Wednesday, February 28, 2024

Osbourne Pinner Reacts to Survey Suggesting 25% of Landlords May Opt to Sell in 2024

Osbourne Pinner, renowned as one of London’s premier law firms, has provided insights following a survey by Alan Boswell Landlord Insurance Statistics, indicating that a quarter of landlords are considering offloading their properties in 2024.

According to the survey, just over half of the landlords (52%) aim to keep their property portfolios unchanged, while 26% plan to sell more than they acquire, and 22% are eyeing expansion next year.

The spotlight shone on the industry in 2023 with the introduction of the Renters Reform Bill in Parliament, which proposes to scrap assured shorthold tenancies and, with it, section 21 ‘no fault’ evictions, in favour of monthly periodic assured tenancies without an expiry date. The Bill also includes measures to strengthen grounds for eviction, particularly for issues such as anti-social behaviour or significant rent arrears.

Having passed its second reading in October, the Bill is now closer to becoming a statutory law.

Senior Housing Solicitor at Osbourne Pinner, Santosh Kumar, remarked: “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.

With branches in Piccadilly Circus and Harrow, Osbourne Pinner unveiled its Landlord and Tenant service earlier this year, swiftly amassing a considerable portfolio of clients. This service provides landlords with customised assistance, encompassing advice and support on paperwork from the start to the end of a tenancy.

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 details about Osbourne Pinner can be found here.