Osbourne Pinner, a top London law firm, has responded to findings from a survey by Alan Boswell Landlord Insurance Statistics, which revealed that one in four landlords are contemplating selling their properties in 2024.
The survey indicated that while over half (52%) of landlords plan to maintain their current property portfolios, 26% anticipate selling more properties than they acquire, and 22% aim to expand in the coming year.
The Renters Reform Bill, introduced to Parliament in 2023, has cast a spotlight on the industry. This Bill proposes the abolishment of assured shorthold tenancies and section 21 ‘no fault’ evictions, instead introducing monthly periodic assured tenancies with no fixed end date. It also includes provisions to reinforce repossession grounds for issues like anti-social behaviour and rent arrears.
Having passed its second reading in October, the Bill is progressing towards becoming law.
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.”
Osbourne Pinner, with offices in Piccadilly Circus and Harrow, has recently launched its Landlord and Tenant service, rapidly acquiring a substantial client base. The firm offers landlords bespoke services, including comprehensive support and advice on rental documentation from the start to the end of tenancies.
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 information about Osbourne Pinner can be found here.
