What a Labour government’s impact might be on landlords?
Understandably the private rental sector is in turmoil with the dawn of a new Labour government, given the negative attitude toward landlords you are quite rightly concerned. Whether you are a current landlord with Love Property or a self managed landlord we are here to offer help and keep up up to date with the changes as they happen.
The predicted abolition of Section 21 is the biggest topic of discussion – Labour had promised to scrap the legislation allowing ‘no fault’ evictions if elected, following the outgoing government’s failure to pass the Renters (Reform) Bill before election campaigning began.
It is a time of concern for all those people involved in the private rental sector (PRS), we have already seen multiple landlords leave the market due to the hostile environment and unfavourable policies that appear to be very one sided. Whilst we appreciate that long term renters need to protected there seems little in the way of balance.
The reverse affect is happening as tenants are in an increasingly difficult position, the figures are reported to be that over 40% of rental stock from the private sector has gone in comparison to 2019, pushing rents higher and making the competition between tenants a huge challenge.
With house price growth and careful planning there is a very lucrative opportunity for those more serious landlords and we are on hand to advise and help find genuine tenants and navigate the ever complex lettings market.
We will be keeping all of our clients fully up to date with the predicted legal changes and obligations over the coming weeks and months.
We would love to hear your thoughts and chat to you about the North of England market where we are focused. Please call us for a chat on 01738 834373