The start of 2018 is expected to be a strong period for the property market in the UK. After-all, there was good demand in Q3 of 2017, including from investors seeking buy to let properties. In addition mortgage lenders have the highest level of confidence they have had for a few years.
With this in mind, what key things should landlords by looking at for 2018? Here is our list of top considerations.
Longer term tenancies
The Autumn Budget set out an agenda from the Government to encourage more landlords to offer long term tenancies. They could receive incentives for doing this. In fact calls have already been made to offer tax relief.
New rules are coming into effect in April 2018 that will mean all new tenancies have to comply with Minimum Energy Efficiency Standards. These state that rental properties should have an E rating or above. All existing tenancies will need to meet this same standard by 2020. As a result some properties may need some upgrades.
More HMO licensing
Tougher rules on HMOs are expected this year. Last year saw a number of councils take the initiative with this in order to tackle the problems caused by rogue landlords. If rules come into affect that will require every HMO with five or more people living in it to get a licence regardless of the size, the number of properties needing licences could almost triple.
Plans have already been discussed to require landlords to be part of an ombudsman redress scheme. This would provide better resolutions when disputes arrive. There is also a plan to create one single Housing Ombudsman rather than the four that are currently in place.
These are just a few of the changes that could have an impact on landlords in 2018. Luckily the Finefair team is here to offer advice and support. All of our services are available to clients and we strive to achieve the same consistent standards that have made us the best for block management Bromley has.
If you would like to discuss anything with us please get in touch. We build strong relationships with our clients and always ensure they have the support they need.