We all know that inflation has soared recently. The Consumer Price Index (CPI) rose by 10.1% in the 12 months to January 2023. For landlords and the UK property market, inflation is a two-edged sword. It will put up some costs, but these can be recouped by putting up rents and, eventually, property values will rise. The downsides… On the downside, there are higher maintenance and property upkeep costs. Landlords suffer from rising costs of skilled labour and higher prices for materials. These have increased by around 20% in the last two years. According to the CPI, household servicing costs ar ..read more

Although the turbulence of the last 12 months makes predictions a tricky business, all the factors to keep the rental boom going are in place for 2023. Let’s outline what they are. Interest rates From the moment, the Bank of England (BoE) raised interest rates in 2022, there have been eight successive rate rises. With the current rate at 4% and with every chance it could rise further, first time buyers are finding it increasingly difficult to get on the property ladder. It’s unlikely interest rates will start to fall until next year or, if it’s earlier, when inflation starts to fall significan ..read more

Damp and mould is a cause for concern in any property. Not only does it look and smell unpleasant – it can also be dangerous. We all read about the tragic case of the toddler who died from a respiratory condition caused by exposure to mould in his home. Damp and mould are, unfortunately, common problems in the UK, especially during the colder months. There are measures that every householder can take to prevent it, but if you’re a landlord and not living in the property, you must make sure the tenant is aware of what to do to prevent damp and mould from occurring and what actions to take if it ..read more

Landlords have faced a number of years of increasing laws and legislation. This has included the extra 3% stamp duty surcharge; changes to mortgage interest tax relief; the introduction of tenant fees. And changes to energy efficiency. But what will 2023 bring? Landlords may be relieved to hear that, at present, there isn’t a huge amount of lettings law confirmed for next year. Although, that being said, there is a chance that widespread rental reforms could finally be introduced in 2023. Which will have a big impact on those letting homes. Below, we take a closer look at what landlords need t ..read more

Here at Atkinson McLeod, we are experiencing huge increase in rents at the moment. This comes despite the external economic and political difficulties the country is facing. It’s still a great time to be a landlord, despite recent head-winds – whether it be landlord licensing, increased taxes or more regulation. That’s because rental demand is holding up in a big way while stock remains in short supply, giving you a great chance of generating strong rental income. And, in turn, better rental yields. Here, we set out why rents are rising. Why landlords should remain in the sector. And why it wo ..read more

Landlords who make the appropriate changes to their properties before letting them will benefit from heightened demand and improved chances of a quick let. Ways that landlords can grow their rental income include home improvements, better energy efficiency, increasing rent (in line with market rates), and targeting the best tenants.  Only once the property has been improved can landlords expect tenant demand to soar. And the chances of attracting the best possible tenants can be increased. Current economic changes are bound to have an impact on the lettings sector. But, at present, demand ..read more

To ensure landlords are keeping their tenants safe, smoke and carbon monoxide rules must be complied with at all times. A crucial deadline is fast approaching. As a consequence, landlords must prepare in good time to keep their tenants out of danger. And avoid a potential £5,000 fine for non-compliance. These alarms are a vital precautionary measure that can save people from exposure to smoke and fire. Here, we take a closer look at what is changing. The changes coming into action Under the new legislation changes, landlords must: Ensure at least one smoke alarm is equipped on each storey of ..read more

The ‘A fairer private rented sector’ White Paper was published in June this year by the Department for Levelling Up, Housing and Communities (DLUHC). It aims to reform the private rented sector across England with some of the most wide-ranging reforms for a generation. Following a wave of cabinet resignations, Boris Johnson finally resigned as prime minister in July. Until the Conservative Party chooses a new leader in September, Johnson remains in charge. Although he has been heavily criticised for holidaying too much and leading a zombie government. Following the upheaval, speculation about ..read more

Most landlords do a pretty good job of estimating the gross rental income a property can generate. Their mistake is underestimating the true cost of owning and operating an investment property. Here at Atkinson McLeod, we have approachable consultants who are thoroughly up-to-speed with all areas of the property markets. You can also check our free rental yield calculator. Below, we set out the property expenses that are deductible and some recent changes in this area. 1/ Rental property profit When you rent out a property, you must pay tax on any profit you make. Depending on how much profit ..read more

In the UK, property licencing is a means by which councils can exert a certain level of control over the quality of landlords and rented properties. Also, the UK’s current property license rules can be challenging to wrap your head around. To start with, each country and region of the UK has its own policies when it comes to property licencing for landlords. Sometimes landlords themselves are required to be licensed and registered with a scheme. Other times, it’s the buy-to-let property that must have a licence or be registered. In some cases, it’s both. Below, we take a look at the three diff ..read more