In Teignbridge, Totnes and Torbay, it appears that despite the current Covid situation we met the economic and property storms better than many other parts of the country.
The number of “ reforms “ in taxation and the regulations that impact on Landlords – and Letting Agents – may have created more red tape, but on the whole they have not impacted negatively long term on rental income and capital growth; confirming my firmly held belief, that property remains one of, if not the best forms of investment.
There can be few in the industry, that are not aware that over the past five years. The Domestic Rental Sector has endured a number of regulations presenting numerous hurdles in the way of paperwork and processes. Government ensure us that this is to “professionalise” the sector and ensure that Landlords treat their property portfolio as a business.
At Carrick Johnson Lettings & Property Management, we welcome legislation that protects our landlords and tenants and make it our business to understand to full impact of these changes.
Therefore my advice to our Landlords is to not let these changes unnerve you, or indeed put you off what is still an excellent investment opportunity. Working with an experienced Letting agency will ensure you are compliant to all the new regulations. There will almost certainly be more legislation ahead – but by keeping your investment in the secure hands of an experienced agent, you can be confident that these things are addressed in a timely and efficient manner.
At the end of the day, people and families will always need to buy or rent properties to live in and call their home. Fortunately for us, towns like Newton Abbot, Totnes and Torbay will remain attractive no matter what red tape Whitehall through at it.