While Manchester may have voted Remain in the EU Referendum, the fact that Britain voted to Leave means that people and businesses in Manchester have a lot to consider and evaluate. At this point in time, we are no further forward in knowing what is going to happen with respect to getting away from the European Union, but understandably many people are nervous or concerned about the changes to their everyday life.
Manchester welcomes a lot of foreign businesses and investors and depending on your point of view, the changes may be a positive or negative thing. However, moving away from the European Union isn’t just going to impact on the way people work, or which firms or individuals can operate in the country. EU rules and regulations relate to virtually every aspect of life in Great Britain, and this means that there may be changes for people from all walks of life. When you think about the number of rules and regulations that landlords have to contend with, it will not surprise you to learn that if we abandon the EU and need to write up a lot of new rules and regulations, there could be changes ahead in the letting industry.
First of all, the economic uncertainty that has been around for the last few months doesn’t show any sign of changing, especially with no one looking to take charge at this point in time. Uncertainty is one of the biggest enemies of the property market and the longer the current situation is allowed to continue, the more property market is going to be affected. This will harm landlords looking to buy property, but equally, if other people are unable to buy homes, it may be that letting for a number of months until the market calms down is a viable solution. This means landlords may need to put their own expansion plans on hold while needing to be alert to an increased level of demand. In the longer run, this situation would further increase demand while limiting supply, which would be likely to lead to a rise in property prices.
Regulations relating to landlords may change
Anything to do with prices will grab the most attention, but given that many of the regulations surrounding the letting act are dependent on the European Communities Act of 1972, there may be changes ahead. You can see why some of these regulations will be repealed but with so many regulations to review, some experts suggest that many of the regulations will be re-implemented collectively. Then again, these regulations have been far from universally approved, so there will be calls to change, update or throw out some of the regulations which impact on landlord’s daily activities
There looks set to be debate on topics like EPC Regulations and the Heat Network Regulation but there is also the Consumer Protection from Unfair Trading Regulations to consider, and there will be many clamouring for changes in this area.
At Spencer Harvey, we will keep fully up to date with any changes and we’ll ensure you are fully informed of letting regulations.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk