ludlowthompson rounds off another year of helping landlords navigate the legislative and licensing maze driving long term total returns
- 20th December 2018
- Landlord Property News
ludlowthompson gives a roundup of changes expected to come in 2019 and why these measures are a positive for seasoned investors
We entered 2018 knowing that tax changes and new regulations could make it a challenging year for landlords. Indeed one of our most read newsletter stories from 2018 was about the recent change in definition for Houses in Multiple Occupation!
Overall, the past 12 months has seen many new pieces of legislation proposed and passed, but looking ahead, alongside licensing requirements, London landlords need to keep up to date with the additional new legislation and safety requirements. By ensuring they offer good-quality rental properties that exceed the expected standards, landlords can drive higher total returns overall.
In addition, landlords should be aware that many legislative requirements are tax deductable against rental income. Although some landlords may leave the sector, those remaining will likely enjoy rising rents as supply fails to keep up with strong demand from "Generation Rent".
Here’s a roundup of changes expected in 2019:
· Increased Electrical Regulations for landlords – 2019 may see the requirement to ensure electrical installations in all rental properties are inspected every five years – this is already a requirement for properties with HMO licensing - as well as the introduction of an Electrical Installation Condition Report (EICR) providing certification for landlords as proof of compliance.
· The Homes (Fitness) for Human Habitation Bill – this bill would give tenants in the private rental sector the power to take their landlords to court if their property conditions are deemed not fit for human habitation at the start of, and throughout, the tenancy.
· Energy Efficiency Measures – following on from the new Minimum Energy Levels Regulations (MEES) in April 2018, landlords in properties with an energy performance rating of F or G will now be expected to pay up to £3,500 to improve the energy efficiency of the property.
As a landlord with ludlowthompson, a regulated ARLA Propertymark agent, our property management team will help you navigate and manage these regulation changes with regular updates and by arranging the maintenance work for you.
Stephen Ludlow, Chairman of ludlowthompson, says: “Our landlords know they have an estate agent on their side with 25 years’ worth of experience in dealing with legislation and licensing changes.”
“Although there are a few incoming pieces of regulation, we expect to see some positivity as we approach Brexit in 2019. This could be in the form of a reduced level of legislation around buy-to-let, as the Government recognises the economic drivers created by labour mobility, which is itself partially facilitated through a vibrant letting market. We are keeping our fingers crossed for less red tape affecting the market in the New Year!”
Here is a selection of recent reviews of happy customers of ludlowthompson via Google reviews:
- Miriam Falk on Google Reviews
“I would definitely recommend ludlowthompson and Fabian's lettings team. They are very professional and were very patient helping me find a tenant. They always got back to me quickly when I had questions, listened and communicated clearly.”
- Annalisa Trecarichi on Google Reviews
“We've rented out a property with the help of Darnell McDonald, who has been extremely friendly and professional throughout the renting process. He made every step quick and easy and communication was great. I would definitely recommend him.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period we were ranked as the number 1 agent in the UK on allAgents.co.uk out of 15,000+ agents, with 5,200+ 5* reviews, and we are also linked with Feefo - independent review company and global Google Partner - giving the customer another place to search for independent reviews of ludlowthompson and the individuals that work here.
Our landlords know they have an estate agent on their side with 25 years’ worth of experience in dealing with legislation and licensing changes
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