Have you become a landlord recently? Whether you are a first time landlord or a pro at renting out properties, our top tips for landlords on navigating the UK rental market has you covered! The good news for landlords is the UK market seems to be in their favour right now. Let’s take a closer look.
Supply and Demand
As it stands the demand for rental property is higher right now so as a landlord, this is good news for you. On another note, monthly rental prices are increasing across the board. It is essential as a landlord that you research rent trends in the local area, remain aware of current conditions and keep your rent prices competitive to avoid alienating prospective tenants in the current economic climate.
Opportunity
This could be a time of opportunity for landlords who operate on a smaller basis to expand their portfolio further by seeking longer term investments and taking advantage of buying opportunities as they arise. It’s worth working with a trusted estate agent at this point for further advice and support when you need it.
Tenant References
We know that finding the right tenant to occupy your property is paramount and to avoid potentially costly procedures or restoration work down the line we highly recommend screening potential tenants before agreeing to let them live in your property. Always request references from landlords who have rented to them previously, do background checks if possible and double check employment statuses.
Resolving Disputes
Unfortunately not everything runs smoothly and resolving a landlord/tenant dispute can become reality as a landlord. It’s vital to always adhere to the correct procedures and regulations when attempting to come to a suitable solution for the dispute and following the legal eviction route if it becomes necessary. Sometimes this can lead to court hearings.
The Renters Reform Bill
This bill was passed in July 2023 and according to the UK Parliament is “A Bill to make provision changing the law about rented homes, including provision abolishing fixed term assured tenancies and assured shorthold tenancies; imposing obligations on landlords and others in relation to rented homes and temporary and supported accommodation; and for connected purposes.”
It will also allow landlords the right to take back possession of a property that they intend to sell or occupy to protect them.
Read more about this bill >> https://bills.parliament.uk/bills/3462#:~:text=A%20Bill%20to%20make%20provision,accommodation%3B%20and%20for%20connected%20purposes.
We hope this has helped you to understand and navigate the UK rental market more effectively as a landlord. For more tips and advice for landlords, feel free to browse our latest blogs or contact our team here for more advice.