The UK property management landscape has constantly evolved rapidly, but the last couple of years have seen change accelerate significantly, and 2024 is set to be no exception. Much like in any other business, it’s imperative for you, as a landlord, to stay updated on the latest trends, regulations, and market shifts to thrive in 2024.
If you do this right, then the 2024 rental market changes could play in your favour, but for this to be the case, you’ll need to understand the changes forecasted for 2024. Thankfully, we’ve researched so that you don’t have to; in this article, we’ll investigate UK landlord guidelines and explore the key insights and considerations that landlords should keep in mind this year. Read on to get in the know.
Understanding Current Market Trends
As a landlord in England, you will already know the expected rising costs of rental properties in 2024, but this is far from the only thing to consider. The world has changed significantly in recent years, and if you increase your rental prices without considering changing trends in the rental market, you could potentially limit your revenue. Let’s break down some significant market trends you need to know.
Embracing Sustainability
From government initiatives to public activism, sustainability has been a hot topic that affects everyone over the last few years, but don’t be fooled into thinking this is just a buzzword. Prospective tenants are increasingly seeking eco-friendly properties with energy-efficient features for environmental and financial reasons.
Many prospective clients will seek sustainability in their rental property to combat rising energy costs while doing their part to save the planet. Ignoring this factor could cost you many clients. For this reason, you should consider applying sustainable upgrades to your property, such as energy-efficient appliances and mindful waste disposal. Not only will this make your property more appealing to tenants, but it will also reduce your long-term operating costs.
Leveraging Technology
In the past, the landlord-tenant relationship tended to be a bureaucratic nightmare, but it no longer has to be this way. The adoption of innovative technology is simplifying all areas of our lives, including administrative procedures, communication, and payments. All three of these areas are staples of being a landlord in London, and you’d be daft not to adopt the latest technology solutions to make your life easier!
While most landlords already use online property portals to source prospective tenants, this is only the tip of the iceberg. There are dozens of technological software and hardware solutions available that have the potential to streamline not only landlord tasks but also improve your tenants’ rental experience. These include:
- Using modern communication platforms such as WhatsApp
- Leveraging online portals for rent collection and maintenance requests
- Installing smart home technology to increase the appeal of your property
- Using technology-driven security systems to give your tenants peace of mind
Financial Planning and Tax Considerations
In addition to evolving market trends, you must become familiar with changes in your responsibilities as a landlord in 2024. These include tax considerations, the anticipated Tenant’s Reform Bill, Office for National Statistics operations changes, and more.
Changes to the Office for National Statistics
The first financial consideration you will need may sound complicated, but it’s actually very positive for you as a landlord. The Office for National Statistics (ONS) has always been a valuable resource for British landlords, ensuring they have the data they need to keep up with the latest pricing and rental trends. However, a recent announcement has outlined some significant changes to how the ONS will release such information.
Thankfully, this is good news; the ONS has dramatically expanded its data points, offering a far more granular level of rental price statistics instead of the generalised conclusion from past statistics. This will allow you to gain far more valuable insights into the best way to operate your business as a landlord, and best of all; it’s free to access! This is a secret weapon that many landlords are unaware of, so use it to your advantage and stay ahead of the curve!
Tenant’s Reform Bill
Another significant change that will affect landlords in 2024 concerns the introduction of the Tenant’s Reform Bill. This is set to benefit tenants’ rights while, unfortunately, making your life as a landlord somewhat more complicated. But as long as you know the bill’s implications, it shouldn’t be a problem. This new bill hasn’t yet been officially confirmed, but it is anticipated to be passed in early 2024.
Ultimately, the Tenant’s Reform Bill will affect evictions, preventing landlords from evicting tenants unless their contract is over or there is a serious reason to do so. As long as you know this in advance, it’s no big deal – you’ll need to plan. Thankfully, it could still benefit you, as your tenants will be comforted by this enhanced accommodation security. This prospect could foster an excellent landlord-tenant relationship and boost tenant retention.
The constant changes to the rental market can be intimidating, especially when things are changing so fast. Still, hopefully, this article has shown you that there’s nothing to worry about as long as you stay informed. By focusing on these critical aspects, you can confidently navigate the dynamic rental market in 2024 and achieve long-term success in property management.
However, you mustn’t become complacent with this information, as it wouldn’t be surprising if further trends, bills, or even tax changes affect landlords in 2024. Keep your eye on resources such as the ONS and conduct regular research, and you’ll be taking steps that many other landlords haven’t even considered, helping your business to thrive!
Properly are rental property management specialists.
Call us on 0207 459 4400 or email [email protected] to find out how we can help you stay ahead with UK landlord guidelines 2024.
