2024 is looking to be a busy year for private landlords, with the possibility of several changes to legislation and regulations. With a shifting landscape predicted, the need to be on top of this is essential. James Richards, Partner of award-winning Sales and Lettings Agent, Maddisons Residential, discusses key issues facing private landlords and how to get the right support to manage your properties. So, what’s to expect for 2024?

Stopping rogue landlords in their tracks

The government is promising to extend its recent clamp down on rogue landlords. One would hope this issue was not even on the agenda, but sadly it is. Landlords must adhere to The Housing Health and Safety Rating System.

The Competition and Markets Authority has promised to produce its findings into the consumer protection issues that people might be facing when they rent; it will offer changes to how landlords and agents operate by mid-2024.

New laws to protect tenants

The Renters Reform Bill – which aims to change the rights of both tenants and landlords – is expected to become law later this year. This will apply the Decent Homes Standard to private rentals and extend rights for tenants to keep pets, among other changes.

Additionally, new controls are expected for the short-term lettings sector; to reduce adversely affecting long-term rental properties in towns, short-term lets on platforms such as Airbnb are likely to be tightened.

The uncertain economy

Aside the new laws and regulations, the current economic landscape will undoubtedly impact landlord and renter behaviour. And of course, we have the Spring Budget, the expected reductions to the Capital Gains Tax personal allowance in April, plus a general election, which will undoubtedly impact the sector.

Good lettings agents help to keep landlords always informed

The idea of being a private landlord may seem simple, but it’s not so easy in practice; having the right support makes it easier. A good letting agent not only helps their landlords manage their properties to attract and retain tenants, but also informs their clients of their legal responsibilities, delivering timely advice and updates on legislation and guidelines. They will also connect them with excellent resources to help them manage all areas of their portfolio.

So, my advice would be to do your homework, and choose a letting agent that will deliver excellent service and align with your needs.

Supporting our private landlords to ensure they understand their responsibilities and operate their properties to the highest standards underpins what we do. If you are looking for help to rent your property, please don’t hesitate to contact our expert lettings team.