Writing in, Estate Agent Today, Jonathan Rolande, founder of House Buy Fast states that reports suggest Chancellor Rachel Reeves is eyeing landlords once again, with National Insurance on rental income rumoured to be under consideration.

For buy-to-let landlords, it would be just the latest blow. Rent Reform, the 5% stamp duty surcharge, tighter lending rules, higher rates, rising taxes — the sector has been dying a slow death by a thousand cuts.

And the result is clear. Since 2016, landlords have sold 294,000 more homes than they’ve bought. In 2024 alone, nearly 140,000 properties were sold by landlords heading for the exit. Landlord purchases, once 16% of all sales a decade ago, now stand at just 10% — the lowest on record. If Reeves adds NI to the pile, expect that share to sink further.

The effects are not evenly spread. In London and the South East, thin yields and heavy regulation have already scared investors away. In the North East, higher yields have kept landlords hanging on. A new tax would only widen the gap: southern tenants face dwindling supply, while investors shift their focus further north.

And tenants hoping higher taxes mean lower rents shouldn’t get their hopes up. Rental growth has slowed — ONS data shows annual increases eased to 5.9% in July 2025, down from 8.6% a year earlier — but if supply shrinks further, rents will remain stubbornly high. Simple economics: fewer homes to rent means higher prices.

Yes, the Treasury needs money. Yes, landlords are an easy target with little public sympathy. Reeves can spin it as “fairness.” But the reality is this: landlords will sell up or push rents higher, and tenants will be the ones footing the bill.

The Chancellor may win a short-term boost in revenue. In the long run, it’s renters who will pay the real price.