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New UK tax rules expected to push up rents

U.K. landlords are expected to raise rents following the introduction of new taxation rules in April, according to London-based independent property specialist Experience Invest.

The new mortgage tax relief rules mean landlords will only be able to claim tax relief on up to 20% of their interest payments on residential properties, compared to the previous limit of 45%. Landlords are likely to pass on the cost of the change to tenants, Experience Invest said in a release, highlighting findings of a survey it commissioned.

When surveyed by Vital Research and Statistics, 85% of 2,000 U.K.-based adults said they were unaware of the change. Property was identified as the most popular asset class, with 45% choosing it over Individual Savings Accounts (10%), gold (9%), and stocks and shares (8%). Investing in U.K. property, versus abroad, was favored by 93% of respondents.