With so much demand for rental accommodation in the United Kingdom, it is no shock or surprise to see many people consider becoming a landlord. Acting as a landlord can be initially expensive and it can be a tough and demanding role. When you add in the increasing tax constraints and financial pressures being faced by landlords, you can see why some people are opting out of the market. However, this doesn’t lessen the demand for rental property, so with demand outstripping supply, it creates opportunity for rogue landlords to act.
Sadly the demand for rental property means that there is an incentive for people to act as rogue landlords, which is why the latest crackdown on people acting in this manner should be viewed as positive news. From the 6th of April 2016, people acting as a rogue landlord could face a penalty up to £30,000.
The new measures, which have been expected for a number of weeks, include new powers to prosecute people acting in this manner, and it has also increased the penalties that can be imposed on these professionals. There is now the opportunity to impose fines of a more significant nature and it is even possible to issue civil notices. With penalties being able to reach a limit of £30,000; it is hoped that many people will decide that the risks involved with acting in this manner are too high and will therefore decide against acting as a rogue landlord.
Rogue landlords put lives at risk
While there will be some people complaining about this because of the huge demand for rental property, it needs to be remembered that rogue landlords put people’s lives at risk. Yes, there is an argument to be made for making it easier or more affordable for the right people to become landlords to assist in the housing crisis but that is a different argument for another time. The main focus of this action is to target the professionals that make money without undertaking the due care and attention that licenced and vetted landlords take.
A lot of landlords will admit that much of their time is taken up with rules and regulations, but these are vital to ensure people stay safe and that homes are up to scratch. Anything that can be done to put pressure on rogue landlords should be seen as a positive thing for the entire rental community.
While this move should be considered as a positive one, there are concerns that landlord activities have been overlooked in the latest changes to Money Laundering regulations. This is another area that could be focused on to place more pressure on rogue landlords, so the fact that this hasn’t been brought in is a concern for many people looking to make the market safer and better.