Firstly, Happy New Year to everybody and I hope that you all had a lovely Christmas! We all enter each New Year with hope and expectation that it will be better than the last year, and for me personally I am excited to see what 2024 has to offer. I know that many people had quite a tough 2023, and therefore the chance to start the year with a fresh outlook is always a positive way to kick off the New Year.
In the world of residential lettings, 2023 was quite a year with many new legislative changes coming into play, making the letting and management of a rental property more challenging for both Landlords and Letting Agents here in Wales. The many requirements of the Renting Homes (Wales) Act 2016 were implemented in 2023 and these included the introduction of written statements of the occupation contract replacing AST’s, Electrical Installation & Condition Reports (EICR) becoming mandatory, plus hardwired interlinked smoke alarms becoming a legal requirement for all rental properties.
2023 also saw the introduction of new format notices for all types of possession claims and changes to the standard terms of the occupation contract, plus improved succession rights for Contract Holders. The introduction of these new terms is designed to make renting easier, offer greater security for Contract Holders and improve the quality and safety of rental properties therefore ensuring homes are fit for human habitation (FFHH). During 2023 I have assisted many Landlords with ensuring that their properties comply with the new RHW2016 legislation, as many found it to be a daunting and complicated process and were therefore happy to receive my professional assistance to get compliant.
Future Rental Growth
Looking forward into 2024, here at Smart Letting Solutions we hope to see continued growth of the rental market here in South Wales. Over the past couple of years we have seen rental prices increase across the board meaning better returns for Landlords, but of course this has been offset against the additional expenditure to comply with RHW2016. Generally the standard of residential letting properties continues to improve, and this can only be a good thing for both people looking to rent, and for Landlords who want to protect their investment and attract quality Contract Holders.
We take great pride here at Smart Letting Solutions in assisting Landlords to make the job of letting out their property as simple as possible. By offering a range of letting solutions, we are providing that complete, reliable service that Landlords need to protect their investment and remain fully compliant at all times. I have always held the firm belief that good properties will always attract good Contract Holders, and therefore it is so important to not only maintain the property to a high standard, but always ensure that condition is properly documented for each occupation by way of professional inventories and checkout reports. If you get the basics right at the start of each occupation, then it hugely increases the chances of a smooth and hassle-free term which is of paramount importance for Contract Holders and Landlords alike.
I would like to wish you all a happy and prosperous 2024, and happy letting!
Lance