Being a landlord is often difficult, and we know many local landlords require assistance in all aspects of the letting process. We are pleased to say we have helped many landlords in Wembley. We offer a range of letting services, and no matter what experience or expertise you have in the market, if you are looking for guidance, we are here to assist you.
There has been a lot of talk about positive changes in the property market for 2020, but not so much has been said about the rental market. We are here to help you plan for the coming months, and if you have any questions about the local lettings industry, we are more than happy to assist you.
While the news that rental fees are tipped to continue growing this year is good news for many landlords, it is important to think about the bigger picture. Some tenants may be unable, or unwilling, to pay higher rental fees, so there may be a need to manage expectations, or provide value in other ways.
With the demand for rental property outstripping supply, this is always going to be the case. RICS tipped rents to increase by 15% between 2018 and 2023, and this is still set to be the case.
While some landlords view rising rental fees as a positive thing, this should be considered alongside rising rental costs. A study undertaken by Monmouthshire Building Society found 71% of landlords said they expect running costs to increase in 2020.
Of course, the introduction of Tenant Fees Act in 2019 has reduced the number of fees landlords can charge. These are challenging times for landlords, and any letting industry professional who requires assistance will find we are more than happy to offer guidance and support in this matter.
Another issue for landlords is the ongoing updates to regulations in the industry. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 will be in force from July, and there will be changes to MEES in April.
We know keeping up to date with regulations is a full-time role in itself. This is part of the property management and letting service we are more than happy to help with. If you have concerns about regulations, come and speak with us, or allow us to manage your rental property for you.
It can only be hoped there will be increased political stability in the UK in 2020. Brexit is likely to rumble on, and this may create new challenges for landlords. The March Budget is looming, and this is something that landlords should consider. There may be measures introduced which affect landlords. If there are, we will be on hand to assist you.
At Smith Melzack, we know landlords are under considerable pressure, and require a helping hand. We are pleased to offer a range of property management services, and services aimed at assisting landlords care for their tenants and rental property. If you are a Wembley landlord and looking for help in managing your rental property, get in touch today, and we will be more than happy to assist you.