First Scotland – now Wales calls for a rent freeze
4 years ago | 14 comments
Residential rents in Wales?
11:13 AM, 10th October 2022, 3 years ago
3
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Hello, In recent months I purchased several residential rental investments in Wales.
The rents for a few of these are currently significantly below market value.
When I purchased these, it was my intention to ease the rents up over the next 12 to 18 months, unless there was a change of occupier.
As it is now being suggested that there could be a rent freeze in Wales, I don’t want to become a victim of my own good fairness, so now have to consider increasing the rents much sooner.
I would be interested to know people’s thoughts on possible time scales should the Welsh government impose a rent freeze.
Thank you,
Bob
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Do I have to take my gate down?
Member Since July 2013 - Comments: 197
12:04 PM, 10th October 2022, About 3 years ago
I have recently read that Mr Mark Drakeford has said no to a rent freeze .
Member Since September 2018 - Comments: 111
2:54 PM, 10th October 2022, About 3 years ago
As a property letting company in Wales, we are planning on selling 80% of our residential portfolio over the next 6-12 months. The reasons are varied but the main drivers are, the impact of the renting homes Wales act 2016 which gives far more rights to the tenants than ever before, the intrusive nature of Rent Smart Wales, the landlords licensing body but the biggest factor is the looming cloud of rent controls. the Labour party needs the support of Plaid to get through their agenda and Plaid are pushing hard for rent controls. Now that Scotland has gone down that road it won’t be long before we witness this in Wales as a deal will be done behind closed doors. You can find plenty of evidence of these policies, tourism tax, council tax at 300% for send homes, crazy limits for short-term letting operators to name but a few.
Obviously, I don’t know your individual details Bob, but you should be looking at increasing your rents to the market value or as close as possible, not increasing the rent can lead to unintended consequences as the usual reason is ‘they are good tenants, and they always pay the rent’
Don’t get caught out by trying to be nice!
Member Since September 2018 - Comments: 3508 - Articles: 5
3:34 PM, 10th October 2022, About 3 years ago
raise all rents to as much as you can and as quick as you can is my advice. No more Mr Nice Guy. Been there done that but the rules are not fair.
If tenant complaints – given them the direct email/phone number of the local MP and tell them to take it up with them. Also highlight to your tenant if the situation gets worse you may be faced to issue them with an eviction notice if things take a tartan turn…..