Times are challenging for landlords. The speed of change in laws make it hard to keep up to date. Plus, constant change makes keeping on top of running their property portfolios difficult. There are more than 100 acts of parliament and 400 sets of regulations governing the private rental sector. With landlord regulations rising 32% since 2010, in this post, we ask are landlords now facing too many regulations?
Abolishment of Section 21
The proposed abolishment of section 21 announced in April 2019 this year would mean that Landlords will lose the right to evict tenants at short notice without giving a good reason for doing so was the last straw.
Many landlords will be looking to reduce their portfolio size within the next 12 months as a direct result of the prospect of the increased risk to their business if this vital piece of legislation was lost.
Protection for tenants and the economy
On the flip side – the amount of regulation surrounding the private rental sector provides protection. Protection for both the economy, of which the sector makes up a large portion, and for tenants. Regulations are there to promote good-quality housing and encourage responsible landlords into the sector. They are there to ensure that landlords maintain high standards and good practice – so regulations are a good thing. However there needs to be more support for landlords. Safeguarding is needed to ensure that such laws are necessary rather than create unnecessary hurdles.
If you have any questions about this post, or if you would like to discuss another property related matter with one of our advisors, please get in touch here.
Who are Pisoria?
Pisoria are a property management company with a difference: specialising in flatsharing, and focusing on the needs of tenants as our customers. Our properties are conveniently located close to transport links. Plus,they are tastefully renovated and furnished. They have good sized rooms and ample storage, kitted out with all the mod-cons and fast broadband. You’ll find a lounge or communal space in all of our properties. This high quality all comes at a single reasonable monthly price, covering your rent and all of your bills.