Lengthy applications are being asked before seeing the place in person – all because agencies do not have the capacity or time to do 50+ viewings for just one property.    So why is there so much demand and so little supply of rentals?  My observation and take on this, is that with all the new Welsh housing regulations in place, it has caused some landlords to sell as they just can’t do it anymore. Rent Smart Wales have actually released that there are now just as many landlord deregistering as there is registering. The legislation introduced is the biggest change in rental regulations ever and aims to protect the tenant. It has either become too costly for them that it isn't worth it anymore, or too much hassle and effort. This is also a suggestive reason as to why rents have increased across the country (which I will go into more detail about shortly).   Find out how the new regulations might affect you here.  I have also noticed many landlords reacting to this change of legislation by converting their residential let to a holiday home. I see a lot of controversary surrounding this – but I do see the reasoning... there is little legislation with holiday lets, and significantly less regulations than renting.   To get a better idea of the increase in rents, I found this useful source, Homelet. It is clear that there has been a huge increase in rental prices – within one year, there was a rise of 11% in rents! However, it is still notably lower than the average price for the UK. There is a misconception I read about often that landlords are wealthy and don’t need the money – but this does not apply to the majority of landlords. I work with many landlords and there is so much that they need to pay to be a landlord and help in the community; certificates, licenses, mortgages, bills, insurance, and so on. Their rental may even be their business and main income, or it could even be their pension.   The growing needs of tenants has been a priority of the Welsh Government which is excellent – but what about the landlord? What is protecting them?  To conclude – the rental market is crazy. Each day I wish there was a property out there for everyone, as seeing the amount of people that are looking is astonishing yet concerning. I have my fingers crossed for everyone in this strange time – and also hope that the day I start looking to move, there will be a place that I love and available.

With living and working in a seaside town in Wales, over summer, Easter, or any sunny weekend, it is booming with tourists. On the downside, it causes so much traffic, and it is near enough impossible to find any parking. However, it really helps with all the local businesses including the shops, pubs and restaurants. You’ll find that some businesses even rely on the holidaymakers for the majority of their income!  I find with working in property, we get a lot of eager landlords looking to expand their market into holiday lets. The questions that I always get asked is whether there are any restrictions on holiday lets and what you need to get started.  There aren't many regulations to holiday letting – or not as many as there are with renting! You don’t need a license like Rent Smart Wales or HMO. However, you do still need all your safety certificates i.e., gas safety, PAT test, and electrical installation report. New regulations in Wales requires self-catering accommodation to be available for holiday letting for at least 252 days per year, where as it used to be only 140. These were altered just last month in April 2023. Also, to qualify for business rates (instead of council tax), you will now need to have your holiday home filled for a minimum of 182 days per year, up from 70.   In 2022, Airbnb had 21,718 holiday listings, a massive increase from only 13,800 in 2018. Wales have been cracking down on the rise of holiday lets through adjustments in council tax premiums. Across most of Wales, the premium is 50% extra council tax, however in Ceredigion it is only 25%. With new regulations, councils within the Wales are able to increase their premiums to 300%. Although there is controversy in holiday letting in Aberystwyth, we have to look at the advantages. Holiday lets help small businesses in the area as it brings in many people across the nation who are willing to spend their money whilst they are on their holidays. It can also help with the locals that choose to host holiday homes as it can be some people’s main income or pension. It is a super profitable industry – if done correctly and managed well! One useful site and helpful service is holidaycottages.co.uk, I have linked them here. I recently used holidaycottages.co.uk to book a weekend away and it was so smooth, easy and the property was stunning! They cover most of the UK, do all types of management and open to talking with anyone about any query.   The increase in holiday letting and short term rentals has had a major impact on the housing industry. I found an interesting article by Propertymark that looks into this further, this is linked here. They found that it has negatively affected the rental market as there is now less supply to meet the demand, causing rents to significantly rise. Although, it was also told that this trend has not had much of an effect on the property sales industry.   These affects mentioned do not mention the other reasons that rental prices have increased, and supply has decreased. It does not consider the other causes of this like the stricter regulations on renting and the rises in mortgages. There are so many things to consider when looking to start holiday letting – it is a new subject for myself but something I wish to get into as I do believe that it is an investment. With the right knowledge, you can become extremely successful in this industry – as well as the property industry.  If you enjoyed this read and would like to delve deeper into the holiday letting world, please comment your thoughts. 

When reading sites like Rent Smart Wales, gov.uk, Welsh Government, etc, it can be overwhelming and difficult to understand as everyone explains it too technical and complex. I did a lot of research myself, as well as seeking legal advice from our trusted property solicitors, and I feel I have come to a clearer understanding. Especially with working in the letting’s industry, it has enabled me to apply it in the real world and on-the-job. However, it also means that we get asked a lot of questions and see the difficulty in comprehending for both landlords and tenants.   In my opinion, the Welsh Government site has been the simplest and easiest read for understanding the Renting Homes Act 2022. I have linked it here. They have broken some of it down into questions – and these questions are the ones that are getting asked every day in agencies. I thought I would use these questions (as well as my own) and answer them myself in a way that is less formal and complex, but more practical and thorough.   “Who is affected by the new law?”   We get this question a lot – landlords ringing to ask if this will affect them in any way. This act is going to affect both tenants and landlords. Tenants will see differences in their home so that it meets the needs of habitation (i.e., alarms being installed, certificates being completed), as well as updates in their current contracts. Landlords will see differences in what is expected of rentals in Wales mainly focusing on the smoke alarms and CO detectors as well as the electrical installation reports.   “What differences are there with the tenancy agreements?”  One main difference is that it will not be called a tenancy agreement, it is now called an occupational contract. There are other definitions within the contract that are now different too, i.e., tenants are now known as contract-holders. Standard contracts are the ones you will see the most of as they are used in the private rented sector, and then secure contracts are used by local authorities. All current tenancies that are set up prior to 1st December 2022 will automatically update to occupational contracts so there is nothing for landlords or agencies to do here. However, for all new tenancies set up on or after 1st December 2022, they will need to be issued occupational contracts.   “Do I need to make any changes to my house?”  All rentals will need to be fit for human habitation (FFHH). I have found that with most of our houses we rent, they are all FFHH already. To be FFHH, smoke alarms need to be mains interlinked with one located on each storey in the hallways, as well as CO detectors will need to be installed above any solid fuel appliance (i.e., log burner or gas stove) and boiler – these can be battery operated. Also, electrical installation reports will need to be completed – you would need to ask your electrician to do this. If the property is not FFHH, then tenants will not be liable to pay rent, although if tenants do not inform landlords of their concerns, then they will still be liable to pay.  “What are the changes in notice periods?”   The leading factor for these regulation changes is to provide greater security for tenants/contract-holders. Due to this, they have increased the notice period for a Section 21 (now known as a Section 173 notice) which is a ‘no-fault’ notice. This has increased from 2 months to 6 months. However, for any tenancies that are set up before 1st December 2022, the 2 months' notice period will still apply. A section 173 cannot be issued until 6 months after the tenant has started their contract, and if the landlord does not act on this notice by gaining possession of the property, then they will not be able to issue another one for a further 6 months!  Also, I wanted to add about the section 173 notice that you cannot serve this if a tenant has been complaining about the state of the property.   There are also a couple other points that are generally forgotten or not asked.  Abandonment: Landlords are now able to repossess their property without having to go through court (a 4-week warning notice is still required)  Joint contracts: A joint-contract holder can withdraw from the contract at any time (even within a fixed term) without completely ending the contract, and vice-versa; new joint contract-holders can be added into a contract without having to start a new one  Succession rights: If a contract-holder dies, their successor is able to take on the occupation contract  In this difficult and changing time, I am more than happy to help with anyone that is struggling to understand these regulations. Or even if anyone was wondering if their house was FFHH, let me know and I'd be happy to help!

This week, I wanted to put together a list of things people could do to add value to their home without spending all your money but still making a massive difference. Front door: This is the buyers first impression when visiting your home. Give it a glow up by freshening up the paint, polishing the doorknob, and jet washing the doorstep. Even add a seasonal wreath or potted plants either side of your door to really stand out from the neighbours! To get the creative ideas, look on Pinterest.    Fix the small problems: People will pick up on peeling paint or mouldy bathroom sealant, so make sure to have everything fresh, repainted and clean. Any little issue will decrease the value of your home and put the offer at risk of being lower than the asking price... Do NOT give people a reason to lower their price, because they will (even due to a slightly dripping tap).    Driveway: Clear your driveway so that viewers can park on there - it will make the house feel welcoming and homely for them. Make sure there is enough off-street parking for them because this can be major factor for someone buying a property. I know that having enough room to park is a deal-breaker for my family!     Kitchen: Nowadays, people are looking for the perfect kitchen to enjoy with family and friends. To create this image for buyers, make sure all the lights are on to brighten up the place. The lighter in colour, the bigger the room will look. And please de-clutter your work surfaces!!! Have a clean and clutter-free work top can make a hell of a difference.    Smart home: When people are coming to view your home, have some music on in each room – if you have a multi-room sound system... even better! Or make sure your broadband is on display so that it is clear that you have Super Fibre connection. Just advertising these techy features can encourage buyers and make a difference to the value of your home.     Heating: Make sure your home is warm! Stepping into a cold house when on a viewing can be very unsettling and uncomfortable. Especially when living in Wales, the weather can be dreadful, so allowing the heating on can help with buyers to feel cosy and warm when coming from the cold outside.     Lighting: It is essential to have good lighting on viewings. Having a bright home can make a difference in the buyers first impressions of your house. This can make a surprising difference on those grey days, or even the viewings that happen to take place past sunset. Switch on all your lamps, or even purchase some strip lights to hide behind your TV or along the kickboards of your kitchen.     Garden: Have your garden (particularly front garden) freshly cut, stimmed and weeded. Maybe even add some potted plants and freshen up your flowerbeds. Your front garden will be the first thing sellers see when they pull up to your house. Make it colourful, bright and endearing.  This is just a guide, and obviously every home is different so some may not apply to you. But there are always other ways to add value! If you would like to have any advice on how to add value to your home whether it be a flat, land or a house, feel free to contact me. Or better yet, do some mood boarding on Pinterest then just apply your creative vision.   There are more costly ways to increase the value of your home, like garage or loft conversions which adds an extra bedroom or reception room. Although, if this is too costly, it might be a good idea to obtain planning permission from your local council now so that it gives potential buyers the opportunity to be able to do this in the future without the initial hassle.  Do NOT devalue your home! If you have ever made conversions or extensions in the past, make sure you have all the relevant documents including planning permission and building regulations to prove this is all confirmed and won’t come back and bite you. Also, making sure you have an up-to-date EPC report will help. Things like Japanese Knotweed and Asbestos can endanger the sale of your house so act on this quick. Feel free to comment some advice you would give on how you added value to your home!

1 April 2022:   I think everyone will remember this sad day – the energy price cap increased and was the start of our current cost of living crisis. The cap rose by 54% overnight and affected the vast majority of households across the UK. However, there was an advancement in the accounting world with the making of tax digital.    28 April 2022:  Building Safety Bill obtained royal assent (meaning it will be in the final stage of becoming law through parliament). This will mainly include changes to fire safety regulations for HMO’s. I have linked the gov.uk article with more information on this here.    10 May 2022:  The Queen’s Speech: This particular speech touched a lot on the economy and plans to grow this, as well as tackling the cost of living crisis. These speeches are ones to write in the diary as there can be a lot of legislative changes that can affect the property market.  31 May 2022:  Letting agents and landlords are now required by law to include additional material and information when advertising a property. This will include council tax bands, rent price and deposit amount.   1 October 2022:  New regulations come into force on carbon monoxide (CO) detectors and smoke alarms. It will be expected for CO detectors to be placed in every room where there is a solid fuel appliance, and for smoke alarms to be mains interlinked. I have found a useful guide on this through Goodlord and linked it here.  1 December 2022:  This date is significant in Wales. I have recently spoken about this in a previous blog which can be found here. The Renting Homes Act came into effect, drastically changing the way we rent in Wales through major differences in the tenancies and notices.   1 April 2023: Rules in holidays lettings changed as the minimum number of days the property was available to rent went up to 140 days per year, and anyone that did not do this would not be able to benefit from business rate relief and end up having to pay council tax instead as well as the second home premium. This was also spoken about in my previous blog post, ‘Holiday Letting in the Property Industry’.  6 April 2023:  On this day, changes in capital gains meant that the exempt amount decreased from £12,300 to £6,000. A massive difference which will negatively affect many vendors’ profits when selling.   1 June 2023:  Now we are in the present day and looking at what lies ahead... the first key date of 1st June 2023 being the deadline to deliver all written statements to any tenancies set up prior to the Renting Homes Act in December 2022. In December, they automatically converted from ASTs to occupation contracts, but there was 6 months given to get the written statements out in writing.  30 June 2023: This will be the last day that all households will receive the help of the Energy Price Guarantee – a sad day for all, but it has been a massive help for many.  6 April 2026:  Tax will made digital for all income tax self-assessments, also needing to be submitted 4 times annually. However, this only applies to those that have an income of over £50,000 on their business or property. Anyone that has an income between £30,000 and £50,000 will have until April 2027.  There are also some key dates that are still to be confirmed. Increasing the minimum rating on an Energy Performance Certificate (EPC) for private rented properties to a minimum of C, compared to the current requirement of E or above. This is expected to happen in April 2025 – but who knows! Many of the legislations that were spoken about in this blog post were meant to be in force a lot earlier than they actually were...   HMRC are also looking at making tax digital for corporation tax also. There was a consultation regarding this over 2 years ago now, in March 2021.   That sums up our current timeline of events in the lettings industry... however anything can happen between now and then. But one main reason we have this blog is to update everyone on any news, announcements and open discussions on anything property! To keep up to date on all property news, subscribe to us TODAY. 

That's why we started this blog - to share our love of property with fellow enthusiasts like you. Our goal is to provide you with practical advice, insider tips, and plenty of inspiration to help you achieve your goals (whatever they may be). A little bit about us: we're a team of property professionals who are passionate about what we do. We've experienced so much in such a short amount of time, and we've helped plenty of clients find their dream homes and invest in properties that set them up for long-term success. Starting as a small business run on the coast of Wales, we have the mentality and capability to grow – which is exactly what we are doing. In this blog, you'll find all sorts of juicy content, including: + Property listings and market updates: We'll be sharing the latest property listings, market trends, and updates to help you stay ahead of the game when it comes to buying or selling a property. + Insider tips on buying, selling, and investing in property: Our team has a wealth of knowledge when it comes to real estate transactions, and we'll be sharing our tips and insights on everything from negotiating a purchase price to staging your home for a successful sale. + DIY home décor and renovation ideas: Whether you're a DIY enthusiast or just looking to spruce up your space, we'll be sharing our favourite home design and renovation tips to help you make the most of your property. + Neighbourhood spotlights and local event guides: We love our community, and we'll be sharing our favourite local events, attractions, and neighbourhoods to help you get the most out of living in the area. We want this blog to feel like a conversation between friends. So, if you've got questions or ideas for future blog posts, don't hesitate to reach out! We'd love to hear from you. Send through any dilemmas for us to advise and entertain.  Thanks for joining us on this journey, and we can't wait to share our property obsession with you!