We know being a landlord is difficult, and some landlords are apprehensive about what 2020 will bring. We understand that the demand for rental accommodation will remain high, but landlords have many challenges to overcome. If you are a landlord in Ramsey and you are looking for assistance in 2020, we can help.
Rents are tipped to rise in 2020
Some positive news for landlords is rents are tipped to continue to grow throughout the year. This is partly down to a lack of rental accommodation being supplied to the market. This increase is in line with expectations from RICS that rents will increase by 15% between 2018 and 2023.
The cost of running rental property is tipped to increase
While it is pleasing to learn rents are expected to increase, landlords should be aware the cost of running rental property is also likely to increase in 2020. In a recent survey carried out by Monmouthshire Building Society, 71% of landlords said they expected an increase in their running costs.
With the Tenant Fees Act introduced in 2019, the amount of fees landlords could charge has been reduced. We know it vital landlords manage their finances, and look for better value for money solutions. If you need assistance in managing your rental property, we are more than happy to assist you.
There will be new legislation in place
One of the most challenging aspects for landlords is dealing with the increasing number of regulations and legislation. In April, MEES regulations will be updated to include existing tenancies. If your rental property carries an EPC rating of an F or G, it will no longer be valid for rental accommodation.
Also, the Electrical Safety Act will come into force from July; so landlords must prepare themselves for this.
Keeping up to date with legislation is often a full-time job, and this is one of the areas we offer comprehensive support and guidance for landlords. If you want to take some of the stress out of keeping your rental accommodation up to expected standards, get in touch.
Will there be political stability?
A lot of the positive predictions for the housing market in 2020 is based on an expected level of political stability. Of course, Brexit is an ongoing matter, and the March Budget is likely to influence the housing and letting market. While the Government has made a lot of positive noise about helping first-time buyers on to the property ladder, landlords have yet to hear much in the way of support.
Once the March Budget has been finalised, we will keep you informed, and we aim to provide you with as much support and guidance as we can.
“We know being a landlord is challenging, but we want to support local landlords,” said Thomas Morris Ramsey Branch Manager Joe Rattue. “If you feel you need help in 2020, get in touch and we will be more than happy to assist you.”
Letting property is stressful, but it is possible to feel more confident about your chances and the market in general. If you need help with any part of the letting process, we can help. Book a valuation at a time that is suitable to you or; you can phone our Ramsey branch, managed by Joe Rattue by calling us on 01487 814666.