‘2024 likely to be another tough year for landlords’
Next year is likely to be tricky for landlords due to factors including the uncertainty of a General Election.
That’s according to William Reeve, chief executive of software company Goodlord.
On the flipside tenant demand should be high, pushing up rents, while there should be a slight fall in mortgage rates.
Reeve said: “Overall, it’s likely to be another tough year for landlords. Tenant demand will remain extremely high and rents are likely to continue increasing for some months before hitting their ceiling.
“But, despite high rental returns, the rising costs, frozen tax thresholds, new regulations, and political uncertainty of a General Election will mean it’s likely that smaller and “accidental” landlords will continue to leave the market.
“However, they won’t find too many First Time Buyers able to afford their properties, but rather will likely sell to larger landlords and overseas investors.
“For agents, there will be plenty to keep them busy in 2024, particularly the Rental Reform Bill. It will be vital to stay one step ahead of a busy calendar of political and financial junctures. Staying nimble and being opportunistic will be advantageous in 2024 even more than ever.”