Private landlords should hold fire on plans to quit the private rental sector and give the government a chance to incentivise buy to let.
That’s the view of James Gwynne, lettings manager at regional agency Nicol & Co.
He says: “The message for now to landlords across the sector from us is essentially, don’t fret. There are still huge benefits in letting your property and when a change like this occurs, a new normal will be established. The best advice I can give is that now is a good time to communicate with your local managing agent with any queries.”
Gwynne says the controversial Renters Reform Bill, introduced to Parliament last week by Housing Secretary Michael Gove, is only at First Reading stage, and there will be a Second Reading next month where more details are likely to be revealed and debated.
He adds: “There is a concern among agents and landlords alike that certain areas of the Bill will result in more landlords leaving the sector due to tighter regulations and more complications on ending an unwelcome tenancy. While I don’t completely agree with the proposals, ultimately the government will need to add some incentives in at some point to keep landlords in the market.
“They do not currently have an alternative solution to social housing and if more landlords leave the sector, it will negatively impact tenants - the opposite of the government’s intentions.”
And he stresses that the benefits contained in the Bill should not be overlooked.
“As long as the strengthening of the Section 8 notice is made relatively straightforward and the court application process is not too legislatively complicated, then landlords should still be able to take comfort if needing to give notice for the more obvious reasons, for example, if they need to sell or move back in.
“The new ombudsman process should make the resolution of disputes easier, plus having a regulating body to listen to arguments on both sides might give the government a better overall view of the sector, resulting in better, more refined and balanced legislation for the sector in the long run.
“Having a ‘Decent Homes Standard’ will help to reward landlords who look after their tenants and provide well-run properties. This should also help to ease the bad ones out of the system.
“Landlords need to take a long-term view, which includes not only rental which, according to figures from JLL Predict, could see cumulative growth in rental values of 15.9% in five years to 2027, but also increased capital gain over the long term.
“We believe that the government still needs to look at how to incentivise landlords but landlords also need to look at the benefits of remaining in the market.”
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I'm having some success in achieving the Decent Homes Standard by installing Nuaire Drimaster Eco Heat Positive Input Ventilation (PIV) units into my flats. From the experience so far they totally eliminate condensation on windows, stops mould in the corners of rooms and tenants report that their towels and clothes washing now actually dry all year round. I've bought lockable covers to go over the power plug/controls from SSP Direct to stop the tenants from switching off the units. SSP Direct make a range of lockable boxes and covers aimed at the dementia community that I've also found with effective in the rental community.
I'd like to hear from other landlords about actual solutions they are using to make their houses and flats better long-term investments. It seems that 99.5% of the posts on this platform are moans and complaints which are boring and tedious in the extreme.
Gibbons gibberish again. No connection to the article and no connection to reality either. Should be blocked.
Now back to the point of this article. The translation is, “Help, our landlords are selling up. Let’s get some positive publicity about the RRB.” Well I am trying to see something positive about this and I cannot. Then again I thought I voted for a Conservative Government, I got that wrong so perhaps I am wrong on this too.
I've continued voting Tory, just as I don't see any credible challenge to Labour, and I don't want another Labour Government. Not that there is much difference between them anymore...
Insanity Is Doing the Same Thing Over and Over Again and Expecting Different Results.
They are Labour Lite, not conservatives which is why I will be voting for Reform UK.
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