As landlords and tenants will be aware, there has been a lot of legislative change in the lettings sector due to Covid-19. New laws have been drafted and introduced on a regular basis as the pandemic has progressed, with regard to access for safety inspections, notice periods for possession, and guidance on viewing appointments, to name but a few.
The issue of serving notice on tenants has been a thorny one during the past year. Landlords have been unable to serve the usual two months’ notice on a tenant, with the current notice period being six months. Although this has undoubtedly aided tenants who may have struggled financially during the crisis, it has caused issues for landlords who rely on their rental income to cover their mortgages.
Landlords will therefore be pleased to know that the government has just announced a phasing down of the timescales of the notice required, with a notice of possession being four months from 1st June 2021. The Government are then expecting those notice periods will return to the usual two months from October this year.
This may mean an increase in the number of rental properties coming back to the market if landlords serve notice on tenants who are in arrears. With a shortage in the supply of rental property currently, this is also likely to lead to an increase in rental levels for the landlord.
As an ARLA PropertyMark agent, George F. White are in a prime position to ensure our landlords are kept up to date with the latest legislative changes and given the best advice regarding their investment.
For further information please contact us on 0333 920 2220.