An agency is urging landlords to review portfolios and consider if their properties meet the upcoming changes enshrined in the Renters Reform Bill.
CSC Grays says the period between now and when changes are expected to come into force - probably 2024 - presents landlords with time to seek professional advice on the raft of changes contained in the Bill.
The Bill will be implemented when it receives Royal Assent and will have two stages with the government expected to provide at least six months’ notice of the first implementation date after which all new tenancies will be periodic and governed by the new rules. When the second implementation date is set, all existing tenancies will also be governed by the new rules.
Guy Coggrave, managing director of CSC Grays, says: “Landlords should be reviewing their portfolios and making sure under the proposed legislation that their properties can comply, deliver a reasonable return on investment, and still meet their objectives.
“For some now may be a sensible time to restructure or exit portfolios making the most of the current relatively low Capital Gains Tax position, which many well informed commentators believe is likely to increase, particularly if we have a change of government.
“Being equipped with the correct professional advice will give landlords the opportunity to review the value of their property and consider other options such as restructuring their portfolios or investing elsewhere such as in commercial property. For those remaining in the sector, having the right management systems and advice will be essential.”
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Another senior industry figure suggesting that now is the right time to sell and clear your chips from the table.
No EPC report today Johnny 5..?
If Labour do what we think they may do with a big increase in CGT …. My tenants are looking for another home, every one of them… asap.
I will have sold 2 before next election and possibly 3 depending on changes I hope to get planning on the third property.
Until I can see a strong head wind of change I have no desire to stay in this industry.
I am keeping 3 which have fantastic tenants in, but when they go I will sell, hopefully in that time prices will go up which will offset the CGT change, if or when it comes.
Already reviewed my portfolio and decided to sell as and when a tenant vacates
We can manage ourselves, thank you very much. I think Michael Gov needs psychiatric help and advice.
Everyone knows there’s a shortage of rental property.
Mainly caused by the unfairness of Section 24, then Mr Michael Gove pours oil on the fire by Removing Section 21, which caused thousands of Landlords to sell up already and thousands more in the process.
Then other increased taxes, a Mammoth of other Regulation’s + Licensing Schemes and endless rises in Mortgage rates and the picture is complete.
The Government hasn’t done one thing to help the Private Rented Sector or the Homeless they created but are in fact the Problem, correct me please.
Very succinctly put Michael
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