20% of landlords are registered with Rent Smart Wales, the mandatory licensing scheme for landlords in Wales. They are looking to roll this scheme out nationally under the “National Landlord Licensing” scheme. RSM has proven rather ineffective with only 3 prosecutions to date, so here it is - I’ve said it before and I’ll say it again: “enforcing existing legislation is more (cost) effective than further legislation.”
The PRS has a lot going for it, low rents and long tenancies galore, providing the tenant behaves. Automatic rights for tenants to stay a long time are nonsensical, simply because landlords will not risk being stuck with a terrible tenant for a long period of time without the safety net of the ability to evict.
So what next? Compliant landlords are frustrated at increased taxation and legislation when “rogues” next door get away with beds in sheds and the like. With the prosecution rate low it’s a risk rogues continue to take, with the burden of tax and legislation falling on those that will fully comply.... but this doesn’t even self-fund the schemes, leaving a further financial hole to chase down the bad landlords that the schemes were set up to tackle in the first place!
I hope you enjoyed reading. If you are keen to take things further, be it to start from scratch, or do something a bit more interesting with your current portfolio... Start the conversation on email. I'd love to meet you in person of course at this month's Clapham Property Meet, so do come along. Click here for tickets and more info.
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