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As 2017 comes to an end...

Paul Buck, Head of Lettings reflects over 2017...

What a year!!  I can honestly say that after nearly 20 years of working in the industry I have never seen so much legislation (actual and proposed), come out of the doors of Parliament.  

In addition to the extra tax burdens on landlords we have the tenant fee ban to consider. The government has amended the original brief to allow deposits to be charged up to the value of 6 weeks rent in place of the previously suggested 4 weeks rent.  We await more details as to the extent of the ban and how this will affect the market.

More pressing however is the rolling out of MEES (The Minimum Energy Efficiency Standards) which is due to come into action on the 1st April 2018.  This is the first part of a fairly lengthy programme to improve energy efficiency for all properties within the Privately Rented Sector. We have been actively engaging with our landlords to guide on this issue moving forwards.  

Despite all of the challenges, investing in property still remains a good financial decision. Rents in the region still continue to outperform the rest of the country (excluding London) with average rents of £846 compared to £766 nationally.  We have also seen an average rental growth of 2.8% compared to 1% nationally over the last 12 months.  Over the next 12 months, it will be more important now than ever to appoint an accredited agent to guide you through the minefield of legislation.

T: 01206 771214
 
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