24th
Feb 2022
A recent survey has found that one in four landlords say they are completely confounded by the ever changing PRS regulations.
According to the survey one in four landlords acknowledged they were bewildered by the ever changing regulations and amendments ‘lumped’ onto the PRS.
Of the quarter of landlords who admitted to their lack of knowledge, a little over a third of them said it is extremely challenging to keep abreast of the new changes, a sixth stated they were stressed out their minds and a third of them are seriously considering of selling up because of the government’s constant interference.
20 per cent said they are unable to fund the costly and necessary legal advice to keep up with the changes and around 13 per cent say it is extremely arduous to make sense of the regulations and how it affects them.
The survey also uncovered a major concern around the lack of understanding or awareness of several key regulatory issues and developments. One in seven had no idea about their local council’s licensing arrangements, the energy and sustainability dictates and applicable health and safety regulations.
Around ten per cent were not up to speed with the new smoke and CO2 alarm requirements, changes to the minimum EPC standards and Capital Gains Tax filing deadlines.
The landlords who stated they are up to speed with the ever changing regulations, licensing and tax regimes, one in three researched the issues themselves and a further third said their agents looked after their properties ensuring they towed the regulatory line.
The survey was undertaken by a business insurance company whose spokesperson says: “Landlords are faced with a range of challenging regulatory changes and issues and our research suggests this is causing them a range of problems. In some cases, this is causing stress and anxiety, which is leading many to consider selling their properties.”
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