Is too prescriptive legislation to the detriment of the letting market?
- 5th June 2018
- Buy-To-Let Property News
It’s time to realise that the interests of tenants aren’t totally unconnected from the interests of landlords and it’s to everyone’s benefit to find common ground
Politically, the BTL market has been under the microscope for the last few years. Recently, an online petition seeking a reversal of the BTL tax changes has already topped the 10,000 signature mark, meaning that the Government has to respond.
In addition to these changes in BTL tax relief and the 3% stamp duty premium levied on investment property, there is the imminent introduction of the Government’s plan to ban letting fees charged to tenants. This is to be superseded to some extent by putting the emphasis on Landlords to pay for the ‘Right to Rent’ checks.
Setting aside the rights and wrongs of the Government’s plan, there is a danger that some landlords might exit the market. This would ultimately be to the detriment of tenants through a lack of good quality affordable accommodation. Ultimately this would hinder labour mobility with the knock on effect of stifling economic growth.
Further, with revenue streams under pressure, letting agencies could, as a result, cut back on investment in marketing, training and quality control – and, as a result – customer service delivery.
What will become paramount is the need to use respected agents such as ludlowthompson. Our roots have been embedded in the letting market for 25 years and we hold the coveted ARLA Propertymark membership - the go-to organisation for any questions relating to rental property - the mark of agents who ensure high standards in the properties they manage on behalf of their landlord and tenant customers.
The measure of a good agent is ultimately ensuring low void periods – how quickly a property can be let – so it is essential that landlords can keep pace with legislative changes and make the necessary investments in their property to ensure high standards without worrying about being in the red as a result.
Recent figures published by UKALA (the UK Association of Letting Agents) make interesting reading. They show that 35% of owners across the country experienced void periods in the last three months, up from 33% in the previous quarter.
By contrast, ludlowthompson’s experience is different. We have achieved a trend of lower voids, with an average of only 8 days before re-letting in Q1 2018, compared with 10 days in the previous quarter.
We believe this is a testament to our high professional standards, our experience in the market, and our use of the most respected online platforms to ensure maximum rent. We combine all of this with experienced local staff to communicate market trends to our clients and ensure compliance mechanisms are in place that maintain trust throughout the letting process – factors that small independent and purely web based agents will increasingly fall short on.
Stephen Ludlow, Chairman of ludlowthompson, commented: “For letting agents professionalism is the key. If we maintain high standards we can help to ensure that landlords continue to achieve the consistently high, long-term returns they have enjoyed in the past and generation rent will benefit from a supply of good quality property available on long term tenancies. This joins up nicely with the Government’s long-term intentions for the letting market.”
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
"We are private landlords and LT has been helping finding us tenants. All people they found are great tenants. Alex has been the main person we have been always dealing with. He is on the top of things, kept us updated what’s going on, etc. Thank you for all your work for us."
- Shari Bienova on Google
"Stephen, Laura and Hannah make a fantastic team. They have let my house for me on a find only basis and made the whole experience a good one dispite my having difficulties with my tenant. They were always on the phone to help and advise and keep me updated with what was going on, which was vital to me as I live out of London. Thank you to the whole team. I will be back in 2 years time!"
- Alex Cowie on Google
If we maintain high standards we can help to ensure that landlords continue to achieve the consistently high, long-term returns they have enjoyed in the past and generation rent will benefit from a supply of good quality property available on long term tenancies
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