The fact that ARLA Propertymark have stated that the ban could well lead to a “seismic shift” in the letting industry is concerning but as always, this isn’t a time for landlords to panic, this is a time for landlords to ensure that they are fully informed.
Change is coming in the lettings industry
It is likely that there will be people who feel that a major change in the letting industry isn’t a terrible thing but for the people who work tirelessly and who are already struggling to generate income, further changes could be problematic.
The issue was discussed by David Cox, who is the CEO of ARLA Propertymark recently and he intimated that may things may become more problematic in the lettings market, saying; “There’s no silver bullet, because every agency runs their business differently, but I think everyone needs be looking first at how they can reduce their costs and how they can maximise their income.”
ARLA Propertymark are not willing to oppose the bill
It is looking as though the bill will be introduced on the 6th of April in 2019. Cox has been very vocal on the fact that ARLA Propertymark have major concerns about the bill, but the company has no intention of lobbying against the bill because they believe that no politicians will put themselves forward to oppose the bill.
David Cox also said; “Landlords are starting to get a bit twitchy and some are leaving the market – and while the Government continues to attack the Private Rental Sector, it’s only going to get worse. We’ve been advocating strongly that they need to take a pause and look at what has worked and hasn’t worked and then fix it.”
It should be noted that there are some positive aspects for landlords with the bill but given that there have been many changes and new regulations for letting professionals to deal with, it is no surprise that many in the industry are hesitant to consider the positive aspects of the changes that will come in.
One positive aspect may come with the creation of a new authority which should monitor and enforce legislation in the sector. This is a step that many people agree is long overdue.
We know that many landlords have concerns about the long-term future of the market but at Addison Giles, we are committed to helping you achieve the best results. If you are looking for assistance in running your landlord business, get in touch and we will do what we can to help.