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As a landlord you’re bound to be aware of the changes affecting the lettings market from long-awaited rental reforms to the ever-evolving economic landscape. Staying on top of the latest news and legislation is key to thriving in this dynamic market.

Wendy Taylor, Head of Lettings and Jessica Gladding, Residential Property & Compliance Manager dive into the anticipated trends for 2024 you need to be aware of:

Rental Reform: The Renters' Reform Bill looms large, potentially ushering in periodic tenancies, stricter eviction guidelines, and increased tenant rights. Make sure you stay informed about the latest updates and adapt your practices accordingly.

Compliance Conundrum: The regulatory landscape is ever-changing, with new landlord licensing schemes and safety regulations emerging.

“We’ve heard of some private landlords who are self-managing being fined by local authorities in Lincolnshire, so It is vital that you remain compliant to avoiding costly fines and reputational damage” explained Jess.

Energy Efficiency in the Spotlight: Green credentials are hotter than ever, with tenants increasingly seeking out energy-efficient homes. We would encourage all our landlords, whether let only or those who use our fully managed service to consider upgrades,” explains Wendy who believes this will attract responsible tenants.

Maze of Mortgages: With the Bank of England's position on interest rates, predicting mortgage costs remains a guessing game. Landlords need to prepare for potential fluctuations and consider fixed-rate deals for stability.

Rents on the Rise: 2023 saw lots of rents rising along with the cost of living and in line with the relative shortage of rental properties available, so we expect rents to continue climbing. Navigating this delicate balance between getting the maximum return on your investment but still attracting tenants requires careful strategy and our Lettings team is here to advise you. It’s always worth a conversation about when and how to review.

Leaving Landlords: While we have noticed the rising costs and regulatory burdens are pushing some landlords towards the exit door, we also recognise that this could create opportunities for those who adapt and optimize their portfolio.

“One of our valued clients who uses our Fully Managed Lettings Service has recently turned a family home into an HMO (House of Multiple Occupation) and in so doing tripled the rental income with a relatively modest outlay” shared Jess who would be happy to discuss this option with new landlords.

So, what does this mean for landlords local to Louth?

We would urge anyone with property to let to embrace change, not fear it. Partnering with a reliable and proactive Letting agency can be your secret weapon as so many of our clients said in our recent survey.

Our Lettings team is on hand to:

  • Navigate the legal complexities of rental reform.
  • Secure the best rents while attracting responsible tenants.
  • Upgrade your properties to boost energy efficiency and appeal.
  • Ensure you're always compliant with the latest regulations.
  • Free up your time to focus on other aspects of your life and business.

Don't go it alone in 2024. Let Wendy and Jess help you maximise your potential as a landlord. Talk to us on 01507 350500 Option 2 about your specific needs and let us unlock your success story.