Landlords Corner – What To Look Out For In 2024?
As we are now entering the home straight of the year, it is inevitable that people think less about today, and more about yesterday and tomorrow. The end of the year is a good time to look back and see what worked for you, and what went wrong. Doing so helps you plan and work more effectively in the future.
This is also the time of year when people look forward and if you’d rather start your 2024 planning now, rather than waiting until January is upon us, it is likely there are two key factors milling about your mind.
There is no denying landlords have a lot to think about when planning their moves for 2024, but the impact of the Renters Reform Bill and the likely General Election will shape landlords actions, and what they achieve in the marketplace.
Political changes will affect landlords in 2024
Technically, the next election can wait until January 2025, so it might not happen next year, but every indication is it will take place in the next 12 months. While there are many things to think about when it comes to lending a party your support, it makes sense landlords will consider what impact a party’s policies will have on their business.
Labour have made a couple of big calls with respect to what they’ll do if they return to power in the next General Election. Labour’s shadow housing secretary and deputy leader Angela Rayner announced the party will scrap Section 21 on their first day in office if they come out on top in the election.
Rayner also ruled out rent controls, telling the i news portal; “The blunt tool of hard rent caps is not going to solve the problem. More supply is going to solve the problem. We see it all the time: if something is in short supply, the price goes up … I don’t want the good landlords to go out of the market.”
Rayner also indicates Labour is keen to amend the Renters’ Reform Bill to try to force the ban on S21 evictions to automatically become law “with no caveats.”
Don’t dismiss the Renters Reform Bill
The Renters Reform Bill is the other big aspect that landlords cannot ignore in their 2024 planning. It might be the case that the Renters Reform Bill doesn’t come into effect until 1st October 2024, at the earliest. Even then, it will only apply to new tenancies in the first year, so for many landlords, there is more time to get their head around the Bill, and what it means to them.
Of course, the sooner you are on top of these matters, and plan your business accordingly, the better it will be for you.
Whether you need help in knowing what all the political parties promise to do for landlords and the rental market (although what a politician says and what they do are often different things), or you need up-to-date information on the Renters Reform Bill, Trading Places is here to assist you at every step of 2024, and beyond.
If you are keen to be fully informed as to how the Renters Reform Bill progresses and what changes might arise in the rental sector in 2024, stay in touch with us.
We are always here to help
Many landlords struggle with paperwork, and staying on top of legislation, but we are here to assist you, ensuring your tenants receive everything they need in your rental property. if you are looking for guidance on the Leytonstone rental market, or you just want a helping hand in complying with rental market regulations, we are always here to assist you.
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