Lettings view for 2019

2019 has started with a bang with a burst of residential lettings instructions and landlords looking for advice on buy to let opportunities. I think many people start with a sense of “new year, new start” and this year has been no different. We look forward to the challenges that we may face us in the Lettings and management team but we will work with vigour and enthusiasm that we always do as a team.

2018 was a legislative challenge for landlords! It certainly kept me on my toes! As of April any new tenancies and renewal of existing tenancies could only be for properties with a minimum energy efficiency rating of E. it was confirmed that as of 2020, this would then apply to all existing tenancies.

As of October, new HMO rules came in to play which changed the definition of a HMO under the Housing Act 2004. The new definition of an HMO became any property occupied by five or more people, forming two or more separate households. This meant the previous definition of a house having to be three storey type was removed.  Similarly the Deregulation Act came into force on October 2018 for all tenancies that were in place prior to the commencement of the Act. This therefore means that there can be no reliance on older style notices and more documentation should be supplied on renewal of tenancies.

I am dedicated though to continue to provide an excellent service at Loveitts and with our three offices all having dedicated local staff servicing your needs I feel we are in a strong position to guide our landlords through more changes in the up and coming year. The tenant fee will bring an uncertainty within the industry come Spring time and landlords face further reductions in being able to claim back mortgage costs against gross rent collected. It will be interesting to see if landlords react. Landlords may see more tax on earnings from property rents but with a a recent national survey predicting 25% of people  will be renting in 2021, it may come full circle in a few years with the government wanting landlords to come back to the market place!! It’s a few years off but with people living a far more fluid lifestyle these days the need and want to rent may become a greater requirement for many! Let’s see what happens over the next few years!

But for now we start 2019 as a firm in a much stronger position with the addition of a new website, re branded branches, further enhancement of our management services and the addition of onthemarket as a marketing tool I am confident that it will be another prosperous year for my landlords with opportunities arising along the way!