Homeless charity Shelter claims property prices in the UK will jump 23% over the next four years. And that by 2020 first-time buyers in London will need an annual salary of £106,000 – plus a deposit of £138,000 – to take out a mortgage.
Around a quarter of London’s population rent from private landlords, according to Shelter.
But many landlords say the government is imposing too much regulation on the private letting sector.
Those accusations grew louder earlier this month when the Housing and Planning Bill moved a significant step closer to receiving Royal Assent.
Housing Minister Brandon Lewis claims that this heavyweight piece of legislation will lead to the “professionalisation” of the private rental sector by introducing greater penalties for rogue landlords.
If, or rather when, the Housing and Planning Bill becomes an act of parliament, it will give local housing authorities in England the power to…
- Ban and fine criminal landlords and letting agents;
- Introduce rent repayment orders; and
- Establish and maintain a database of blacklisted landlords and agents.
While Denhan Guaranteed Rent welcomes measures that stamp out the minority of criminal operators letting property to tenants, more could be done to highlight the issue of problem tenants.
Avoid problem tenants
The best defence against problem tenants is in-depth screening before issuing an Assured Shorthold Tenancy agreement.
A landlord may be keen to let their property in the shortest space of time, but the loss of a few weeks’ rental income can save time, money and distress in the long run by ensuring the right tenant moves in from the start.
The tenant screening process should include a face-to-face interview with every person who will be living in the property. Not every tenant will be a mirror image of yourself, so remember to consider whether the individual or family will take care of the property, not whether they have the same taste in clothes, music or other interests.
But do bear in mind that the new Housing and Planning Bill places a moral obligation on landlords and letting agents to consider the safety of residents in neighbouring properties, particularly if the rental home is part of a block of flats.
Even if a landlord carries out the most detailed background checks – and they do not arouse suspicion – good tenants can turn bad.
If complaints about property damage or antisocial behaviour come back to a landlord, these issues can often be resolved by issuing a politely-worded verbal warning or written request.
And if that does not do the trick, it can be followed up with a mild warning backed up by an official letter.
The shortage of good homes available for rent in London and south-east England, in particular, means the majority of tenants treat rental properties as if they were their own. Keeping lines of communication open and displaying a little understanding can usually resolve the majority of problems that a landlord can experience when running a rental property.
However, this can take time, money and result in unnecessary stress.
Denhan Guaranteed Rent removes all the stress from landlords in London.
When letting your property through us, we guarantee landlords will receive a fixed payment on time every month for up to five years – even if the property is empty.
We take care of every aspect of finding a tenant, managing the property and even provide all our landlords with a free photographic inventory of their property, saving them around £350.
How much rent could your property achieve? Call Denhan Guaranteed Rent now to book a FREE MARKET APPRAISAL of your rental property.