We all like to be kept in the know and that's doubly so for landlords in a private rental sector where knowing what’s what is paramount. But in a constantly evolving sector staying informed and understanding it is easier said than done.
A recent industry survey has revealed just how hard it can be for self-managed landlords to keep up and stay compliant, with results showing that around a quarter of landlords are left confused by the specifics.
The research, conducted by business insurance firm, Direct Line, supports this trend with landlords admitting that the speed and regularity of legislation changes in the private rental sector left many baffled.
A third also said that the pace of change is a major problem, while one in six find the process of keeping in the loop as whole stressful. While a third of landlords also admitted that they have been tempted to sell-up rather than try to keep up with legislation changes.
A fifth said they can’t afford the necessary legal advice, and more than one in eight find it challenging to comprehend regulations and how exactly they are affected.
The research also revealed ignorance in several important regulatory issues and trends. Indeed around one in seven were unaware of local licensing arrangements, the appropriate health and safety regulations, and incoming sustainability and energy requirements that have come into play in the past 12 months.
To compound matters, results also saw around one in 10 were unaware of the change to smoke and carbon monoxide alarm legislation, Capital Gains Tax filing deadline changes, and the planned changes to the minimum EPC standards.
Conversely, of those landlords who DID feel on top of things, a third of them said they conducted their own research while another third said their letting agent would keep their properties in line with regulations.
While just over a fifth read landlord trade publications and newsletters, and 18 per cent receive advice from a lawyer.
The survey was conducted by Direct Line business insurance and its business manager Jamie Chaplin says: “Landlords are faced with a range of challenging regulatory changes and issues and our research suggests this is causing them a range of problems. In some cases, this is causing stress and anxiety, which is leading many to consider selling their properties.”
All this very much adds credence to why Sky Blue Homes strives to keep our landlords informed of legislations changes, providing news of announcements and delving deeper into what changes will mean for landlords.
Using our monthly landlord newsletter The Property Spotlight as well as regular blogs and other forms of marketing we take the anxiety away from having to keep abreast of legislation changes across every facet of the private rental sector.
In turn, landlords can then enjoy better peace of mind and not spend an exorbitant amount of their own time chasing information and fact-finding.
At Sky Blue Homes, we have your back.