Change is forecasted in the private rental sector under a new Labour Government, but what could this mean for landlords in Warrington?
With Simply Business finding that 66% of landlords cite confusing and frequently changing government legislation as one of their greatest challenges, our experts feel it’s vital to lay out what you can expect from Labour’s rental reform plans.
So, if you’re interested in property investment in the Warrington area but aren’t sure what this could entail under our new government, you won’t want to miss this!
Labour’s plans for the property letting sector
Thanks to a landslide victory, Labour’s majority in parliament should allow them to follow through on their rental housing pledges – but what exactly do they mean for landlords?
Well, before we explore this, here’s a list of Labour’s manifesto promises for the rental sector:
- The “immediate” abolition of Section 21 evictions – unless the tenancy agreement has been broken, landlords won’t be able to terminate tenancies before their term has ended.
- The introduction of new energy efficiency standards for rental properties by 2030 (although we don’t yet know what this standard will be).
- The extension of Awaab’s Law to the private rental market, which requires landlords to fix dangers such as mould in their properties within 7 days, should they pose a considerable threat.
If Labour follows through with their promises, landlords will have to do the following to be successful in the Warrington rental market:
- Make their properties more energy-efficient by investing in energy-saving appliances and smart home technology.
- Address damp and mould issues immediately if they arise on their property.
- Modernise and decorate their houses to attract a greater pool of potential tenants – properties that aren’t well looked after or look unappealing will lead to much dissatisfaction and fewer applicants.
Why become a landlord in Warrington now?
You may be wondering whether now is the right time to delve into the rewarding property investment market.
Well, if Keir Starmer’s Labour can stabilise the economy, it should support the wider and local property market, making it less volatile and renting easier for tenants. But, the proof will be in the pudding with this one.
However, current and prospective landlords will be interested to know that the demand for rental houses is growing as house prices are still too high for many.
Plus, Labour’s promises have also made renting a desirable option for both tenants and landlords alike for various reasons:
Renting could become a more attractive option for people
The proposed rental reform under Labour will make renting more appealing to the public, meaning you’ll still have a greater pool of tenants to select from.
- By removing Section 21 evictions, tenants will feel more confident about living in a rental property without the threat of ‘no fault’ evictions.
- More energy-efficient properties are very attractive for renters as both their energy bills and carbon footprint are greatly reduced.
- Under the extension of Awaab’s law, landlords will have to investigate and fix dampness and mould in their properties. This creates a healthy living environment for renters and means they don’t have to address these potentially costly problems.
Landlords can be part of a more ethical and fair rental market
Aside from enticing financial gains, there are intrinsic rewards to be had under labour’s expected reforms – landlords will play their part in supporting a fair rental market for tenants.
By ensuring properties are well-maintained, sustainable, and safe, you can help to provide individuals and families with a good home they can be happy in.
An established letting agent in Warrington can support your property journey in 2024
If you want to delve into the local private letting market in the North West, it’s best to have support and guidance from experts in the property industry.
A professional letting agent in Warrington can offer you a full range of services to make the whole process of renting out your property stress-free.
Whether you’re new to property management and desire full support or have multiple properties and only need the bare minimum, we’re here to help.
Our services include our Let Only package, which allows landlords to take care of most aspects of property management, whilst we take care of some of the more tedious duties.
Or for more hands-on support and an ‘under one roof’ service, you can opt for our Full Management package. Our property experts will take care of everything from tenant house viewings to collecting rent on your behalf.
Visit our Let Only and Full Management pages for further details.
Speak with Easylet letting agents Warrington today
Here at Easylet letting agents in Warrington, we live and breathe the latest developments in the rental sector. Our small team is made up of the most knowledgeable property management experts in the lettings industry, who only offer honest advice and guidance when it comes to the local market.
To speak with our friendly team, you can call our Warrington office on 0192 563 3011 or pop us a message using our online contact form if it’s easier for you.
You can also visit us in branch, conveniently located in Warrington town centre.
