- Readers Rating
- Rated 4.2 stars
4.2 / 5 (Reviewers)
- Your Rating
New buy to let regulations are making it harder to investors to keep track of the multitude of responsibilities imposed upon them, according to a new survey from TheHouseShop.
A new survey conducted by TheHouseShop found that nearly one in five landlords, or 18.2 per cent, claimed that it was ‘impossible’ for them to keep up with the constant regulation changes that have been imposed on the buy to let sector in recent times. This sentiment was shared by a further 29.9 per cent of landlords who said they found it ‘difficult,’ whilst another 31.2 per cent professed to finding it ‘very difficult.’
Landlords now have to navigate 145 individual laws as well as over 400 regulations. This means that even landlords and buy to let investors with the best intentions may fall foul of new regulation.
Particularly controversial policies include the ‘Right to Rent’ regulation, which holds landlords responsible for the immigration status of their tenants, as well as more standard regulations that protect tenants’ safety and ensure that properties are up to standard for habitation.
However, the vast number of rules to follow have left some landlords overwhelmed with responsibilities. Many professed to finding the increasing complexity of the sector a struggle.
Compliance with law and legislation was listed as the most challenging aspect of managing a rental property by the majority of landlords surveyed, at 63.4 per cent.
Co-founder of TheHouseShop, Nick Marr, spoke out about the challenges additional regulation is bringing landlords: ‘It’s a really difficult environment that landlords are operating in at the moment. The government have undertaken a range of measures to try and drive up standards in the rental industry, and while this is by no means a bad thing, it does mean that landlords have increasingly complex and wide-ranging responsibilities to deal with.’