One In Four Landlords Are Baffled By Changing Regulations
“Landlords are faced with a range of challenging regulatory changes and issues and our research suggests this is causing them a range of problems. In some cases, this is causing stress and anxiety, which is leading many to consider selling their properties.” Says Jamie Chaplin from Direct Line Business.
· Almost exactly a quarter of landlords questioned in a survey admit to being baffled by the constantly changing regulations surrounding the private rental sector.
· Of those in that position, just over a third say it’s difficult to keep up with the pace of change, while a hefty one in six find the process stressful - with a third of those tempted to sell up rather than keep up.
· A fifth say they can’t afford the necessary legal advice and more than one in eight find it challenging to comprehend regulations and how exactly they are affected.
· The research also revealed a worrying lack of awareness of several important regulatory issues and trends: around one in seven were unaware of local licensing arrangements, the appropriate health and safety regulations, and incoming sustainability and energy requirements.
· Around one in 10 were unaware of new smoke and carbon monoxide alarm requirements, changing to Capital Gains Tax filing deadlines, and the planned changes to the minimum EPC standards.
· Of those landlords who DID feel on top of the changing landscape, a third say they conducted their own research while another third said their letting agent would keep their properties in line with regulations.
· Just over a fifth read landlord trade publications and newsletters, and 18 per cent receive advice from a lawyer.
· The survey was conducted by Direct Line business insurance and its business manager Jamie Chaplin says: “Landlords are faced with a range of challenging regulatory changes and issues and our research suggests this is causing them a range of problems. In some cases, this is causing stress and anxiety, which is leading many to consider selling their properties.”