What lies ahead for landlords in Wales in 2024?
NRLA Wales Operations Manager talks about whether landlord confidence in Wales is on the rise, fourteen months on from the implementation of the Renting Homes (Wales) Act, and also discusses current consultations for landlords to be aware of.
2024. A year that we can look forward to with an element of positivity? Well, it is certainly a year that will be better than 2023, which saw 12 months of change in legislation and requirements of you as a landlord on a scale that we have never seen before in Wales.
But, here we are, so what can we look forward to in 2024?
There is the Welsh Government consultation on council tax reform, where we at the NRLA remain in communication with civil servants and elected members of the Senedd to ensure that whilst the headlines state that this needs to be a “fairer” system, this needs to be fair to PRS landlords as well as tenants.
It is widely accepted that landlords of PRS properties in Wales offer a valuable and valued service to the housing sector and any reforming fully considers these landlords.
We will see the move from the Green Paper consultation on Fair Rents and a Right to Adequate Housing to the publication of a White Paper - where the Welsh Government will outline whether or not they will introduce rent controls, and what form it would take.
During 2023 it was very heartening to see a change in the language around what “Fair Rents” actually means, not a control of rental levels, but a Fair Rent for both tenant and landlord. A rent level that allows and encourages the provision of adequate housing that is fit for human habitation.
The homelessness white paper has of course been published already and it was important to note that there were no additional obligations placed on PRS landlords in relation to reporting of possession claims, or indeed further changed the grounds for possession claims themselves, which is both essential and encouraging.
Landlord confidence
Overall, there may well be reasons to be cheerful in 2024, and there is evidence that this positivity is starting to filter through, with a growth in confidence across the landlords in Wales.
This growth admittedly comes from a low base, and is yet to hit positive figures, however it does represent a return to confidence levels recorded before the implementation of Renting Homes (Wales) Act, and on a par with those recorded across the border in England.
Following the upheaval caused by Renting Homes (Wales) we are now in a period of relative calm, and we would encourage the Senedd to 'leave well alone' for some time, to allow good landlords to provide good quality properties in a progressive environment and to encourage further investment in the sector.
As we move forward, please be assured that we at the NRLA will continue be the unified voice for the Welsh PRS.
- To access NRLA resources for landlords in Wales, click here.
