The UK rental market faces big changes as property-owners struggle with growing rules and costs. Over 170 different regulations make it hard to keep rental business going - from energy rules to complex licensing requirements
Tim Price‚ a property-owner since the mid-90s had to sell most of his homes. “I kept rents same for about 12 years but now they go up with each new tenant“ he says His portfolio dropped from 120 to just 20 properties (due to strict rules and high costs)
The rules-storm started about ten years ago with right-to-rent checks; tenant fees ban and energy certificates becoming must-have items. Property-owners now need special papers just to rent out homes - its getting harder to make any money
- Energy performance rules
- Tenant right checks
- Complex licensing needs
- New eviction procedures
- Tax changes that cut profits
Small-scale landlord Paul Connors whose trying to fund his retirement is giving up completely. “Weʼre selling all three properties because its just not worth it anymore; the costs are too high“ he explains His 200-year old cottage needs £30‚000 in green updates - making it un-profitable to keep
Local councils make things worse by adding extra costs: licensing fees reach £1‚800 per year in some places. Mike Baldwin‚ whos been renting out homes since the early 80s pays £400 just for one flat in Margate. “The fees arent huge but everything adds up - im always thinking about selling“ he admits
The new Renters Rights Bill could make things even harder - ending no-fault evictions and adding more paperwork. With 4.6 million private rentals in UK courts might get stuck dealing with all cases