We are proud to say we work closely with many landlords in Finchley, which means we know what people like you want and need from letting agents. We also know you struggle to stay up to date with changes in the industry, and the local market, but this is why David Harris & Co is on hand to assist you.
One significant development on the horizon is the Renters (Reform) Bill, which has raised concerns among many landlords across the UK.
According to a recent study by Propertymark, an overwhelming majority of landlords are worried about the implications of this Bill. The study revealed that 72% of landlords are concerned about the elimination of Section 21 notices, while 69% view the removal of fixed-term tenancies as problematic.
Under the proposed legislation, fixed-term tenancies, including both assured and assured shorthold tenancies, will be replaced by periodic tenancies with no predetermined end date. Additionally, the Bill seeks to abolish section 21 'no fault' evictions, which have been a contentious issue in the rental market.
Perhaps most concerning is the lack of understanding and awareness among landlords regarding the Renters (Reform) Bill. The Propertymark study found that only 18% of landlords felt they understood the legislation, with a mere 3% having actually read the accompanying guidance.
This knowledge gap has led to a growing sentiment among landlords that the guidance provided alongside the Bill is insufficient. In fact, 52% of surveyed landlords expressed their disagreement with the adequacy of the guidance, emphasizing the importance of seeking professional assistance from letting agents to navigate the impending changes.
Timothy Douglas is the Head of Policy and Campaigns at Propertymark, and he spoke about this issue, saying: “Propertymark has long argued that a fixed term tenancy allows security of tenure for the tenant and a guarantee of rent payments for the landlord. The Renters (Reform) Bill will only be workable in practice if it addresses the on-the-ground challenges, we know affect landlords. Furthermore, it is imperative that landlords are aware of the upcoming legislation and are given adequate guidance and support to deliver a high level of service for tenants.”
As a landlord, it is essential to stay proactive and well-informed about the Renters (Reform) Bill and its potential impact on your rental properties. By partnering with a knowledgeable letting agent, you can ensure that you are prepared for the upcoming changes and can make informed decisions to protect your investments.
We are committed to keeping our clients updated on the latest developments in the rental market and providing the guidance needed to navigate these changes successfully. Don't hesitate to reach out to our experienced team for advice and support as we work together to adapt to the evolving landscape of the London rental market.
We work closely with landlords in and around Finchley, ensuring they receive the best standard of support and service at all times. These are challenging times, but it is also a time of great opportunity. The demand for rental property is high, and it isn’t going to go away. This is especially true in London, and we believe Finchley is an excellent place for tenants. This means it is an ideal place for landlords and property investors to invest time and money.
If you’re looking a letting agent who stays up to date with the latest news, with tenant needs and what comes next in the market, all so you don’t have to, we are the Finchley letting agent for you.
We have assisted many Finchley homeowners and landlords looking to let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely tenants by turning to a local letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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