Demand for rental properties is increasing with rents rising as a result yet south east Wales property specialists, Parkmans, cannot understand latest news that the highest ever number of landlords are choosing to leave the sector.
The news comes from the Association of Residential Lettings Agents (ARLA) which Parkmans is a member of. ARLA state landlords are giving up due to the barrage of legislative changes they now face.
Charlotte Burles Corbett, Chief Executive of Parkmans said, “We’ve seen for ourselves that the demand for rental properties is increasing, which has resulted in rents rising. We are always on the look out for more rental properties to meet demand. The more landlords leaving the sector will drive rent prices up even higher.
“Having managed properties and portfolios on behalf of our clients for over 50 years, Parkmans are adept in meeting the legal requirements that the industry face, to ensure our clients continue to profit and enjoy the benefits of being a landlord whilst providing quality accommodation that is safe and well maintained for their tenant.”
Charlotte continued, “Despite property management services being readily available, it isn’t unusual for some landlords to choose to manage their own properties in order to achieve higher profits by avoiding prospective management fees. We are increasingly discovering, however, that many inexperienced landlords are struggling to meet the demands required under new and updated legislation within the Private Rental Sector.
Landlords are expected to take on full responsibility for over 150 Acts and Regulations under UK jurisdiction and hundreds of procedures before and during the letting process. Failure to comply with such regulations could result in significant fines, imposed for non-compliance as well as the law having powers to use banning orders, civil penalties and rent repayment orders that can put your investments at risk, which is without taking into consideration the time of management required throughout the tenancy, such as maintenance issues and rent collection.
Parkmans has over 50 years of experience as specialist Estate & Letting Agents, Property Managers and Insurance Brokers in south east Wales. The company is one of the oldest and best respected in its field, as well as being the largest and busiest practice in the Valleys. Visit the website for more information: www.parkmans.co.uk
If you would like Parkmans to help you manage your rental property please contact the Abercarn, Blackwood or Cardiff Bay office. Email: firstname.lastname@example.org or telephone: 01495 224444.