- Location
- Cumbria
Why, the market is controlled by supply and demand.The other thing to remember is that, economically things will probably get much worse before they get better. There’s a squeeze on rental housing availability and this will deepen as the EPC issue means that some housing exits the sector (some to holiday let’s, maybe some to first time buyers).
This means that for landlords with decent (high EPC) properties, there may be good money to be made as rents continue to increase… BUT… that economic squeeze is likely to hit folks on lower incomes worst. Landlords were portrayed as money-grabbing b@stards during covid, and their normal rights were suspended. I can also see this energy/food/housing crisis being ‘bad’ for landlords as the Govt can be seen to be being ‘good for working people’ (etc etc) at little cost to itself by accelerating the coming reforms and adding in eg. rent controls to ensure landlords don’t ‘profiteer’ (ie. don’t take advantage of usual supply/demand market controls). Also by making it harder to pick and choose your tenants (ie rejecting those who live on benefits).
I can see it being a bumpy ride for landlords in the coming years!
As long as we keep cramming people in, there will always be a demand.
We have companies wanting to take over the letting of our properties, and are willing to guarantee us two years rent up front.
However, we have to agree to opt out of the Governments requirement that full UK residence status has been granted. Sounds dodgy, so, we didn't bother.
If you let via a credible agent, a 'fit to rent assessment' is made for your property. If a potential new tenant fails that test (x% of income paid in rent) then the onus is on the agent to find them a more suitable property.