Osbourne Pinner, a top-tier law firm in London, has issued a response following a recent survey by Alan Boswell Landlord Insurance Statistics, which revealed that one in four landlords is contemplating selling their properties in 2024.
The survey highlighted that a slim majority (52%) of landlords plan to maintain their current portfolio size, with 26% intending to sell more properties than they purchase, and 22% looking to expand in the coming year.
2023 has been a significant year for the industry, marked by the introduction of the Renters Reform Bill in Parliament. This Bill seeks to eliminate assured shorthold tenancies and, consequently, section 21 ‘no fault’ evictions. The proposed change would see PRS tenancies become monthly periodic assured tenancies without a fixed end date. The Bill also aims to bolster the criteria for repossession, addressing issues like anti-social behaviour and accumulated rent arrears.
The Bill underwent its second reading in October and was successfully passed, bringing it a step closer to enactment.
Santosh Kumar, Senior Housing Solicitor at Osbourne Pinner, commented: “With tougher legislation such as the Renters Reform Bill currently on the agenda, as well as unpredictable inflation rates, landlords appear to be thinking twice about whether the industry is as lucrative as it once was.
“The Alan Boswell survey showed that tenant conflicts are also high on the list of landlords’ biggest concerns, so working with a trusted legal partner is recommended to deal with conflicts as and when they occur.
“As the legislation landlords have to comply with is changing, having an expert legal team on your side is crucial to protecting your investment. We view our clients’ properties as if they’re our own, whether they are renters or landlords looking for a future investment or a source of income.
Located in Piccadilly Circus and Harrow, Osbourne Pinner recently launched its Landlord and Tenant service. The service has quickly attracted a substantial client base. It offers landlords bespoke services, including advice and support from the time a tenant moves in until their departure.
Santosh further stated: “Our specialist tenant dispute solicitors know how to protect tenants’ rights and ensure they get what they deserve. When your landlord takes legal action against you, we’ll help and advise you about your rights and the potential legal costs. Additionally, we can assist you with tenant disputes over assured shorthold tenancies, deposit disputes and property repair claims.
“We work as an integral member of your commercial property team and our approach is straightforward and clear, limiting the financial impact of disagreements. We will advise and assist you throughout the landlord and tenant dispute, explaining your rights, alternatives, and likely outcomes.”
Further information about Osbourne Pinner is accessible here.
