The search for a good tenant

As a landlord, you want the right tenants in your property, and you don’t want any void periods without receiving rent. The UK lettings market offers many potentially lucrative opportunities, however, one crucial consideration is ever-changing legislation. Having the support of a knowledgeable and experienced property professional could be the key to success in your search, but here are some other top tips from The Guild.

Make sure your property is well-presented 
If your property is clean, in good order, and presentable, then it will attract good tenants. Decorating it with neutral colours, installing good appliances, or doing anything that improves the energy efficiency of the property could lead to higher rents.

Check your property is compliant 
Electrical inspections, gas safety certificates, and energy performance certificates (EPC) all help prove that your property is compliant. This is a crucial step in helping to prevent you from being liable for any accidents or potential prosecution. Utilising the support of a Member of The Guild in the management of your property will ensure you have the guidance of a fully-compliant professional.

Explore the full potential of your property 
Whether it’s enhancing the bathroom or kitchen or creating outdoor spaces, it’s important to fully explore the potential of your property. Good outdoor spaces are in high demand, especially those that can be used all year round.

Market your property well 
The key to success in marketing is having excellent photographs, videos or virtual tours, along with an accompanying strategy that connects your property with excellent tenants. Your chosen estate agent will possess a comprehensively vetted database of potential tenants.

Carry out background checks 
It is in your interest as a landlord and a legal requirement to conduct background checks that are compliant and not discriminatory. You want to place reliable tenants in your property but do so in a way that is fully amenable. Credit checks are a useful way of gaining access to a tenant’s previous history when it comes to paying debts. Anything you can do to get an insight into how reliable a tenant is also an opportunity for the tenant to prove their suitability. 

Set the right price 
Letting a property involves managing costs, much like any other business. You want to achieve satisfactory levels of rent. You don’t want to set a price that falls short of that potential, nor do you want to overcharge and risk creating void periods. 

Know your market 
Knowing your market helps you target the right tenants. Once you know who you are targeting, you can prepare your property appropriately. Your local Guild Member will pride themselves of having a thorough understanding of the local property market and the demographic of potential suitable tenants.

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Today marked a historic moment as King Charles III delivered his first speech, outlining the government’s priorities for the upcoming year. Among the key announcements were significant reforms impacting the rental and property sectors. Let’s delve into the three major takeaways that should be on every letting agent and landlord’s radar.

 Renters (Reform) Bill: A Balancing Act

The speech reiterated the government’s commitment to the Renters (Reform) Bill, signalling a renewed focus on the rights of tenants and the concerns of landlords. A notable highlight is the pledge to abolish Section 21, commonly known as “no-fault evictions,” a commitment that has been in the spotlight since the Queen’s Speech in 2019.

However, the timeline for implementation remains uncertain. The King’s Speech provided no further clarity on the criteria and deadlines for the significant court process reforms required before Section 21 can be abolished. Letting agents and landlords should stay vigilant for updates, as these changes will reshape the dynamics of the rental market.

Leasehold Bill: A Path to Fairness

King Charles III emphasised the government’s dedication to making homeownership more accessible by introducing a Leasehold Bill. The proposed reforms aim to streamline the process of buying the leasehold of a property and alleviate the burden of “punitive” service charges.

Estate agents need to monitor the legislative landscape, anticipating reforms such as simplified procedures for leaseholders to purchase the freehold or extend their leasehold. The introduction of a cap on ground rent at 0.1% of the freehold value could transform the leasehold market, while changes to ownership requirements may lead to a future where all houses are sold as freehold.

Net Zero and Energy Efficiency: A Green Commitment

The government’s unwavering commitment to achieving Net Zero emissions by 2025 is a pledge with broad implications, including significant changes in the property sector. King Charles III expressed the government’s desire to “safeguard energy independence” and invest in renewable energy sources.

For landlords and homeowners, the initial requirement to upgrade properties to an EPC C rating by 2025 on new tenancies, and 2028 for all tenancies, faced a revision in September 2023. Prime Minister Rishi Sunak announced the relaxation of these targets, relieving landlords and homeowners from the original deadlines. However, the commitment to energy efficiency and the transition to renewable sources remains a focal point in the government’s agenda.

As we navigate through this new era under King Charles III, the landscape of the property market is set to undergo significant transformations. Letting agents and landlords must stay informed and adapt to these changes to ensure a smooth transition into a more tenant-friendly, fair, and sustainable future.

 

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