Lordsons’ 2024 Rental Market Insights: Navigating Challenges with Optimism

Ruhul Shamsuddin, the founder of Lordsons Estate Agents, shares his insights for the 2024 rental market. Drawing from over a decade of experience, he predicts a year of challenges tempered with stabilising factors.

  1. Landlords at a Crossroads: According to Lordsons, 25% of landlords are considering selling their properties by August 2024. Factors like rising mortgage rates and a shift in capital gains tax allowance are influencing this trend. Ruhul points out the significant impact of the reduced capital gains tax allowance, effective from April 2024.
  2. Fluctuating Rental Costs: While rental prices reached their highest in August 2023, Ruhul predicts a continued rise in 2024, albeit at a slowing pace in some regions, potentially easing the burden on tenants.
  3. The Political Factor: The forthcoming General Election will crucially impact the rental market. Ruhul underscores the importance of party policies, from the Conservatives’ rental reforms to Labour’s stance on Section 21 evictions.
  4. Energy Efficiency and Costs: Despite scrapped plans to raise energy efficiency standards, Ruhul stresses that rising energy bills remain a key issue in the rental sector.
  5. Tax Increases and Stabilising Interest Rates: Ruhul anticipates higher taxes for landlords in 2024 but also predicts a stabilisation in interest rates, offering a glimmer of hope.
  6. Refinement in Licensing Schemes: The continuation and expansion of selective licensing schemes from 2023 into 2024 signal a dedicated effort to address housing quality and community concerns.

Ruhul Shamsuddin concludes that 2024 will be a year of dynamic changes in the rental market, advising stakeholders to remain informed and prepared for upcoming legislative shifts.

Leave a Reply

Your email address will not be published. Required fields are marked *