2023 was a year that was dominated by rising costs. There was also a lot of uncertainty around the future legislation for landlords and tenants to. So, what can we expect from 2024? Perhaps, more importantly, what do Peterborough landlords need to look out for in 2024?
It is expected that the general election, that must take place by January 2025, will very much shape the future of the rental market in the UK. It is also likely to set the legislations that landlords will need to look out for and be aware of in 2024.
Experts believe that the next general election, and the run up to it, will have a significant impact on the rental market. This is because politicians are keen to get the votes of the huge number of landlords and tenants within the UK. There are a wide range of issues affecting the rental market at present. If these are dealt with currently, politicians could win huge numbers of votes. However, ignored or not dealt with correctly, and it could be detrimental to the party.
Plans that show the parties are attempting to solve these issues will be influential in their manifestos.
Research from Think Tank: New Economics Foundations shows that 66% of landlords currently see government legislation for landlords confusing and ever-changing. Meanwhile, tenants that have moved into a rented property within the last year are currently paying above the advertised rent for their current homes. Add on spiralling costs that both tenants and landlords are struggling with – and you can see why something needs to be done.
The Conservative Party are keen to show that they are keen to help renters. This is expected to be seen by their commitment to pushing through the ‘better deal for renters’. This includes rental reforms and will be seen if they were to gain another term in government.
Meanwhile, the Labour Party has been clear on their keenness to end Section 21 evictions. There have also been hints towards new measured being introduced. These new measures are likely to include compulsory licensing and rent controls. This will be seen in more detail if they were to win the election.
If you are unsure what to look out for in 2024 as a landlord or you need help keeping on top of changing legislations – call our team. As a team of experienced property management and lettings managers, we have the knowledge and advice you need.
