Right To Rent changes 📑 Huge increases in fines for those landlords not completing the required Right to Rent checks when they are due. This has seen a 400% rise in fines in 2023 compared to 2022 and this will continue to rise. As I said in my previous update, I see the government using this as a revenue stream due to the high numbers of non-compliant landlords/agents. They would not be significantly increasing the fine unless they wanted to clamp down.
Rest assured; all our Fully Managed landlords are covered! Those landlords managing their own properties, please ensure you are keeping up to date with these checks, or if you are wanting to hand over the responsibility to us, we will ensure you are completely compliant. In a time where failure to comply costs so much, is it worth running the risk?
The Renters Reform Bill 📂 PropertyMark this week argued extensively and somewhat positively with the housing minister regarding the potential abolishment of Fixed Term Tenancies. Abolishing this would leave the industry, tenants, and landlords in a world of disarray. A fixed term at current offers a tenant security of the roof over their head, providing their end of the deal is upheld, and the landlord with the security of a guaranteed income.
Whilst we don’t know for certain what may happen here, the argument seems to be being stretched for longer and longer, emphasising the complete absurdity it would bring to the industry if it were to be passed.
Whilst the government seem to be proactive on pushing the Renters Reform Bill through, there is much industry confliction still to be considered so the likelihood of it being before the election is looking unlikely, but who knows!
Growth ✅ Finally, we at Stuarts Homes are well positioned to take on more managed properties. Following our new addition; Maddy joining the team in February, we have the staffing, the experience, and the capability to maintain our family business approach and service level. All of this, whilst growing organically and continuing to be the awarded Best Letting Agent in the area. Any Let Only landlords that are wanting to take away the time, potential stress and constant need to be on top of the changes, give me a nudge and I will work toward providing a plan that accommodate to all as well a smooth transition to Full Management.
For any landlords, I can offer a free ‘health check’ or ‘MOT’ of your portfolio, I will break down a portfolio whether that is 50 properties or a single property to show why being managed by Stuarts Homes is more cost-effective over an extended period. Just like a Financial Advisor protects your monetary investments, we protect your property investments!