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  • Buy-to-Let

    Scottish PRS heading towards Rent Controls



    The Scots are looking at Rent Control

    I have just been up to Scotland looking at some forestry

    And the Land Agent sent me some info about Rent Control in Scotland

    I have always thought it would come to the UK

    https://www.parliament.scot/S5MembersBil...ersion.pdf

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Not sure it would affect us too much in the NE DL, rents are not high on ratio to earnings I wouldn't say

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    I agree I think we are safe in the NE

    if they bring in rent control we might get an increase in rent


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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Thanks for sharing DL. If this does go ahead then we all know.. What Scotland implements tends to get copied across in England as well.

    It's weird how they use lack of data as a justification to introduce a system which has been concocted out of thin air with absence of data to support it! The irony!
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    Saagar

    Disclaimer: I'm not a legal expert or an advisor on any subject. A mere landlord using open forum to share ideas and experiences.

    Rent Control has to come

    Its all part of the professionalize  the PRS long term

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    I don't know how that would make the industry more professional. I think people that have been in the business for a long time have the advantage of large equity and low mortgage interest. The margins are already tight for people trying to get into the market today. 

    Most people buy their car through finance and there's no cap on that lease. There's no cap on any other lease agreement process that I can think of; so either the whole leasing agreement process across all markets should have these types of controls or they should stop singling out the PRS. 

    Even things like Broadband and mobile contracts seem to up their prices at whim yet there's no regulation for them to cap their prices increases... All they get told is that you have to allow the customer to switch to someone else without incurring a fee. I think they can introduce that type of agreement rather than a cap
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    Saagar

    Disclaimer: I'm not a legal expert or an advisor on any subject. A mere landlord using open forum to share ideas and experiences.


    I personaly think we are going down the road of the Taxi Industry

    Im sure at one time Taxis were not regulated just as BTL has been in the past

    so take a Que from Taxis

    a Licence

    Regulated charges

    CRB check (Fit and Proper person )

    Taxi MOT

    I think the above list has to come to BTL

    we are providing homes Broadband ect is not a must have

    More regs are going to happen and some of it I agree with to be honest




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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    But within the “taxi” business, you have the Hackney Carriage, minicab and more lately Uber, then you have the chancers that hang around outside nightclubs and restaurants. Not unlike the rented sector, we all know which part needs dealing with but that’s difficult , so the legislation only affects The law abiding.

    I quite agree that licensing for all landlords ( that come forward) is a given , either controlled locally or nationally, i see the governement giving all councils the right to set up their own schemes, with some sort of formula for setting fees. Central government does’nt want to get involved in the detail, instead there will be a review of HHSRS and a new “system” put in place.
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    I have to disagree, it would be just about impossible to come up with rents for every permutation. Area, square footage,energy efficiency, aesthetic appeal, local facilities, etc etc. 

    We already have a form of rent control at the bottom end of the market in the form of LHA, even rent increases have protection to some degree if the tenant appeals. 

    Rent controls would just end meaning rented property became a bare basics service, with no incentive other than fewer voids to offer anything better.

    There are many better ways to professionalise the sector , the most likely being licensing across the board.

    As ever the easiest way to control rents is to increase the supply of property, but that means reduced prices ( if built in the numbers required in the areas that need them) which won’t please a lot of people and in addition does nothing to shift the demand away from the south east and help rebalance the country.
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    I know landlords would not welcome rent control but what has our opinion got to do with anything ?

    If you were looking for votes, I think Rent Control would be welcomed by voters

    Of course we had it before when I started out in the game of Monopoly in the early 1980s

    Buses, Taxi rides are all controlled. I just think its a matter of time before we have it in one form or another ...

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Hi DL. My brothers are looking at getting into BTL in South London, ironically as I am slowly getting out. 

    They think I am mad (based upon their spreadsheets). 

    My youngest brother pointed out to me today that even in the London Borough he is offering in the rents are really cheap, ie studio flat £800pcm. (I don't see that as cheap because I remember them being £350, but he does.) 

    However the flats in question, like a lot of one beds,  can accommodate a couple so that would be £400pcm each. 

    He, and his peers in their late 20s, think £400pcm is peanuts and too cheap.  His girlfriend is a teacher and she is earning nearly £40k pa and as he pointed out could quite easily manage that on her own, I use her as an example because I didn't think teachers were known for being highly paid. 

    So what do you think is the pressing need for controlling rents, out of interest?

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