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It is looking like 2024 will be a significant year for the property industry.
As January is already flying by, it's time to start preparing for the year ahead.
So, what do we need to expect in 2024?
Renters Reform Bill
The Renters Reform Bill is slowly approaching the end of the legislation process, with just the final reading left to go.
It looks like the bill will be a large focus in 2024, as it is expected to come into effect before the year ends.
Mortgages and rent prices
Experts are predicting a slight fall in mortgage rates in 2024.
This comes after average UK house prices were estimated to have fallen by 1.2% in the year to October 2023.
Although, it is unlikely that these will be enough to relieve the strain of supply and demand in the private sector.
According to the ONS, the UK annual private rental price growth rose 6.2% in the year to November 2023.
Despite the fall of inflation, rental prices are likely to continue rising for some months before hitting their peak.
Awaab’s Law proposed for social landlords
Emergency repairs will need to be carried out by social landlords within 24 hours of identification.
This change comes about after a consultation by the Department of Levelling Up, Housing and Communities.
Penalties for landlords who don’t follow this timescale could include being taken to court and paying compensation to tenants.
Awaab's Law is named after Awaab Ishak - a two-year-old who died as a result of prolonged exposure to mould.
Funding package for councils
A package of £64 billion was announced by Michael Gove, the Levelling Up Secretary, in December 2023.
This has been proposed to help aid frontline services continue to make a difference, despite the challenges they are facing.
Councils will still have the ability to increase council tax by up to 3%.
However, it will be down to them to consider the cost of living crisis when making any decisions.
The Good Landlord Charter
A consultation opens in Greater Manchester this week to discuss the Good Landlord Charter.
This scheme aims to help renters distinguish between accredited and rogue landlords.
The Mayor says he is committed to boosting inspections and enforcement of landlords in 2024.
Homelessness in Wales
A white paper is due to be released in early 2024, proposing to reform the homelessness legislation in Wales.
This will also include changes to the role of the Welsh public services in preventing homelessness.
Mergers and acquisitions
It is likely that we will see even more structural changes in the agency landscape as there are more and more mergers and acquisitions taking place.
This is where agencies can quickly scale up by acquiring, or partnering with, smaller agencies.
Independent letting agencies
Many landlords prefer to work with smaller, local agencies - meaning there will still be room for independent agents despite this rise in mergers and acquisitions.
If anything, this rise gives smaller agencies more opportunities to promote their unique selling points.
Check back regularly for more updates on legislation and regulation changes.
