Almost daily, there are doom and gloom reports about the UKâ€™s property market; on Friday it was all about â€˜regulatory overloadâ€™ for letting agents and landlords which has led to a driving up of rents for tenants. Indeed, as I was typing this, another headline pops up in my inbox, suggesting the number of renters in severe arrears tops 100,000, which supports the theory Iâ€™ve just mentioned.
According to the Residential Landlords Association, there are over 100 individual pieces of legislation and regulations containing around 400 individual measures affecting the private rental sector. Some of these rules date back to the 1700s which begs the question, are they even still relevant?
At a time when the economy is in meltdown, the cost of living has risen and unemployment has reached epidemic proportions, surely these examples of red tape should be brought into the 21st century, reflecting the reality of the market today, rather than how it was in 1730? Perhaps then, tenants and landlords would be better off all around.Â Surely it’s time for a change if nothing else.
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