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January 2024

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Monthly news for landlords brought to you by:

WHAT A YEAR! Associate director Nik Kyriacou looks back at the roller coaster ride for the private rental sector that was 2023

It is not often negative proposals in a marketplace cause greater gains, but if I were to sum up the private rental sector (PRS) in 2023, it would be just that. The government’s poor and narrow-minded proposed changes last year were seen by most in the PRS as negative and counterproductive. How did this change the marketplace? It caused record rents, and high yields. What a juxtaposition! In this article, I will point out my personal thoughts on what was good and bad in 2023 regarding the PRS and my

thoughts on how the landscape will look in 2024. It is difficult to ignore, that amongst all the fear-mongering and caution that surfaced in the rental market in 2023, the record high rents were a factor that seemed to remedy the turbulence landlords went through. Hamptons suggests beyond the capital, the Midlands saw rents grow 10.9% year-on-year and overtook Scotland as the second fastest region for rental growth last month. The total amount

of rent paid by tenants in Great Britain this year will hit £85.6 billion - over twice the level of 2010 and 10% more than in 2022. Hamptons also says “doubledigit rental growth over the last year means the total rent bill has increased by £8 billion over the last year from £77.6 billion in 2022, marking the biggest annual jump on record”. These record high rents coupled with the downward trending property sale prices also saw 2023 as the year for great yields.

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Such an environment does of course come in cycles, and we have been here before. However, the novelty in this market buyto-let investors are taking advantage of, is it never coincided with one of the largest rental reforms proposed in a generation, meaning more investments became available as more landlords exited the industry. This makes for a good segway for my thoughts on 2024. The BBC published an article on Boxing Day forecasting house prices to fall and rents to continue to rise in 2024. The article explained the government’s official forecaster proposed property prices would fall by a further 5% with rents to increase by as much. I would agree the trend we saw in 2023 will continue into 2024. Soaring costs will still limit the ability for buyers to put together the required deposits to buy a home. Many homeowners will also see their fixed rate deals expire in 2024, the vast majority of whom could see their monthly payments rise sharply. With this lack of buyer power, prices will continue to cool, and tenants will remain tenants rather than step on the property ladder. Couple this with my prediction that large numbers of landlords will continue to sell (for various reasons), we will inevitably see within the PRS a sustained lack of supply and a greater demand for rentals this year. However, I see green shoots of recovery in 2024. With prices falling to what I expect would be their bottom line, and rents increasing, again towards their maximum limit, I expect investors will surface and begin a wave of buy-to-let purchases given the once-in-a-generation yield opportunity. The sidelined abolishment of Section 21 is a positive and will

prompt buy-to-let investors to not shy away from the marketplace as they may have done in 2023. The proposed leasehold reforms will give better protection for flat/apartment owners and may prompt more investment into such property purchases. All in all, this will hopefully create far more properties available for let and allow for tenants to actually choose where they would like to live and how much they would like to pay, an environment they have not been in for many years now.

“This is a great stride forward in re-balancing the supply and demand within the PRS and makes for a much healthier and more sustainable future, rather than this bubble we are currently in… and we all know what happens to bubbles.” This is a great stride forward in rebalancing the supply and demand within the PRS and makes for a much healthier and more sustainable future, rather than this bubble we are currently in… and we all know what happens to bubbles. All landlords will be glad to see the back of the soaring interest rate rises we saw in 2023, squeezing their already narrow margins, as well as a relief for tenants who saw forced rent increases to combat such high interest rates landlords were met with. Such unaffordable interest rates also affected the new buyto-let investors in 2023 who wanted to step into the PRS but financially couldn’t. We are also glad to finally see some sensible changes in the

Renters’ Reform Bill, such as the section 21 u-turn, and the initial unrealistic minimum EPC expectations proposed being amended. We are still a long way off from this Bill being balanced and remaining attractive for future landlords, most notably the abolishment of fixed terms – something we at Sheldon Bosley Knight have been lobbying the government to re-think throughout 2023 and will continue to do in 2024. To conclude, 2023 was a very tough year for landlords, some of whom found it too tough and decided to exit, while most stuck with it through gritted teeth. The turbulent and ever-changing Renters’ Reform Bill and all the rumours and scaremongering that went with it rocked the PRS. The Bill was so heavily one-sided, and counter-productive given it was intended to be for the benefit of the tenant – the very tenant who will pay extortionate rents and be stuck with no options given the Bill will have scared all the landlords, who provide such necessary homes, to run for the hills. The soaring interest rates in 2023 made it financially immobilising for landlords, regardless of their intentions. However, 2024 will see a further increase in rents, attractive yields not seen in a generation, and in turn, hopefully a wave of new buy-to-let investors, a more static and understood Renters’ Reform Bill with fewer rumours - more realities, and lower/static interest rates. Green shoots will prevail, and a more positive environment will surround the PRS… what could possibly happen in 2024 that could go wrong? A general election.

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Rents rose faster than inflation in 2023 Latest data from The Deposit Protection Service’s (DPS) Rent Index shows average UK monthly rents for Q3 2023 were £1,121.46, representing a rise of 9.13% or an average £93.79 since Q3 2022. Inflation increased by 6.7% during the same period, meaning rents outstripped inflation by more than a third. A combination of demand for rental property outstripping supply and cost of living pressure appears to be fuelling rental growth. Average rents for all property types have increased in every region over the last 12 months. The highest annual percentage increase of any property type was for flats in the east of the UK, rising 16.88% (£149.36) to £1,034.41 per month. Detached properties in the south east experienced the highest value rent rise, increasing by 12.66% to £1,857.81 per month. The West Midlands saw rents rise 9.08% to an average of £873 per month.

Unsurprisingly London saw the largest value increase, with average monthly rents rising 13.31% (£173.13) during the past 12 months to £1,922.37. Scotland saw the largest annual rent increase at 13.56% (£123.45), with average rents reaching £1,033.80 by the end of Q3 2023. The survey also found of more than 2,500 tenants, 7% said their rent had increased during the six months from March 2023 to September 2023 (43% in September 2023 compared with 36% in March). It also showed the proportion of tenants worried they might struggle to pay their rent in the future rose 3% over the same period (51% in March 2023 compared with 54% in September 2023). In October the DPS released figures showing of 1,000 landlords, 75% of those who were staying in the sector had either increased rents during the past 12 months or were planning to do so. Almost three quarters (72%) said keeping rents in line with their local

rental market was an influential factor in their decision, with 68% saying increased costs relating to legislation and compliance were a factor. Maintenance costs and increasing risks such as the proposed abolition of no fault evictions were also highlighted as key factors. Sheldon Bosley Knight director of lettings, Rebecca Dean said: “No one wants to see rents become unaffordable but this just shows how difficult the sector is for tenants at the moment. “Most landlords are not raising rents just for the hell of it, but to counter rising interest rates and the high inflation figures we have seen this year. “Demand continues to outstrip supply in the sector but there are signs of an easing in this area. “Nevertheless for those landlords who are thinking about expanding their portfolio, it represents a good time to do so. Rents and yields remain high and look set to do so for a while yet.”

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Warnings over dodgy e-bike chargers and batteries

Landlords are being warned about the dangers posed by chargers and batteries of e-bikes and scooters. E-bikes which are legal, and e-scooters, which are not unless they are rented from approved companies, are powered by batteries, mostly lithium ion batteries. And in some circumstances, these can explode, causing severe fires. Figures from the London Fire Brigade alone show in 2023 it has attended 142 e-bike fires along with 28 blazes involving e-scooters. This is 47% more than the whole of 2022, which was also a recordbreaking year. Sadly, 2023 saw three deaths and around 60 injuries in the capital caused by such fires. Now trading standards, the fire service and councils are urging landlords to be aware of, and share, the advice to their tenants on how

to charge these devices safely. These include buying the e-bike and its charger from a reputable company, storing it correctly for example in a locked shed or garage and ensuring there is a smoke alarm fitted. Don’t buy counterfeit cheap batteries and chargers, especially off the internet (as they often lack essential safety features) and don’t subject them to extreme temperatures. Landlords are also recommended to include in any tenancy agreement a set of house rules for those tenants who keep e-bikes or scooters, explaining the rules are for their own safety. These could include to notify the landlord they are being kept at the property, all batteries and chargers must meet official safety standards, all chargers should be

the official correct charger for the battery concerned, they should not be tampered with or modified, not be left to charge unattended and should be unplugged as soon as they are fully charged. Sheldon Bosley Knight lettings manager Claire Paginton said: “The incidents of fires from these e-bikes and scooters are shocking and so it’s a timely reminder for landlords and their tenants to be aware of the dangers. “As well as ensuring the tenant has followed all the guidance, landlords should also check their own insurance to make sure they are covered for damage from battery fires. Most landlord insurance should provide for this but it is better to be safe than sorry. “We are happy to help landlords and give advice on this or any other issue.”

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Leasehold Bill gets green light to go to committee stage Millions of people are to be given greater rights, powers, and protections over their homes as part of reforms to the leasehold system. The Leasehold and Freehold Reform Bill passed its second reading in Parliament last month and now moves on to committee stage. Speaking in the house of commons, housing minister Lee Rowley said the legislation would lead to a better system, levelling the playing field and empowering people. However, although it received cross

party support, during the debate some MPs expressed concerns it didn’t go far enough. Some were critical of the fact a previouslypromised plan to ban leasehold houses was left out of the second reading. There were also criticisms it didn't address stopping leaseholds on new flats, the requirement for managing freeholders to belong to a redress scheme and there wasn’t support for introducing commonhold as an alternative form of tenure automatically on newbuild homes. However the government said it intends to introduce these as amendments to the Bill as it makes its way through the parliamentary process. The Bill aims to make it cheaper and easier for existing leaseholders in houses and flats to extend their lease or buy their freehold. It is also hoped reforms will make these types of properties easier to sell. The Bill will increase the standard lease extension term

from 90 years to 990 years for both houses and flats, with ground rent reduced to £0. It will also remove the requirement for a new leaseholder to have owned their house or flat for two years before they can benefit from these changes. There will also be a maximum time and fee for the provision of information required to make a sale such as building insurance or financial records to a leaseholder by their freeholder and more transparency over charges. Additionally, the Bill will scrap the presumption that leaseholders pay their freeholders’ legal costs. Lee Rowley said: “The Bill is about empowering people, about levelling the playing field where it has been distorted, about reining in those who are trying to rent-seek for no purpose at the expense of those who just want to get on with living their lives, and about giving people the security of home ownership— proper home ownership, for the long term—so that they can build their lives and build their futures.” Sheldon Bosley Knight’s associate director, Nik Kyriacou said: “Any Bill that gives property owners more power and control is always a good thing. Looking at this for the PRS rather than residential home owners, such changes should hopefully give more buyto-let investors the confidence to invest in, and purchase more leasehold properties. “This will be a great step towards re-balancing the much needed supply and demand ratio.”

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Landlord confidence continues to grow Landlord confidence rebounded strongly in the third quarter of 2023, with optimism now higher than at the same time in 2022.

of capital gains, compared to the same period in 2022, particularly with respect to rental yields and their own lettings business.

only a small snapshot, it is encouraging to see the figures suggesting landlords are becoming more confident and optimistic.

All aspects of landlord confidence measured in research by Paragon Bank improved, driven by more stable market and economic conditions.

In further good news, Coventry has been named as one of the top five places in the country with the highest yields.

“There are plenty of investment opportunities out there and rents and yields remain high so it’s a great time to stay within the sector and perhaps even look at expansion of portfolios.

The most notable uplift of 16 percentage points since Q2 2023 could be seen in the outlook for rental yields, with 49% of the 785 landlords questioned rating their expectations for this aspect of their lettings business as either good or very good in Q3. There was an 11% increase in the proportion of landlords who are confident in the prospects of their own lettings business, the second largest rise. The figures show landlords are more confident about all aspects of letting, with the exception

Digital mortgage lender Molo revealed data which said Coventry was the fifth best place for rental yield in the country with a gross yield of 7.06% with an average monthly rent of £1,096 on an average property price of £179,347. Top spot went to Central Valleys in Wales, with Hartlepool and Stockton-on-Tees second, South Teesside in third and Swansea in fourth. Sheldon Bosley Knight’s property manager Josh Jones said: “While

“Although there is still a significant imbalance between supply and demand, there are signs this is easing and I believe this next year we will begin to see a shift towards a more balanced sector and one that is fairer for both landlords and tenants. “It is also fantastic to see Coventry score so highly on this research. Our team in Coventry would be delighted to help any landlord who would like to take advantage of these great yields in a city which is a great place to invest.”

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Reform of the private rental sector will fail without resources Government reforms of the private rental sector will fail without enough resources to ensure they can be enforced. That is the stark message from MPs on the All-Party Parliamentary Group (APPG) for the Private Rented Sector (PRS). It follows a meeting on December 12 last year in which they discussed the Renters’ Reform Bill with representatives from across the sector. A common theme among all those who contributed was the need to address the actions of rogue and criminal landlords. The cross-party group of MPs and peers said it was concerned local authorities would struggle to enforce planned changes without a significant boost to their resources. This follows a warning from the Local Government Association (LGA) which said almost one in five local authorities expects to serve a section 114 notice in the next year. In its evidence to the Renters' (Reform) Public Bill Committee, the Chartered Institute for Environmental Health warned the number of environmental health officers (EHOs) was not enough to deal with the current number of tenant complaints.

The APPG expressed concerns renters and responsible landlords will likely struggle to defend their rights in the courts when section 21 evictions are scrapped. The APPG is concerned not just about how long the justice system is likely to take to process legitimate possession claims under the new system, but also about the ability of tenants to uphold their rights.

Sheldon Bosley Knight associate director Nik Kyriacou said: “We would agree adequate resources are needed to weed out rogue landlords but there needs to be a balance within the Bill to ensure decent landlords aren’t penalised. “We will continue to lobby MPs and those who have influence in order to ensure the Bill is fair to all.”

Andrew Lewer MBE MP, the APPG chairman, said: “It is vital the Bill provides security to tenants, gives confidence to responsible landlords and roots out rogue and criminal landlords providing sub-standard housing. “However, none of this will be possible without robust enforcement of the powers being proposed. “The government needs to provide substantial multi-year funding to ensure councils have the resources they need to enforce the planned decent homes standard and ensure all rented homes are safe and secure.”

Andrew Lewer MP

members.parliament.uk/member/4659/portrait

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Fighting for our landlords

They say you should never believe everything you read in the papers. I say this with feeling as last month I had the misfortune to read a series of articles spanning two weeks in the Guardian about the private rental sector. The series focused almost exclusively on renters and what a terrible time they were having, at the mercy of dodgy landlords, paying ever increasing rents for sub standard accommodation. Over two weeks this is the picture they painted of the private rental sector, except for the final day when there was a lone article featuring two landlords. Hardly balanced. Anyone unfamiliar with the sector would have been forgiven for believing all landlords were the enemy and all tenants could do no wrong.

Infuriated by this I decided to write to the editor to see if we could redress the balance. As yet I’ve had no response, but I intend to carry on correcting those who print inaccuracies in their reporting of the sector and try to educate them on the challenges we are facing. I will keep you posted. What follows is the letter: “The impression one gets from your articles is landlords bad, tenants good. I would dare to suggest the truth is actually more nuanced. Most landlords in this country are good landlords, they provide a service, that of providing a roof over a person’s head. Many of them have more than one property – known as portfolio landlords – and most of these bought at a time when it was deemed to be a good move for those who had money to invest but

didn’t want to do so in the stock market. For the past 13 years though, laws and tax changes have been brought in which have effectively wiped out any profit landlords make on their properties. It is one of the very many reasons thousands of landlords are cashing in their chips and selling up. I would venture to suggest most landlords have a mortgage and thanks to the disastrous mini budget last year, mortgage rates have gone through the roof and so it is not surprising many landlords have had to pass on those rises to their tenants – it’s not because they want to, rather they have to so they don’t default on their own mortgage. Most landlords in the private rental sector also provide homes which

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are to a decent homes standard – recent figures suggest this is the vast majority of cases. Yet still landlords are demonised as being money grabbing and uncaring. Yes, there are some who need to be weeded out, but the vast majority do care about their tenants. It also needs to be said not all tenants are good – they don’t ventilate rooms properly, leading to damp and condensation, they don’t pay rent on time, they damage the fabric of the property, or they sub let illegally, or have pets despite signing a contract that explicitly says they can’t. In these situations it is perfectly reasonable for a landlord to want to seek either compensation for the damage caused or, if the tenant is a repeat offender, for the contract to be terminated. The proposed ban on Section 21 no fault evictions, put forward within the Renters’ Reform Bill, has been kicked into the long grass on the pretext it is to do with a backlog in the court system. My own feeling is it was a deal done with the government’s back benchers, who are themselves landlords and who objected to this particular issue. Even if it goes through with the Bill (currently making its way through Parliament) it will not solve the issue as landlords will be able to use Section 8 instead. Which brings me on to the Bill. This was promised years ago but was only brought to Parliament in May. One minute the Decent Homes Standard was to be included, then it was not. Similarly with upgrading the EPC regulations whereby landlords would have to ensure their properties met the Energy Performance Certificate of C or above. This has now been shelved. All the dithering and u-turns are not helpful to an industry which is crying out for clarity.

The worst aspect of the proposed legislation is the proposed ban on fixed term tenancies. It is unworkable, particularly for the student let market, and yet despite lobbying from various groups within the sector, the government won’t listen. The abolition of fixed tenancies is in my view, the biggest kick in the teeth for landlords as it offers no security of income. A landlord could get a set of tenants in, pay the agent’s finder’s fee and then a few months later could find the tenant serves two months’ notice to leave. The landlord will then have to go through the process again, adding more costs to an already fragile bottom line. But perhaps the biggest issue facing the private rental sector is the lack of stock. The more landlords feel it is not in their collective interests to stay in the sector and provide a service, the fewer homes will be available to tenants. Research shows rental properties being sold end up leaving the PRS further reducing the supply. Recent research by Hamptons shows there is likely to be a net loss to the private rental sector of 30,550 homes in 2023, meaning landlords will have sold 297,390 more homes than they bought since 2016.

residential – and used specifically for rentals. We also need the press/media to be responsible in their reporting of the situation. Biased and negative rhetoric such as that in your recent articles is unhelpful and influences negatively those tenants landlords are trying to protect. It creates an irrational and also incorrect view that all landlords are bad which in turn endorses the changes proposed by the Bill which penalise landlords further, which in turn encourages landlords to leave, thus leaving tenants in a much worse position, even those who were happy in their tenancy. You need to be helping bring the two sides together rather than your articles painting a picture that all landlords are bad. This is not helping the situation. Landlords feel they now have a target on their back so it’s unsurprising many are leaving the sector. I would be more than happy to speak to you about this or any other aspect of the private rental sector and help you with any article you are planning either now or in the future. Nik Kyriacou”.

This cannot be good for anyone, least of all tenants who will be forced to pay over the odds or end up potentially homeless. We need a government who cares about both landlords and tenants and who sees the value in the PRS. We need clarity, we need consistency and we need the government to either honour its 2019 manifesto pledge to build 300,000 more homes a year, or to allow vacant and redundant office and other commercial buildings to be turned into

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Click on the properties to view further details brought to you by SH

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IDEAL BUY-TO-LET OPPORTUNITY A collection of 24 new luxury apartments situated in the heart of the Midlands

Nik Kyriacou ASSOCIATE DIRECTOR For more information, please contact Nik Kyriacou on nkyriacou@sheldonbosleyknight.co.uk | 07542 301093 *All rental values and subsequent yields are only estimates unless tenanted, and subject to market fluctuations.

To follow Sheldon Bosley Knight click here

Wards Close, Evesham • Current rent value of £725 pcm • One bedroom house • Freehold house • Modern family bathroom • Sizeable garden • EPC - C

Campion Court, Leamington Spa Gross yield of 5.1%

£170,000

• Current rent of £895 pcm • Two double bedroom apartment • Tenant in situ • Town centre location • Off road parking • EPC - C

Gross yield of 5.7%

£190,000

Beaconsfield Street, Leamington Spa • Town centre location • Loft space with en-suite • Two bedrooms • Pretty courtyard garden • EPC - D

• Current rent value of £1,025 pcm

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Gross yield of 5.5%

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• Lift access For more information, please contact Nik Kyriacou on nkyriacou@sheldonbosleyknight.co.uk | 07542 301093

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East Grove, Leamington Spa • Two-bedroom town house

• Current rent value of £975 pcm

• Town centre location

• Currently empty

• On-street parking

• EPC - D

Gross yield of 5.4%

£215,000

• Currently empty

Apartment 14, Rodborough House, Coventry • Two-bedroom ground floor apartment • 678 sq ft • Private patio • Private allocated parking bay • Walking distance to Coventry train station

• Current rent value of £1,400 pcm • City centre location

*All rental values and subsequent yields are only estimates unless tenanted, and subject to market fluctuations.

Gross yield of 6%

£280,000

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A collection of 13 new luxury apartments situated in the heart of South Wigston

APARTMENT

BEDROOMS

SQ FT

PRICE

RENT (PCM)

YIELD (GROSS)

464

£119,950.00

£700

657

£159,950.00

£850

6.40%

420

£119,950.00

£700

785

£169,950.00

£850

464

£129,950.00

£725

6.70%

624

SSTC

£800

5.60%

431

£129,950.00

£725

6.70%

799

£199,950.00

£875

5.30%

474

£129,950.00

£750

6.90%

398

£109,950.00

£700

7.60%

663

£174,950.00

£900

6.20%

420

£124,950.00

£750

7.20%

443

£124,950.00

£750

7.20%

For more information please contact the

Andrew Granger New Homes Team on 0116 242 9922

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Coundon Road, Coventry • Currently managed by Coventry University • Well appointed three-storey town house • Within walking distance of Coventry city centre • Five lettable rooms • Communal lounge, breakfast room and kitchen

• Current rent of £1,700 pcm • Ground floor shower room and first floor bathroom • EPC - D

Gross yield of 6.8%

£300,000

Gordon Street, Leamington Spa • Six-bedroom HMO

• Recent annual rent of £36,300

Gross yield of 9.9%

• Town centre location

• Walking distance to train station

OIEO

• Three storeys

• Current HMO licence

• Double glazed with central heating

• EPC - C

*All rental values and subsequent yields are only estimates unless tenanted, and subject to market fluctuations.

£365,000

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Melbourne Road, Coventry • Eight double bedrooms

• Tenant in situ, rent of 11 x £400 pcm

Gross yield of 14.3%

• Current HMO licence valid until September 2024

• Off road driveway parking

OIEO

• Three storeys

• Huge scope for further modernisation

• Double glazed with central heating

• EPC - C

£370,000

Earlsdon Avenue North, Coventry • Six-bedroom HMO • Six bathrooms • Immaculate condition • Popular location • Low maintenance rear garden

• Rent starting from £500 pcm per room • Communal kitchen/diner • Traditional double bay window • EPC - D

*All rental values and subsequent yields are only estimates unless tenanted, and subject to market fluctuations.

Gross yield of 9.4% OIEO

£382,500

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The Square, Kenilworth

Off

Market NI

OPPOR

£435,000

Y • EXCL

• Total annual income £31,200 Gross yield of 7.1% • Two-bedroom apartment - £825 pcm • One-bedroom apartment - £795 pcm • Kenilworth town centre • EPC - TBC

• Mixed use unit - residential and commercial • Two upper floor apartments • Ground floor commercial premises • 159.12m (1,712 sq ft) GIA • Shop - £7,800 per annum

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Vale Park South, Evesham • Access to the A46, M5 and M40

• ERV £446,000pa

• 10m clear internal height

• £175 per sq ft freehold

• 50m yard depth

• BREEAM Rating - Very good

• Excellent parking

• EPC - A

*All rental values and subsequent yields are only estimates unless tenanted, and subject to market fluctuations.

Gross yield of 5%

£175 per sqft

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