction reform and tenant protections.

When an organisation exercises that degree of influence, scrutiny of its financial transparency is not hostility; it is accountability.

David Knox FCA understood that scrutiny and criticism are not the same thing. Scrutiny is the act of reading what is published and asking whether it aligns with what is said.

This article has done no more than that.

In the next part of this series, we will examine how Shelter’s public fundraising messaging aligns with its audited disclosures in more detail, and whether the reconciliation can be clearly demonstrated from the financial statements alone.

The arithmetic deserves careful reading.

David Knox FCA, who wrote for Property118 under the pseudonym “Appalled Landlord”, passed away on 21 January 2020. His investigative work, including his scrutiny of Shelter’s published accounts, remains available in the Property118 archive. This series revisits the same type of publicly available source material in the analytical spirit of his work. A tribute to David can be read here.

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Government says support in place for landlords ahead of Making Tax Digital

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Property118

Government says support in place for landlords ahead of Making Tax Digital

The government has claimed it is offering support to landlords ahead of the introduction of Making Tax Digital, despite a slow uptake in registrations.

As previously reported by Property118, with less than a month to go until Making Tax Digital comes into force, only around 5% of taxpayers, including landlords, have signed up.

Under the controversial scheme, from April 2026, landlords earning more than £50,000 will be required to keep digital records and submit quarterly updates to HM Revenue & Customs using authorised MTD-compliant software.

MTD will help landlords

In a written question, Labour MP Tanmanjeet Singh Dhesi asked: “What recent assessment has the government made of the adequacy of HMRC support available for (a) sole traders and (b) landlords to help ensure they can meet the Making Tax Digital deadline.”

Labour MP Dan Tomlinson said the government was taking steps to help landlords meet the April deadline.

He said: “Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier.

“The government is undertaking a range of activities to ensure those needing to use Making Tax Digital for Income Tax from April 2026 are ready and able to do so successfully.

“This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of Making Tax Digital-compatible products are available, to suit different needs and budgets. Free options will support those with the simplest affairs.”

He adds: “Supporting its introduction is a dedicated team of fully-trained Making Tax Digital advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of Making Tax Digital users.

“Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes.”

No advantage to MTD

As previously reported by Property118, despite the government claiming Making Tax Digital will help landlords, an accountant says this is not the case.

Simon Misiewicz previously told Property118: “There’s no real benefit beyond maybe streamlining some of the work you already do, does it help with tax returns and submissions? The truth is, I can’t see how.

“There’s no advantage for the individual in submitting quarterly returns, because HMRC doesn’t do anything with them until the end of the year. You don’t pay your taxes any earlier, and there is no real cash-flow benefit for the government”.

The government admitted in the Making Tax Digital impact assessment that landlords earning £50,000 could incur an average transitional cost of £285 and an average annual additional cost of £115.

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House prices rise in March as supply hits 11-year high

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Property118

House prices rise in March as supply hits 11-year high

Average asking prices for newly listed homes rose by 0.8% in March, climbing £3,023 to £371,042 as the spring selling season begins.

Rightmove says the increase follows an unusually flat February and that March normally brings a lift in asking prices.

However, the pace of house price growth is modest and is now close to the long-term average.

The number of homes available for sale is currently at an 11-year high, giving buyers a wider choice of properties and limiting stronger price increases.

The volume of properties for sale means they are taking longer to secure a buyer with the average time now the longest recorded for this stage since 2013.

Homes for sale

Rightmove’s property expert, Colleen Babcock, said: “March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market.

“With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice.

“Many sellers are facing stiff competition and the longest average time to sell at this time of year since 2013.”

She added: “In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home is critical.

“Our research shows that relying on later price reductions is a much tougher and less effective strategy when buyers are very price sensitive and have so many alternatives to choose from.”

Sale numbers up

Rightmove’s data shows the number of sales being agreed is 2% lower than the same point last year, while standing 5% higher than the equivalent period in 2024.

New supply entering the market shows a similar pattern which are 3% below last year but 7% higher than in 2024.

Buyer demand had already been running below last year’s levels before the conflict began.

Since the start of the Iran war, that level has not dropped further.

Regional price rises

Lower-priced regions are recording stronger annual growth with the North West showing a 2.6% increase in asking prices over the past year.

However, London saw a 2.1% fall.

Asking prices for homes with zero to two bedrooms have fallen by 0.4% over the past year.

By contrast, mid-market second-stepper homes have risen by 0.6%, while the largest homes at the top end of the market show no annual change.

Also, Rightmove’s daily mortgage tracker shows the average two-year fixed mortgage rate rising to 4.51%, up from 4.24% a week earlier.

Property sector reaction

Nathan Emerson, the CEO of Propertymark, said: “Consumers are generally in a far stronger position to purchase a property than they were a year ago, mainly due to several successive base rate cuts and falls in the rate of inflation as well.

“Our member agents have reported an encouraging start to the year, with a sense of resilience when looking at the number of properties being placed for sale and the number of viewings on each available property too.”

Tomer Aboody, the director of specialist lender MT Finance, said: “Plenty of stock, in line with the time of year, is keeping prices in check to an extent, which is good news for those who are keen to move.

“The north-south divide illustrates how important affordability is when it comes to people’s ability to move house.

“In the more expensive south, price growth is more muted as buyers face more of a struggle in raising the necessary deposit and demonstrating enough income to satisfy lenders.”

Jeremy Leaf, a north London estate agent and a former RICS residential chairman, said: “Despite inevitable worries that the present geopolitical uncertainty will increase upward pressure on inflation and mortgage payments, we have seen no price reductions or withdrawals from agreed sales in our offices other than for property-related reasons.

“Most buyers are obviously nervous about the impact of the conflict but are adopting a ‘wait-and-see’ stance for now at least.

“These figures from Rightmove reflect asking prices rather than sales values and determine whether genuine buyers are attracted so may take a little longer to reflect any change in sentiment.”

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Why the abolition of Section 21 isn’t a cause for celebration

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Property118

Why the abolition of Section 21 isn’t a cause for celebration

I’m among the many landlords across England who are watching the clock tick down to May 1 with keen interest for when Section 21 ‘no-fault’ evictions end under the Renters’ Rights Act.

And no, it’s not so I can gloat when tenant evictions, apparently the ‘main cause of homelessness’ schtick we are constantly bombarded with, don’t fall.

For years, tenant campaigners and politicians have painted Section 21 as the root of all evil in the private rented sector.

It’s a tool for heartless landlords to turf out families on a whim, driving homelessness and insecurity. The narrative is devastatingly simple, emotive and, sadly, misleading.

But that doesn’t stop the drip-drip of negative publicity, with the Mirror this week having a headline stating that the ending of Section 21 ‘can’t come soon enough’.

What critics are about to learn is that Section 21 isn’t some arbitrary power grab; it’s a practical, efficient mechanism that landlords have relied on since the Housing Act 1988 introduced assured shorthold tenancies to revive a stagnant rental market.

Unnecessary evictions

Critics claim these evictions are ‘unfounded’ and ‘unnecessary’, implying they’re used solely to punish complaining tenants or squeeze higher rents.

In reality, most Section 21 notices serve as a swift alternative when problems arise, like persistent rent arrears, anti-social behaviour, property damage, or simply when a landlord needs the property back for legitimate reasons.

Going the full Section 8 route (proving fault in court) is slower, costlier and riskier, especially with backlogged courts.

Section 21 provided certainty: two months’ notice, no drawn-out battles, quicker repossession.

It protected landlords from endless non-payment or disruption while keeping the sector viable.

Abolishing it won’t reduce evictions or homelessness as promised and that’s because the underlying causes won’t be going away.

That is arrears, tenancy breaches, anti-social behaviour and subletting. I could go on, but I’m wary that my comments will be deemed as being critical about tenant behaviour.

And we can’t have that because only landlords can be seen as being badly behaved.

But here’s the rub: Section 8 processes are notoriously slow and expensive.

The courts remain clogged, legal fees can hit thousands, and rent losses mount during delays.

A landlord without income

No one outside of the sector seems to appreciate that many landlords will face months without income or control over their own asset.

Eviction numbers won’t drop – they’ll become messier, more adversarial and potentially more frequent in contested cases.

I’m guessing that I’ll soon be writing about landlords having to deal with all sorts of made-up nonsense besmirching their character as tenants get to remain in the property for free, thanks to lenient judges.

Worse still, the real hammer blow is already landing as small landlords are exiting en masse.

Surveys and reports show sharp rises in rental properties hitting the sales market, with many previously let homes not re-entering the sector.

Those with one or two properties point to the Act’s burdens which bring higher risks, compliance costs and uncertain possession as the final straw.

Larger corporate landlords may absorb the hit, but the backbone of the private rented sector of individual owners is shrinking fast.

It looks like there has been a ‘fire sale’ ahead of the ban which has already displaced tenants under existing Section 21 notices, often to sell.

Tenant activists and media outlets deny a landlord exodus and ignore their own campaigns which led to this impasse.

Section 21 own goal

This is the ultimate own goal. Activists like Shelter and Generation Rent, along with politicians chasing votes, sold the abolition as a ‘game changer’ for tenants.

But in doing so, they ignored why Section 21 existed in the first place which was to encourage investment in rented homes by balancing landlord and tenant rights.

The reasons include protecting landlords from bad tenants and enabling quick recovery.

But those reasons haven’t vanished and the sector won’t become magically risk-free.

A contracting private rented sector, rising costs passed to tenants and blame directed to the very people they drove away.

Good landlords, those of us who maintain properties, offer fair terms and provide safe homes, will continue selling to avoid the hassle.

The bad ones will stay and continue ignoring laws, exploiting loopholes or cutting corners.

The real shame is that politicians and campaigners know little about how landlords actually operate: balancing mortgages, repairs, voids and risks on often modest margins.

They treat private renting as an endless tap of housing for them to utilise, not a business sustained by confidence.

Scrapping Section 21 erodes that confidence without fixing courts or incentives.

The Renters’ Rights Act may deliver headlines, but it won’t deliver more secure homes.

It will shrink supply and punish the very renters it claims to protect.

When homelessness persists or worsens, and rents soar, the finger-pointing will be revealing.

Those tenant advocates won’t admit their role in this mess because they’ll just find new villains.

Landlords, meanwhile, will have already voted with their feet and they won’t be coming back.

Until next time,

The Landlord Crusader

Crusader update: Two-tier Starmer is at it again! He told the commons this week: “Renters should have security and I condemn any unfair evictions. I’m proud to be abolishing Section 21, a practice that has pushed thousand of households into homelessness.” Proud? Come back after the summer (if you are still in the job) and explain what has happened with your pride and a law that won’t deliver what you claim. Loon.

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An open letter to Shelter Scotland

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An open letter to Shelter Scotland

An open letter to Shelter Scotland: if you want to work with landlords, let’s start with the evidence

In a recent interview, Shelter’s new chief executive suggested the organisation is ready to work more closely with private landlords to address the housing crisis. LINK

She said the housing sector would need to “work as a collective” if the system is to improve and homelessness is to be reduced.

That is a statement many landlords will welcome, albeit with caution and a healthy dose of scepticism.

For several years now, the relationship between the private rented sector and housing campaign organisations has often felt adversarial. Landlords have frequently been portrayed as part of the problem rather than part of the solution, so if Shelter now truly wishes to engage constructively with landlords, that is an encouraging development. However, constructive dialogue requires something more than good intentions. It requires clarity about evidence, policy and outcomes.

That is why, following the discussion beneath a recent Property118 article examining the economics of rent control, I would like to put several questions to Shelter Scotland.

These questions are offered in the spirit of genuine inquiry.

The Scottish rent control experiment

Scotland is often cited as one of the most ambitious rent regulation environments in the United Kingdom. In recent years the Scottish Government has introduced rent caps and emergency restrictions on rent increases, with proposals for permanent rent control zones now under discussion. Many of these measures have been strongly supported by housing campaign groups, including Shelter Scotland.

Supporters argue that such policies are necessary to protect tenants from rapidly rising rents and to stabilise the housing market.

Critics, however, argue that rent controls risk discouraging investment in rental housing, ultimately reducing supply.

This is not a theoretical debate; Scotland now provides a real-world policy experiment that can be examined using actual data.

The central question

The fundamental question is straightforward; have the policies that Shelter Scotland has supported improved the availability and affordability of housing, or have they had unintended consequences for housing supply?

If rent controls successfully stabilise the housing system, we should expect to see clear evidence in the form of improved housing outcomes.

If they discourage investment and reduce supply, that should also be visible in the data.

Either way, the evidence matters.

Questions for Shelter Scotland

In the spirit of constructive dialogue, I would therefore like to ask Shelter Scotland the following questions.

1. What empirical evidence does Shelter Scotland rely on to support rent control policies?

In particular, what evidence suggests rent controls increase housing supply or long-term affordability?

2. How does Shelter Scotland interpret the Scottish experience since rent caps were introduced?

Have investment levels in the private rented sector increased, decreased, or remained stable during this period?

3. What role does Shelter Scotland believe private landlords should play in addressing housing shortages?

If the private rented sector is to be part of the solution, how should policy encourage investment rather than discourage it?

4. Does Shelter Scotland believe rent controls can operate without affecting housing supply?

If so, what evidence supports that view?

5. Would Shelter Scotland support policies designed specifically to encourage landlords to increase housing supply?

Examples might include incentives for renovation of empty homes, conversions or new rental development.

This approach to housing policy debate is not new on Property118. Several years ago, David Knox FCA, writing under the pseudonym Appalled Landlord, examined official housing statistics and local authority spending patterns to explore how policy decisions were affecting housing supply. His articles were not polemics. They were careful examinations of publicly available data and the trajectories those figures suggested. The questions raised in this letter follow the same principle: if policies are introduced to improve housing outcomes, it is reasonable to ask what the evidence now shows.

A shared objective

There is one point on which landlords, housing charities and policymakers should all be able to agree; Britain needs more homes.

The housing shortage affects tenants, landlords, councils and taxpayers alike.

If Shelter’s leadership genuinely wishes to work with the private rented sector, many landlords would welcome that conversation. but for it to be productive, the discussion must begin with a clear examination of the evidence.

Housing policy should be guided by what works in practice, not simply by what sounds appealing in theory.

An invitation to respond

This article is offered as an open invitation for Shelter Scotland to respond.

If the organisation wishes to clarify its position, explain the evidence behind its policy recommendations or address the questions raised above, Property118 would be pleased to publish that response in full.

Constructive debate, after all, is far more valuable than silence.

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Room rents rocket in UK cities

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Room rents rocket in UK cities

Sharp rises in room rents across major UK cities are affecting affordability for tenants and shaping demand as a result.

Research from flatshare site SpareRoom shows Belfast recorded the steepest increase among the UK’s 20 largest cities over the past five years.

Average room rents in the Northern Irish capital climbed 53.2% between Q4 2020 and Q4 2025.

Tenants now pay £589 a month on average, compared with £384 five years earlier, adding £2,460 a year to housing costs.

Rent affordability stretched

A director of platform, Matt Hutchinson, said: “Flatsharing has long afforded people the opportunity to live in cities, but disproportionate rent increases in recent years have created a barrier to urban living for those at the sharp end of the housing crisis.

“Affordability has been stretched to breaking point, and it’s even changing the dynamics of shared households.

“Flatsharers are getting older as younger people are being priced out of the rental market altogether, and suburban housesharing is now increasingly common as more people are priced further out of cities too.”

He added: “It’s not knowledge workers who suffer most, it’s often the lowest-paid workers – including those in essential and key worker roles, hospitality and retail jobs – who keep our cities functioning.”

Most expensive cities

The research shows the next most expensive for room rents is Newcastle with a five-year increase of 51.7%.

That takes the average room rent to £605 per month.

Cardiff ranks third, where rents have risen 49.9% over the same period to reach £666 a month.

Glasgow appears next with room rents having increased 44.5% in five years, bringing the average monthly cost to £690.

Manchester has recorded a five-year increase of 43.2%, although the latest annual figure shows a fall of 3.7% between Q4 2024 and Q4 2025.

In London the average monthly room rent now sits at £985, up from £721 in Q4 2020, representing a five-year increase of 36.6%.

National average room rent

Bradford remains the cheapest of the 20 cities analysed at £472 per month.

However, rents there are 31.6% higher than they were five years ago.

Across the UK, excluding inner London, average monthly room rents reached £670 in Q4 2025 – five years ago they stood at £494.

The average UK room rent is now £749 a month, compared with £580 in Q4 2020.

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Exemption from MTD on age/other basis?

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Property118

Exemption from MTD on age/other basis?

Hello, As an informative. I’m 73 and (hand) wrote a letter (a bit scrawly on unlined paper!) to HMRC. I mentioned my age, that my memory was not so good, I’m a bit doddery on my feet and not au fait with software although I can manage a basic spread sheet.

I also said I had tried some free MTD (Making Tax Digital) software (xero) but it was completely incomprehensible to me. I am retiring soon and plan to sell my properties in the nearish future.

I received a letter after about 3 weeks granting me exemption.

There is nothing I can find that mentions a specific age “limit” and it will be judged along with your other “handicaps”.

Embellish or not as you see fit! I hope that helps a few people.

Thank you,

G

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Section 24’s long shadow: what a decade of tax reform has really done to rental housing supply

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Property118

Section 24’s long shadow: what a decade of tax reform has really done to rental housing supply

April 2017 marked the beginning of one of the most consequential fiscal shifts in modern private renting. Section 24, the restriction on mortgage interest relief for individual landlords, was phased in over four years. It was presented as a fairness measure. Nearly a decade on, the deeper question is whether it achieved its wider economic purpose.

At the time, the stated objectives were clear. Policymakers argued that highly leveraged landlords were distorting competition, outbidding first-time buyers and benefiting from tax treatment unavailable to homeowners. Restricting finance cost deductibility would, it was said, level the playing field and moderate investor demand.

That was the theory.

What followed was not a uniform retreat from the sector, it was more nuanced. Landlords with significant borrowing saw effective tax rates rise sharply, interest cover ratios tightened, and refinancing became more complex. In some cases, portfolios that appeared profitable before tax became cashflow negative after tax. Behaviour shifted accordingly.

Some deleveraged while others sold selectively. Many explored incorporation, transferring activity into company structures where finance costs remain deductible, a subject frequently debated on Property118 over the past decade. The surge in restructuring conversations was reflected in media commentary. The market adapted, but it did not stand still.

The commercial effects were uneven. Some landlords with low gearing absorbed the change. Those with higher borrowing in regions with slower rental growth felt pressure more acutely. Geography, portfolio scale, and timing mattered.

The supply question, however, is harder to answer and far more important.

If the objective was to expand owner-occupation and moderate investor participation, then the relevant metric is not tax collected. It is housing allocation. Have former rental properties transferred meaningfully into first-time buyer hands? Has total rental stock contracted in specific regions? Have institutional entrants offset any exit by smaller operators? Have rents moved differently in areas with historically higher leverage?

Some data exists, clean conclusions do not.

Incorporation statistics show structural change, yet they do not necessarily reveal whether stock was lost or simply restructured. Rental growth is measurable, but causation is contested. The interaction between fiscal reform, interest rate cycles and demographic demand complicates any simple narrative. Wider reforms, including the evolving Renters’ Reform Bill coverage, have also altered landlord confidence during the same period.

What is clear is that Section 24 altered risk perception. When fiscal treatment changes abruptly, capital responds cautiously. For many landlords, the issue was not ideology but predictability. Business planning depends on stable assumptions, so when those assumptions shift, investment decisions follow.

The international context also adds perspective. Several European jurisdictions retain full finance cost deductibility within their rental sectors. Others impose caps but offset them with capital incentives or longer transition periods. The UK chose a comparatively direct recalibration. Whether that model has produced more stable long-term outcomes remains an open empirical question.

It is also important to disentangle policy from macroeconomics. Interest rates rose sharply after Section 24 was implemented. Pandemic distortions followed. Inflationary pressures compounded operating costs. Untangling the specific impact of tax reform from wider economic cycles requires longitudinal analysis rather than short-term commentary.

Nearly ten years on, the debate should move beyond fairness narratives towards measurable outcomes. If rental supply contracted materially, policymakers need to understand why. If ownership patterns shifted, the evidence should be transparent. If incorporation became the dominant adaptation mechanism, that carries its own financing and regulatory implications.

Section 24 was one of the earliest signals of a broader recalibration of landlord policy. Its long shadow remains visible in refinancing behaviour, portfolio structuring and investment modelling. It also sits within a wider reform landscape that Property118 has documented extensively, including the original Section 24 comprehensive report that examined anticipated commercial consequences at the time of implementation.

Now there is enough distance to assess outcomes with greater clarity.

Expanding the Property118 housing research panel

Property118 has recently launched its Housing Research Panel to examine long-term policy impacts across multiple housing markets. The objective is not to relitigate old arguments; it is to test outcomes against intent.

If Section 24 reshaped the private rented sector, we should be able to measure how. If it did not, that deserves equal scrutiny.

The next phase of housing reform will be more credible if it is grounded in evidence rather than assumption. Landlords who wish to contribute data, comparative insight or independent analysis are encouraged to join the Property118 Housing Research Panel and take part in shaping a more rigorous evaluation of modern housing policy.

We are also inviting the following to contribute to and utlise our research by contacting editor@property118.com:

• Journalists with access to regional rental supply data

• Economists analysing housing allocation trends

• Academics studying the relationship between fiscal reform and housing elasticity

Tax policy rarely ends where it begins; it flows through refinancing decisions, supply pipelines, rent negotiations and household formation.

A decade provides sufficient distance for reflection; the evidence now needs to follow.

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Rent rises show regional split in February – ARLA Propertymark

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Property118

Rent rises show regional split in February – ARLA Propertymark

Average monthly rents moved in different directions across the country in February, with several regions recording increases while others registered short-term declines, Arla Propertymark reveals.

Its latest rent and salary tracker shows the East Midlands recorded the strongest monthly rise with increases of 3.4% between January and February to £1,027.

The North West followed with a 2.8% increase, taking the average monthly rent to £1,102.

Scotland also recorded a notable rise of 2.7%, pushing the typical rent to £1,070.

PRS is recalibrating

ARLA Propertymark’s president, Megan Eighteen, said: “February’s data reflects a more varied rental landscape than we saw earlier in the winter, with a number of regions recording modest month-on-month rent increases.

“While some regions are experiencing short-term adjustments, the annual salary required to secure a rental property has generally edged upwards year on year.

“This underlines that affordability pressures remain structurally embedded despite monthly volatility.”

She added: “Overall, the data suggests a market that is recalibrating rather than correcting sharply.”

Regional rent rises and falls

Rents in the South East rose 2% during the month, reaching £1,521, while London recorded a smaller increase of 1%, lifting the average rent to £2,226.

However, Northern Ireland saw the sharpest monthly drop, with rents declining 6.6% from £913 in January to £853 in February.

Wales recorded a slight rise from £1,037 to £1,043 and the South West increased 0.7% to £1,372.

The North East recorded a 1.6% rise to £908.

Rent falls were seen in the West Midlands where the average monthly rent slipped 1.3% to £1,040.

Smaller movements were seen in the East of England where rents fell 0.3% to £1,324, and in Yorkshire and Humberside they slipped marginally by 0.1% to £954.

Salary requirements for rent

An analysis of how much salary tenants need to earn to secure the average-priced home has risen in most regions.

Scotland recorded the largest year-on-year increase from £30,300 to £32,100, a rise of 5.9%.

The North West saw a 5% increase (£33,060), Wales it rose 3.7% (£31,290), and in West Midlands it grew from £30,450 to £31,200 (2.5%).

The North East recorded a 1.9% increase to £27,240, while Yorkshire and Humberside rose 1.8% to £28,620.

The East Midlands was up 1.7% (£30,810), the South West grew by 0.7% (£41,160) and Northern Ireland recorded a 0.5% increase (£25,590).

The East of England increased by 0.2% (£39,720and the South East recorded the same percentage movement, reaching £45,630.

In London, the typical salary needed to secure the average-priced home fell 2.2%, declining from £68,280 to £66,780.

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Landlords coming back to us: We’ll relocate your tenants and sell before May 1st for a higher price than the investor market

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Landlords coming back to us: We’ll relocate your tenants and sell before May 1st for a higher price than the investor market

Three years ago, landlords flocked to us to sell their properties. Interest rates had squeezed them, and they were desperate to steady the ship. Sound familiar? You might be one of them.

We got to work, helping over 4,000 landlords sell their properties or downsize until the ships were indeed steadied. And we got the job done. Now, three years later, those same landlords are back looking to sell. Why? Because in just two months, the Renters’ Rights Bill is coming in, and landlords are getting ready to brace.

For anyone else, especially traditional estate agents, two months might seem like an impossible task to downsize a few more buy-to-lets and get ready to sharpen up for the new regulations, but not for us at Landlord Sales Agency.

This is because there are 51 days left until the Renters’ Rights Bill comes in, and our average sale time is less than 28 days.

If you need help selling, you’re going to want to get in touch with us now.

Just last week, we shared the story of a Derby landlord who came back to us for a fast sale. With the Renters’ Rights Act approaching, he wanted to exit some of his more difficult properties but knew the usual routes wouldn’t work. Estate agents meant long delays and uncertainty. An auction meant accepting far less than the properties were worth.

Specialising in landlord portfolio exits, we stepped in to secure full tenant cooperation, protecting the value of the properties and allowing us to position the sale landlord-to-landlord.

The result speaks for itself. We sold 4 of the landlord’s 6 properties to a cash buyer with no searches and no survey, avoiding what could have been a nine-month court delay. Even better, the final price came in £30,000 higher than the investor market.

His story is not unique. Ian, a Landlord who came to us recently, shared that he initially spoke to Landlord Sales Agency because he had “a rented property which still had the tenant in and I needed to sell the property, hopefully with the tenant in place.” Within a short space of time, he’d not only been matched with one of our top property experts, but he also quickly came to an agreement on price and fees etc. Ian shared that immediately after, we’d advertised the property and had a firm offer with a deposit paid within just one month.

But as with all landlord properties, it wasn’t completely plain sailing, and that’s where our team at Landlord Sales Agency excels.

“The purchaser wanted the tenant to vacate, I left this totally in the hands of Landlord Sales Agency, who served notice on the tenant. They were in contact with the tenant and helped her with relocation expenses.” Ian went on to say that everything was resolved without him having to contribute any input or deal with any stress. The tenant moved and the deal completed. “I am extremely happy with the service received and thoroughly recommend Landlord Sales Agency.”

Another landlord, Ali, echoed Ian’s sentiments, adding that he had an “excellent experience using this company. Many other agents were not interested, as I had a tenant in situ, but these guys reassured me they would sell this place and contribute towards costs to help make this transaction as smooth as possible.” He followed up with saying we were a “5 star rating” and that “the business goes above and beyond to help!”

Landlords still need to be realistic on price. You’re going to get 85% – 90% market value, and a huge part of that strategy is in listing properties for very attractive guide prices, but ultimately, with no fees, full management of the sale and a team that gets the job done faster and better than anyone else, it’s a no-brainer. What’s more, we’ve got hundreds of repeat client landlords coming to us to back that up.

So if you’re looking to sell, and you want to get the job done before May 1^st, let us do it for you.

This week in particular, we’re knocking it out of the park with landlords from the North West, so if your properties are based there, there’s no time like the present to get in touch.

No fuss, no hassle, no tenant issues and money in your bank before the Bill comes into play.

Please contact us using the form below if you need assistance.

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