Staying Informed: Latest Buy-to-Let Developments for UK Landlords

Landlords in North Tyneside, are You Prepared for The Year Ahead?

The property rental sector has been undergoing significant changes over the past few years, and for landlords in North Tyneside, keeping up with these changes can be challenging. But staying informed is key to maintaining a successful rental business. To help you stay ahead, the expert lettings team at Giraffe Residential has put together some of the most up-to-date news that every landlord needs to know.

Increased Minimum EPC Ratings for Commercial Rental Properties

As of April 1st, 2023, the minimum Energy Performance Certificate (EPC) rating for every commercial rental property in the UK was raised to at least an "E." This change follows previous legislation introduced in 2018 that affected private rental properties under the Minimum Energy Efficiency Standards (MEES).

While only new or renewed commercial leases are required to meet this rating for now, this will soon apply to all commercial properties. Starting in December 2025, new tenancies will need to have a minimum EPC rating of "C," and by 2028, this requirement will extend to all existing tenancies.

If you haven’t yet made energy-efficient upgrades to your property, now is the time to start planning. Making improvements now will help you avoid future compliance issues and potentially higher costs down the line.

Increased Licensing Schemes

Licensing schemes are becoming more common across the UK. These schemes require landlords to apply for a license before renting out their property. In 2022 alone, over fifty new schemes were launched, and it’s anticipated that more will follow.

If you’re renting out property in North Tyneside, it’s essential to check whether new licensing requirements are being implemented in your area. Failure to comply with these schemes could result in penalties and legal challenges.

The Renters Reform Bill

The Renters' Reform Bill, first announced in June 2022, is set to overhaul the private rental sector. This landmark piece of legislation is designed to deliver a more secure, higher-quality, and fairer system for both tenants and landlords. Here are some of the significant changes that are expected:

• Abolishing Section 21: This will end the practice of "no-fault" evictions, giving tenants more security in their homes.
• Introducing a Decent Homes Standard: This will set a minimum standard for property conditions, ensuring that all rental properties are safe and suitable for tenants.
• New Ombudsman for Renters and Landlords: A mandatory Ombudsman will be introduced to resolve disputes between tenants and landlords, helping to maintain fairness and transparency.

While the Renters’ Reform Bill has yet to receive an official date for implementation, it’s important for landlords to stay informed about these significant changes. Being proactive now can save you from unnecessary headaches when these laws come into force.

Staying Up to Date with The Latest Changes

The rental market is evolving, and staying informed about these developments is crucial for landlords in North Tyneside. Whether you’re a private or commercial landlord, our expert team at Giraffe Residential is here to help you navigate these changes and ensure that your rental properties remain compliant and profitable.

Get in touch with us today at 0191 276 0550 or email hello@girafferesidential.com to find out how we can make your life as a landlord easier.