While there is a lot to like and celebrate at this time of year, it is perfectly natural to look ahead to New Year. You can look back, but ideally, you should be looking to make sure 2020 is your bets year yet. If you are a Wembley landlord, and you are planning for New Year, we can help. We know many landlords find the letting process challenging, but with our help, you can face the New Year with confidence.
We know many landlords have concerns about the future of the letting industry. In recent research undertaken by the Residential Landlords Association (RLA), more landlords are looking to reduce their rental market investment.
The study says 34 per cent of landlords' plan to reduce their investment in the market. Figures from the same survey carried out a year ago suggest this is a significant increase, which may suggest this has been a tough time for landlords. If some landlords are looking to exit the market, you cannot blame them, but it does provide an opportunity for existing landlords in the marketplace.
Over the course of the year, the study finds 19 per cent of landlords have sold property while 12 per cent of landlords have purchased property. 12 per cent of landlords say they are keen to expand their property, which is down on last years' figures. The previous years figures suggested 14 per cent of landlords were looking to enhance their property portfolio.
45 per cent of landlords have told the RLA that additional stamp duty charged on buying extra property has held them back from investing further in property. However, more than half of the respondents said they would be keen to invest in property if reforms were made to make the buying of additional homes more attractive.
These findings have led to the RLA calling on the Government to scrap the stamp duty levy where landlords are offering homes which increases the net supply of housing. The association says landlords should be rewarded when new build properties are developed, when empty homes are brought back into use and when larger homes are converted into smaller and more affordable units.
There is a demand for more housing across the country, and moves which bring about this outcome will be welcome in 2020. David Smith, policy director for the RLA, said; "This is yet more clear evidence of the sell-off of private rented housing largely due to the government’s extra tax on new rental homes. With a new government and a budget due, we need a shift in policy to one that supports investment because otherwise there will be a growing supply crisis in the private rented sector as demand continues to rise."
At Smith Melzack, we know being a landlord is difficult. If you are keen to make the most of New Year resolutions, call on a local expert. We have helped many landlords reach out to tenants, and provide the best standard of support and service. If you are keen to make the most of your rental market opportunities in 2020, contact us today.