The Future of The UK Rental Market: Information For Streatham Landlords
Unless you’ve been hiding under a rock, you’ll know as a UK landlord that the rental market in Streatham is constantly changing, and that means staying ahead of the curve is essential. If you don’t keep up, you’ll be left behind.
Conveniently, if you're wondering what the future holds for the rental market in the United Kingdom as we enter Q2 of 2024, you've come to the right place.
We’ll look at key trends, challenges, and opportunities that you can expect to encounter as we enter spring and summer.
Today’s Rental Market
Before we jump too far into the future, let's take a quick look at where we stand today. The UK rental market has seen its fair share of ups and downs in recent years. Factors like economic fluctuations, changes in housing policies, and of course the global pandemic have all had an impact on the rental sector.
Despite these challenges, renting remains a popular choice for many, especially in major cities like London. The UK's housing market has been strained for years, with a shortage of affordable homes for sale, and while this may be frustrating for tenants, it’s good news for landlords in Streatham. Ultimately, it has driven more people towards renting, and this trend is expected to persist.
Flexible Lifestyle Living
This year, many UK landlords are expecting to see a surge in demand for flexible living arrangements. Young professionals and families are increasingly looking for rental properties in Streatham that offer not just a place to live, but also a specific lifestyle.
The increase in the prevalence of working from home has reduced commuting expenses and put more cash in the pockets of renters, giving them a budget for more desirable properties. This means that as a British landlord, you may want to consider furnishing your properties if you aren’t already and providing more luxurious rentals to attract higher-paying tenants.
Working From Home
We know that the COVID pandemic led to an enormous rise in remote work, and this has changed the way people view where they live. With more flexibility in their work location, tenants now look beyond the city centre for UK house rentals, so suburban areas are seeing increased demand.
You should consider this if you’re a landlord looking to purchase further properties. It also has implications on any properties you may already own, regardless of whether they are in suburban or rural areas. For example, you should ensure that your property is equipped with the latest fibre-optic or gigabit internet infrastructure, as standard broadband speeds may not suffice in the face of today’s digital work landscape.
Embracing Sustainability
Sustainability is not just a buzzword anymore; it's a way of life, and this represents the values of a huge percentage of renters. Putting sustainability regulations aside, landlords should still consider making their rental properties in Streatham more energy-efficient to appeal to environmentally conscious tenants. Having an eco-friendly property is likely to help you attract new renters as it reduces bills for tenants, all while saving the environment!
Autumn Statement Review
A little over four months ago, Jeremy Hunt hosted the government’s annual Autumn Statement. This included announcements of the abolition of Class 2 National Insurance payments, further government funding for housebuilding, and further financial support for tenants from the government, all excellent opportunities that landlords can use to your advantage.
However, not everything from the Autumn Statement was good news; the government also confirmed that the taxable threshold for landlord capital gains would be halved once again. This means that if your income from renting out a property was not taxable last year, it may be this year, as the new threshold is now just £3,000 as of April 1st.
What Next?
It’s a shame we don’t have access to a crystal ball but based on the recent UK house rentals market trends, government announcements, and the rise of remote work industries, it looks like it’s set to be another eventful year. The market in Streatham has never been so saturated with renters which is great for you as a landlord, so take pointers from this article and keep up to date with your own research too.
We are always on hand to answer your questions as your local letting and property management agents in Streatham.
If you're a landlord with rental properties in Streatham and are considering the services of a property management company, then our team at Your Home Managed would love to hear from you.
Please email us at info@yourhomemanaged.com or call us at 0208 125 7780 to see how we can make your rental property ownership more rewarding for you.
