Are you a landlord who is struggling to keep up with recent reforms? Well according to the latest survey conducted by Market Financial Solutions you're not alone with many landlords feeling they can’t keep pace with the changes.
According to the study 40% of landlords didn't understand the changes made to homes in multiple occupation licensing which came into effect in October 2018. This misunderstanding of the change was recently brought to light with news of the ‘Leeds Five Generation Rent’.
When it came the proposed abolition of section 21, 28% were not aware of this which was announced last month and aims to prevent unfair tenant evictions. 27% are unsure about the tenants fee ban with another 19% not understanding the effect it will have on them.
On taxes, a quarter of landlords were unaware of the changes affecting tax relief on mortgage repayments which came into effect in April.
The somewhat unsurprising thing to come out of this survey is that more landlords are against these reforms than for them.
44% are against banning of letting fees, compared to 23% for. Similarly, landlords were against the abolition of Section 21 (37% against) and the changes to buy-to-let mortgage relief (48% against)
This stands to show that landlords need to keep their ear to the ground with more and more changes coming through.
If you have any questions or need any information about recent and upcoming changes to the letting market, please pop in or call to speak to one of our rental experts