Brexit and the Private Rental Sector

The UK has voted to leave the European Union. Where does that leave landlords and the private rented sector? In many ways, exactly where we were before the vote – surrounded by a huge cloud of uncertainty.

For the Private Sector, Brexit and Conservative turmoil may offer positive opportunities. Changes at the Treasury could mean a new Chancellor, receptive to reconsidering the Government’s tax onslaught on independent private landlords and the damage it will do the housing market.

Also key to the sector will be the response of the Bank of England. Will a record-breaking run of low interest rates end, or will economic turmoil mean rates remain frozen, or even be cut further?

A new immigration bill is now inevitable. Right to rent checks have only just been rolled out. Could tighter immigration controls and the end of free movement of EU citizens see these abolished? Or could landlords find themselves having to retrospectively check EU tenants, who lose their unlimited right to rent? It is also possible that even more substantial controls will be imposed on landlords under such a bill.

With the only guarantee being that a period of uncertainty is unavoidable in the short to medium-term while attempts to restore stability are made, by choosing a Local Agent to manage your Property and Tenancies you can be sure you will avoid any costly mistakes. Here at Smith and Co we pride ourselves at being up to date with all changes big or small to ensure we offer the most up to date information to our Private Sector Landlords.

Call now to discuss our various Management Options 01623 646888.