What does 2020 have in store for landlords?
The market has been adapting over the last few years driven by reforms and changes in legislation. A summary can be found in my last blog post. 2020 is no different and the Association of Residential Letting Agents have announced another change is coming relating to Electrical Safety Testing. From July 2020 it will be compulsory for properties to have its electrical installation tested every five years. If your property is managed by Watsons already you have nothing to worry about. You will be aware we take Electrical Safety testing seriously and it has been a requirement for our Lettings portfolio for a number of years. If you have properties in your portfolio which remain untested now would be a good time to ensure these are checked before the deadline.
The requirement for the Minimum Energy Efficiency standard of E is drawing closer and this will come into full effect on 1st April 2020. This will impact any property with a low energy rating and action will be required in order to continue letting.
If you are a landlord, or thinking of becoming one, these changes should not come as a concern. The Lettings market is being reformed to ensure properties provided are of a good standard and fit for habitation. The amount of sub-standard properties offered to the market is reducing and in turn rents for good quality accommodation is increasing and void periods declining.
What advice do we have for Landlord’s in 2020? If you are an investment landlord we suggest you review your portfolio. Those properties currently offering you a low yield could be improved to benefit your long-term investment. If you are looking to enter the market, now is a good time. The Lettings market in Norwich is buoyant and there is a demand for a wide range of properties from city centre apartments to terraced houses in the Golden Triangle and North City. The suburbs are as popular as ever and demand for properties in Taverham, Hellesdon, and Thorpe St Andrew currently outstrip supply, so if you have a property in these locations your investment could be worth more than you think! Looking to North Norfolk, Aylsham and the surrounding area is an investment haven with very low supply of rental properties. Demand in this area is high and properties usually let very quickly and for a good rental level.
We have also started offering our Guaranteed Rent insurance for both new and existing clients. This ensures you are paid rent on the same day of each month regardless of whether the tenant pays. If you are one of the few unfortunate landlords who has had a negative experience with a tenant you’ll understand how invaluable this service is as it also covers legal costs for eviction, costs to take the tenant to small claims court and a share of the rent for the void period whilst any works are completed to bring the property back to a re-lettable standard. Please call us for more information.
If you would like more information, please contact our lettings team directly: