New research from the Residential Landlords Association (RLA) suggests that 25% of PRS landlords plan to sell at least one of their rental properties in the coming year. That’s the highest proportion ever recorded in the survey, since it became a regular research item, in 2016.
Short-term lets are an enticing prospect for landlords. By marketing your property for short stays through holiday letting companies (including online ones like Airbnb, HomeAway or similar), you can charge much higher rental rates, while also trimming away much of the expensive paperwork and regulation that private landlords routinely have to deal with.
The Welsh housing minister, Julie James, has recently proposed a raft of changes to the process of regaining possession of a rental property. This is part of a wider shake-up to housing law in Wales, and both landlords and tenants are likely to feel strongly about the proposals.
The UK’s private sector rental market plays an important part in providing accommodation for the UK’s housing needs. The UK Government has made some changes in recent years to help ensure that Buy-to-Let landlords pay their fair share in tax while providing safe, habitable homes, without ripping off tenants with administration fees and other costs.
At the start of 2017, the National Association of Professional Inspectors and Testers (NAPIT) began giving presentations to landlords around the UK, in an effort to raise awareness of the value of having their properties regularly inspected by a professional electrician. NAPIT’s business relationship director, Ian Halton, says: “It’s become a mission of ours to make as many landlords as we can aware of the potential danger they could be putting their tenants in if they don’t keep on top of the electrical safety of their property.” To date, more than 3,500 landlords have received NAPIT’s advice.
Over three quarters of the 4.5 million people in the UK who live in the private rental sector (PRS) are happy, according to the latest update from the 2017-18 English Housing Survey (EHS). Published annually, the Government’s EHS gives a comprehensive picture of the UK’s housing situation, including tenure and financial situation.
Any landlord or property investor who has watched and listened closely to the budgets over the last few years and keeps up to date with the 400+ rules and regulations, will feel that the good work done in looking after tenants properly isn’t being appreciated by the government much, if at all.
With the recent Brexit vote, the subsequent Conservative reshuffle that included a change of Prime Minister and the current Labour leadership contest, it’s easy to forget that on the 7th May this year, we also had a new London Mayor, Labour’s Sadiq Khan.
It’s something that has been talked about for the past few years, but on 24th January the Government finally announced firm plans for private landlords to be legally required to become members of a redress scheme, with a fine of up to £5,000 if they fail to do so. This follows a consultation that ran from February until April last year and is part of a wider move to simplify the redress process within the property market, helping to make it fairer and more transparent for everyone.
October has been and gone, but some of the property news throughout the month remains in our minds. They include house prices, the state of the PRS and also, how Brexit is continuing to weigh on the UK housing market, from land values upwards.
With the rental market continuing to grow as a popular housing tenure option, upmarket estate agency Knight Frank’s latest research projects further rises in the next few years. But that’s not all, the level of institutional investment into residential housing is also expected to rise, with a particularly sharp trajectory.
A recent independent academic review of the PRS in England has concluded that poor conditions are still a big issue, particularly at the bottom end of the market, and one of the key causes of problems across the sector lies squarely at the door of successive governments.
As national lettings legislation has tightened up and local authorities have been given greater powers to regulate the PRS in their area, the number and level of fines that can be handed out to landlords has increased.
The UK’s private rental sector, or PRS, has experienced rather a lot of change in the past few years. Tax changes for landlords, stamp duty surcharges for investors, rules on tenancy agreements and the way lettings agents charge for services, among them. However, Boris Johnson is now our new Prime Minister and it got us thinking; what changes can we expect from the new PM?
After a few years of uncertainties surrounding Brexit, some might say that there is still no clear plan to what could happen now we have left the EU. At present, the UK is in a transition period, and at the moment, the property and lettings market appears to be relatively subdued.
The Coronavirus Job Retention Scheme has come to an end. More commonly known simply as ‘furlough’, it has helped pay wages for more than eleven and a half million people since Covid-19 first landed.
February’s cabinet shake-up was the first major reshuffle since the Conservatives’ general Election victory in December and the UK’s exit from the EU at the end of January. There were rumours that plenty of heads would roll, and indeed Boris Johnson did not disappoint. Among the high-profile sackings were Andrea Leadsom and Julian Smith – secretaries of state for business and Northern Ireland respectively – while Sajid Javid was forced out of his post as chancellor after a well-publicised rift with strategic adviser Dominic Cummings, the media’s current bogeyman-in-chief.
Recent months have seen the UK government work towards creating a fairer private rental sector, with clear rules and more funds for councils to pursue acts of wrong doing. Now, after some months of discussions on the topic, there is a consultation on the possibility of creating specific housing courts.
The Chartered Institute of Environmental Health (CIEH) has called on the UK Government to introduce a new, mandatory, landlord registration scheme in England. The CIEH said that poor quality housing was a major reason for deaths, injuries and illness across England and that a Landlord register would help reduce those problems.