The rental market in the UK is going from strength to strength. Despite the negative news stories in the press, there is much to look forward to and celebrate as we enter another new year. A better deal for landlords and tenants, beautiful properties, and new landlords entering the market promise to add a breath of fresh air to the entire industry.
Good demand
Rental demand is growing, and many new landlords are entering the buy-to-let business as some choose to retire. This will bring new ideas and a fresh approach to the industry. If you are a tenant, you will benefit from higher standards of property. Landlords now take a long-term view of property investment and the energy efficiency standards that are required today. This improves life for both landlords and tenants.
A fresh supply of properties
It’s no secret that there is a shortage of property, both for sale and rent, in the UK. This will continue in 2024. However, the good news is that the first-time buyer market will most likely continue to be buoyant. As first-time buyers move out of their rented properties, more will appear on the market for you to rent. So, it’s worth keeping in touch with a letting agent. Landlords will also benefit from lowering interest rates and falling inflation, meaning they can expand their property portfolios, adding to the supply of rental properties for tenants. Lowering inflation will also make life easier for tenants, as it helps reduce the cost of living
The Renters Reform Bill
This has now had its second reading in Parliament and is at the committee stage. It aims to deliver reforms that will make life fairer for tenants and landlords. Despite the scaremongering, landlords need not fear. Landlords will be able to carry out referencing and have the final say as to who they let their property to. Landlords will also be able to recover their properties more easily, particularly from anti-social tenants breaching their tenancy agreements. Tenants will benefit from safer, better-quality homes, with fairer tenancy agreements, more rights for their pets, and the ability to challenge landlords for unlawful evictions. However, the Renters Reform Bill is not expected to become law until the end of 2024 at the earliest.
A crackdown on rogue landlords and tenants
Increased levels of legislation, such as the Renters Reform Bill, will help to stop rogue landlords and tenants in their tracks. This is good news for both parties, as it will prevent unscrupulous landlords from undermining the positive reputation of the industry. Tenants will have a better choice of nicer properties. As these landlords move out of the industry, tenants can move into better properties provided by good landlords. The landlord-tenant relationship thrives when you place good tenants in great properties. It will be more possible for this to flourish in 2024 since the landscape will have advanced in a way never seen before.
More landlords and tenants will choose managed services
Life for tenants and landlords will be made much easier with a managed letting service. Tenants don’t have to worry about searching high and low for a good property, and landlords can find good tenants with all checks in place. When it comes to maintenance, it can be taken care of swiftly, which saves a lot of time for landlords and is incredibly reassuring for tenants. Rent collection is also made more convenient for both parties, and that’s just some of the ever-growing facilities agents can offer.
Conclusion
2024 is set to be a good year, with more rights for tenants and landlords. Renting has many advantages over buying. You don’t have to worry about maintenance; the deposit is smaller, and you can make a move quickly. With more reforms on the horizon and new landlords entering the market, landlords can add to their portfolios or start from scratch in a stable market, which will protect their investment. Tenants will be able to enjoy a greater choice of better properties.
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