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Landlords, time to be informed, not just opinionated. 2018's box of not so 'Quality' surprises.

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Published: 20/12/2017   Last Updated: 20/12/2017  
Tags: Lettings, Property, 2018, EPC, Landlords, Tenants

Going into the New Year, there will be many hurdles on the horizon. As Brexit negotiations  linger on, further interest rate rises and the cost of living still rising, we could see substantial changes.
 
It is predicted that for generation rent (20-39 year olds)it will take 19 years to save for a deposit in order to get on the housingladder, without any assistance from family or friends, according to the mostrecent PWC property report, therefore placing further demand on the private  rental market.
 
In terms of the supply of available property, we are anticipating a significant drop overall, with the accidental or small-time landlords forced to make a vital choice whether to retain their current tenantsand renew at the same or a reduced rent, or to ultimately sell up, as the costs will become to much to bear.
 
Major factors contributing to this decision will includefurther reductions on landlord’s fixtures & fittings allowance, mortgage tax relief and minimum energy standards of rating E (https://www.gov.uk/government/publications/the-private-rented-property-minimum-standard-landlord-guidance-documents).
 
The latter is predicted to see up to 300,000 propertiesbeing withdrawn from the private rental market nationwide as the costs of bringing them up to standard will be too high.
 
Landlord & agents are also having to factor in the looming tenant fee’s ban, with ARLA Propertymark advising to prepare for the ban coming into force by October 2018. This in turn will push rents upfurther, with the costs inevitably passed onto tenants in the short-medium term.
 
However, plenty of planned positive regulation changes arein the pipeline for 2018, with the ultimate conclusion being fairer regulation of the industry, ensuring housing courts are more reasonable and transparentfor landlords and tenants alike, and continuing to develop more secure longer term tenancies.
 
Overall, the lettings industry is going through some dramatic changes, and the market that we see today will be drastically transformed over the next five years. This change will initially wound most agents and landlords, but with the firm conclusion that the industry will come out the other end stronger, more professional and with a robust reputation among consumers.