Published: 01/02/2024The UK property management landscape has always evolved rapidly, but the last couple of years have seen change accelerate significantly, and 2024 is set to be no exception. Much like in any other business, it's imperative for you as a landlord in Morden to stay updated on the latest trends, regulations, and market shifts to thrive in 2024.
If you do this right, then the 2024 rental market changes could play in your favour, but for this to be the case, you'll need to understand the changes that are forecast for 2024. Thankfully, the team at Ellisons Estate Agents in Morden have done the research so that you don't have to.
In this article, we'll investigate UK landlord guidelines and explore the key insights and considerations that landlords in Morden should keep in mind this year. Read on to get in the know!
Understanding Current Market TrendsAs a landlord in England, you will already be aware of the rising costs of rental properties in Morden expected in 2024, but this is far from the only thing to consider. The world has changed significantly in recent years, and if you increase your rental prices without considering changing trends in the rental market, you could potentially limit your revenue. Let's break down some of the major market trends that you need to be aware of.
Embracing SustainabilityFrom government initiatives to public activism, sustainability has been a hot topic that has affected everyone over the last few years, but don't be fooled into thinking this is just a buzzword. Prospective tenants are increasingly seeking eco-friendly properties in Morden equipped with energy-efficient features, for both environmental and financial reasons.
Many prospective clients will be seeking sustainability in their rental property in Morden to combat rising energy costs, while also doing their part to save the planet. Ignoring this factor could cost you clients. For this reason, you should consider applying sustainable upgrades to your property, such as energy-efficient appliances and mindful waste disposal. Not only will this make your property more appealing to tenants, but it will also reduce your long-term operating costs.
Leveraging TechnologyIn the past, the landlord-tenant relationship tended to be a bureaucratic nightmare, but it no longer has to be this way. The adoption of innovative technology is making all areas of our lives simpler, and this includes administrative procedures, communication, and payments. All three of these areas are staples of being a landlord in Morden, and you'd be daft not to ensure your property management company is adopting the latest technology solutions to make your life as a landlord easier!
There are dozens of technological software and hardware solutions available that have the potential to streamline not only landlord tasks but improve your tenants' rental experience too. These include:
- Modern communication platforms such as WhatsApp
- Leveraging online portals for rent collection and maintenance requests
- Installing smart home technology to increase the appeal of your property
- Using technology-driven security systems to give your tenants peace of mind
Financial Planning and Tax ConsiderationsIn addition to evolving market trends, it's imperative for you to become familiar with changes in your responsibilities as a landlord in 2024. These include tax considerations, the anticipated Tenant's Reform Bill, changes to the Office for National Statistics operations, and more. At Ellisons we keep up to date with latest legislation and trends, so that as a landlord, you don't have to. Let's take a look!
Changes to the Office for National StatisticsThe first financial consideration that you're going to need to take may sound complicated, but it's actually very positive for you as a landlord. The Office for National Statistics (ONS) has always been a valuable resource for British landlords, ensuring they have the data they need to keep up with the latest pricing and rental trends. However, a recent announcement has outlined some significant changes to how the ONS will release such information.
Thankfully, this is good news; the ONS has greatly expanded its provided data points, offering a far more granular level of rental price statistics, instead of the generalised conclusion from past statistics. This will allow you to gain far more valuable insights into the best way to operate your business as a landlord, and best of all, it's free to access! This is a secret weapon that many landlords are unaware of, so use it to your advantage and stay ahead of the curve!
Renters Reform BillAnother significant change due to affect landlords in 2024 concerns the introduction of the Renters Reform Bill. This is set to benefit the rights of tenants, however, as long as you and your letting agent are aware of the bill's implications, it won't be a problem. This new bill hasn't yet been officially confirmed, but it is anticipated to be passed in early 2024.
Ultimately, the Renters Reform Bill will affect evictions, preventing landlords from evicting tenants unless their contract is over or there is a serious reason to do so. As long as you are aware of this in advance, it's no big deal - you'll simply need to plan ahead. Thankfully, it could still benefit you, as your tenants will be comforted by this enhanced accommodation security, a prospect that could foster an excellent landlord-tenant relationship and boost tenant retention.
Overall, the constant changes to the rental market can be intimidating, especially right now when things are changing so fast, but hopefully, this article has shown you that there's nothing to worry about as long as you stay informed. By focusing on these critical aspects, you can navigate the dynamic rental market in 2024 with confidence and achieve long-term success in property management in Morden.
It's important you don't become complacent with this information, as it wouldn't be surprising if further trends, bills, or even tax changes affect landlords in 2024.
Keep your eye on resources such as the ONS and conduct regular research, and you'll be taking steps that many other landlords haven't even considered, helping your business to thrive!
Ellisons are rental property management specialists in Morden. Call us on 020 8543 1166 or email email@example.com to find out how we can help you stay ahead with UK landlord guidelines 2024.
If you are a landlord with rental properties in Morden and are looking for help with all aspects of property management, get in touch with Ellisons. Our team are Propertymark ARLA (The Association of Residential Lettings) trained and qualified, meaning that no chances are taken when looking after your property.
We represent hundreds of landlords throughout the Wimbledon, Raynes Park, Morden, Colliers Wood and Tooting areas, and we will be delighted to chat with you about your 2024 requirements.