Yup, the costs to the LL don't even bear thinking about.
In fact it'd be completely pointless to do so.
In fact it'd be completely pointless to do so.
Yes.
Rents are to be capped to "market value" it seems, although how anyone will police that is anyones guess.
Soldato
Imagine this , so someone wants to stay in London for a 2 week sightseeing tour - what's the cheapest way to do it ? Oh i know less take a periodic tenancy for 2 months, we'll just give notice as soon as we move in . Oh don't worry the landlord can absorb the sign in sign out costs of a new tennant every 2 months ( yes we love giving our first months rent to agents ) . Guess who rent just went up ? Every new private tenancy in the country.
Was talking to a few landlords I know last night and we are all considering a new wacky way to fix in tennants to at least a year . Not sure how the labour would look on this but maybe it could be - stay a year and get a 10% reduction on rent in the 2nd year and 10% back from that first year . So market rate rare is £1000 so charge £1100 , give them £1200 back and reduce after year 1 . Just thinking out of the box
One thing I know is rents will increase now as demand will increase and supply will certainly drop even further. Worst thing ever is periodic tenancy, the costs involved will drive ,and lords out - can someone explain why they did this ?
I havent heard of this either and wasnt mentioned in either linked article. Instead it said they would strengthen the tenants right to dispute rent increases.
If possible do you have a link where I can read up on the market value cap?
I'll file this under *things that arent going to happen*
I guess for the same reason the Tories suggested doing it, to give tenants more security probably, seems Labour are just continuing with the reforms the Tories said they were going to do.
I haven’t, sorry.
Not sure where I read it, or it may have been when I was talking to my agent.
I think the idea was to cap rents at similar to local properties, which I guess makes sense, unless of course everything is massively over inflated.
It's a C just like the proposal the Tories had, which like everything else, they failed to actually implement.
What a moronic framing of the headline by that twitter user "Oh no" cry all the tenants "the efficiency of my rental property will have to be improved thus lowering my heating costs" complained no tenant ever.
What a moronic framing of the headline by that twitter user "Oh no" cry all the tenants "the efficiency of my rental property will have to be improved thus lowering my heating costs" complained no tenant ever.
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Soldato
Is it going to apply for all tenancies or just new ones?
Soldato
Yes, they'll just get references, go through the credit check, deal with the estate agent being a complete arse and bid against 14 other potential tenants.
I guess we’ll find out later this year when it’s decided.
Problem is that not all properties can be brought up to “C”, my rental certainly can’t, and I doubt my main residence could either.
So presumably the gov would have to have something to (for want of a better word) excuse these to have a lower band?
There was a reason Sunak scrapped the requirement to hit level C by 2028.
It'll be all. The Tory proposal had 2 dates, with new rentals having to comply sooner and existing rentals having a little more time. Labour's proposal to be done by 2030 is longer than both previous deadlines anyway, so I wouldn't be surprised if it's now just applying to all rentals at the same time.
Commissario
Our EPC report when we had one done (we own our own house), was a low D, putting on some solar panels was the easiest way to raise it. 2.5kw of panels would have given us an 11 point rise* (to a high C) vs 2 points for underfloor insulation (or another 2 for solar water heating).
It's not just insulation that can make a difference to the EPC rating.
*We actually got 4.7k
Theres a few articles already saying its a 'C', so I dont know if Ed mentioned that or media is guessing. Tbh, it wouldn't make sense to be anything else.
How come? (Genuine question) Is that physically can't or cost prohibitive can't?
My rental has a coal fired central heating system and I can get to C "fairly" easily without needing to change it by having some solar panels and isolar water heater, it's currently a D.
It would be a quandary with what to do with properties if they really couldn't be brought up to spec.
I mean from a rental pov the easy answer is the landlord just sells the property, an exemption wouldnt make sense imo, but then just pushing it into private ownership doesn't tackle the basic problem of needing to improve our housing stock in the first place.
Lobbying? Inability to implement any policy due to the continuous infighting?
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There’s a consultation later this year, but yes, I agree.
Last time is looked the EPC (rental) said it’s D and the suggestions given didn’t give enough points to get close to C, my agent also said it wasn't possible.
My house was built in 1818 and the cost would be prohibitive, although unless I move abroad I’ll stay there forever.
Yup as many seem to be, although not just for that.
I believe it was because it would raise rents to an even more unsustainable level.
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Folks, I’m considering starting buying property to become a landlord but it seems like a pretty turbulent time to be doing so, or at least that’s me impression. I’m guessing it would be wise to wait until the budget is announced next month, but apart from that, any advice for a potential landlord?
Soldato
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There're rumours about a massive increase of CGT, as well as those new legislations against the favour of landlords, hence lots of landlords are in a hurry to sell now. House prices in my area have reduced about 3% - 6%.
If you have to buy with a large portion of mortgage and that you're hitting the higher tax rates, then I'd think twice, as you may be trapped as a mortgage prisoner.
Yes, wait.
I’d also factor in what could wrong and cause you sleepless nights, coupled with a significant loss of money.
Read back through this thread to give yourself an idea.
Is it really worth it to you against putting your money elsewhere for slightly less income.
If I wasn’t waiting for my lease extension to be finalised, I’d have sold up and got out by now.
Kind of like stock holders, panicking on rumours?