Being a landlord in 2023 is as challenging as it has ever been! As an industry professional, a qualified member of ARLA and somebody who works in the property sector daily, I keep a very close eye on the news, legal updates and the housing market and there are plenty of challenges to read about!
Firstly, we have financial challenges with mortgage rates reaching new highs and unfavourable taxation laws for landlords. And yet, so many landlords aren’t charging enough rent to even nearly cover the extra costs involved nowadays! If we consider the talks of the EPC reform looming, it is believed this would have a negative financial impact on over two million landlords when new laws come into force.
The Renters Reform Bill has been a very hot topic of conversation in recent times too with changes set to provide the biggest shake-up to the private rented sector ever seen. Proposals include the abolishment of section 21 notices, the removal of fixed period tenancies, changes to rules around rent increases, renting to pet owners and the introduction of a landlord redress scheme.
And of course, with increased legislative changes, comes increased attention from local authorities on looking for non-compliant landlords to prosecute. Fines are getting bigger, the reasons for prosecutions are getting smaller, and all landlords need to take note of the changes happening in councils across the UK, fast to avoid unknowingly falling foul of the law and being hit with penalties!
Even tenancy management is getting tougher with rent arrears at a higher rate, evictions and possession claims increasing and the legal process a minefield for a lot of self-managing landlords.
All in all, with the levels of legislation at the highest point ever, so many landlords fall into the trap of non-compliance simply because it is tough to keep on top of the countless things to adhere to and boxes to tick.
But I am on a mission, along with my team to help educate and prepare our local landlord community…
This is why we run our regular Landlord Legislation Evenings – We love to help and educate our local landlord community, helping you to stay safe and compliant whilst enjoying the benefits of property investing as it should be. These webinars are roughly every quarter and are completely free to attend - We welcome all landlords to take part and ask all your burning questions so you can receive advice directly from the experts!
