LONDON, UK, 11 December 2023 - Osbourne Pinner, one of London's best law firms, has reacted after a recent survey by Alan Boswell Landlord Insurance Statistics found that 1 in 4 landlords are thinking of selling their properties in 2024.
The survey found that just over half (52%) of landlords are looking to keep their property portfolio the same, 26% are expecting to sell more properties than they buy and 22% are looking to expand next year.
The industry has been in the spotlight during 2023 as the Renters Reform Bill was introduced to Parliament. It would abolish assured shorthold tenancies and with them, section 21 ‘no fault’ evictions. Instead, PRS tenancies will be monthly periodic assured tenancies with no end date. There are also plans to strengthen the grounds for repossession to tackle anti-social behaviour or built-up rent arrears from tenants.
The Bill had its second reading in October and was passed, meaning it is one step closer to becoming law.
Senior Housing Solicitor at Osbourne Pinner, Santosh Kumar said: “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.
Osbourne Pinner, which has offices in Piccadilly Circus and Harrow, introduced its Landlord and Tenant service earlier this year, and has quickly gained a large portfolio of clients. The firm provides landlords with a tailored service that includes advice and support with paperwork from the time the renter moves in until they vacate.
Santosh added: “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.”
More details about Osbourne Pinner are available here.
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