15 Jan What does 2019 bring for landlords
While 2018 was an eventful year for the property industry, with many landlords still trying to get their heads around exactly how much has changed during the year. With tax relief reforms, the Stamp Duty surcharge and increased focus on regulation and legislation have made property investment more complicated than it has ever been. It isn’t as clear if 2019 will be as confusing as 2018, but here is what is in the pipeline for the up and coming year…
Ban on tenant fees
During 2018, the government proposed to letting agents and landlords from charging high fees to tenants in respect, renewing or extending a tenancy. The proposed date for implementing this will come sometime in 2019. Most landlords do not charge additional fees to tenants there are some restrictions in ‘surchages’ that can be charged. It’s possible the ban could be brought into force in the early part of 2019 and it is highly recommended that landlords seek advice and education about this important change in the law.
Electrical safety requirements
A consultation was held in 2018 introducing 5-yearly mandatory checks on electrical installations. Alongside this, there is also a requirement to provide the tenant with a copy of the report (EICR) at the start of each new tenancy. This is not yet a formal bill, however, we should be prepared for this change coming later on this year. If you haven’t had your electrical system checked within the last 5 years, we recommend getting this done by an electrician as soon as possible.
Will the demand still be strong?
While there has been a lot of change last year, there is one thing we can bring into 2019 – and that is the demand for quality rented homes remains high. A survey released by the Royal Institution of Chartered Surveyors earlier this year showed 22% of letting agents said they had seen a fall in the number of landlords coming to them. Meanwhile, they said they had seen a 4% increase in the number of would-be renters in the three months to August.
Staying on top of what is changing in this industry is so important, so remember to always check back to our blog page for more information on the latest news! Also, If you are interested in any of the services that we have on offer here at Van Mildert, then please do not hesitate to contact us for further information or to make an enquiry. We would love to hear from you!