Are Landlords a new endangered species?

Here in Harrogate we are very fortunate to have weathered the economic and property storms of modern times far better than many other towns and cities across the land. The fact is that a very large number of recent “ reforms “ in taxation and the regulation of Landlords – and their Letting Agents – have not to date too severely damaged the yields and capital growth of our Landlords properties is good but I feel a duty to try and put into some perspective what has happened. Most people are aware that over the past five years Landlords have been hit with greatly increased regulations that have squeezed Landlords margins and brought more and more red tape into the PRS ( Private Rented Sector ) .Whitehall have said that this is to “professionalise” the sector and ensure that Landlords treat their property holdings as a business.

Letting Agents however think that whilst this may seem like a very laudable goal, there is little point in adding new regulations if the existing legislation is not being enforced and each new piece of red tape seems to end up having the opposite effect to that intended.

Investment commentator, Graham Rowan, has described recent events as “Landlord death by 26 cuts” and here is a screenshot of Graham’s original list:

Our advice to our Harrogate Landlords is to keep a steady nerve , work with a good Letting Agent ( I recommend Myrings) , be compliant to all the new regulations and improve your property ( properties) to maximise your rent ( yield) in a very competitive local marketplace …. and talk to your accountant. There may well be more onerous legislation ahead – there is scarcely a day goes by nowadays without a new story about possible changes to taxation  , legislation or planning but some things seem immutable. People and families will always need to buy or rent properties to live in and call their home. Harrogate is not known as the “ Teflon Town “ for no reason. Our residential Sales and Rental marketplace is in good shape and good heart.

Enjoy the sunshine – and let’s hope England win the Cricket World Cup .

If you wish to discuss the above or are interested in the Property market in Harrogate then please come along and see us and enjoy a free no obligation chat about the property services we provide.

Charles.

Charles

About Charles

This blog follows the residential Sales and Lettings market in Harrogate, Knaresborough and surrounding villages.You will find information, analysis and guidance here along with news about Harrogate. I’m Charles Myring working in the Myrings Estate Agents Ltd business alongside my son Simon , daughter Gemma and dedicated sales teams. If you're thinking of Selling / Buying / Letting / Renting property locally Myrings would be happy to assist.