The Brexit deadline is looming, and very soon Britain could leave the EU – or not. It all depends on how the next few days and weeks pan out. But whether we leave at the end of October or at a future date, landlords need to prepare for the changes that Brexit will bring. Here we look at some of the most important.
Among the many unappealing bits of bureaucracy that fall to the private landlord, one of the least thrilling is carrying out ‘Right to Rent’ checks. Essentially fulfilling the function of an unpaid immigration officer, it means making your tenants prove that they’re legally allowed to rent property in the UK, and shopping them to the authorities if they can’t do this. Penalties for non-compliance are stiff – ranging from £1,000 to five years in jail in the most extreme cases – so it’s one of those things you have to get right.
With still no agreement at Westminster over Brexit, political uncertainty is affecting the country on an increasing scale. Not knowing what type of Brexit will eventually be thrust open us, nor how everything from the price and availability of food to our ability to travel will be affected once it finally happens, is creating indecision across multiple areas.
The UK’s housing market remains a top topic of discussion, particularly amid the current uncertainty surrounding Brexit. Indeed, the collective decision to leave the European Union has had some effect on house prices and house buying activity. However, it’s not the only development that has encouraged a response from buyers, sellers and investors.
The UK’s housing market responds to a wide variety of issues and developments, which can change with the passing of time and introduction of new policies and desires. Among the issues that has affected the property market for over two years now, is Brexit.
There has been increased speculation about how the economy will fare as we make the final approach to Brexit. Ultimately, no one knows the exact outcome. However, there are several aspects to consider which could affect the rental market in both positive and negative ways.
