Hello again folks, hope you are all doing well and enjoying this wonderful weather we are having. I thought it was the right time to give you all an update as to what is happening with the housing market at the moment.
I started this year with quite a lot of optimism for the year ahead but this was short-lived, as no sooner had we got back into the swing of things in January, the market became saturated with houses of multi-occupancy (HMOs) or large buildings that were split into multiple rental flats and lots of other rental properties that were older, Victorian / Georgian buildings. After talking to a lot of these owners, to find out why so many of them were selling, their reasonings became very clear, they wanted to get out of the rental game before the introduction of all the new legislation comes into effect.
The abolition of Section 21 (No fault evictions), will effectively handcuff the landlord to the tenant, even if they are not good tenants. The owner will only be able to evict the tenant if the tenant falls behind (2 months minimum) with their rent, if the owner decides to move back into the property, or if the owner decides to sell their property. If it is the last two, then that property will not be able to be let out again for a period of six months.
The renters reform bill – this bill will soon be coming into law and again prioritises tenants over the actual owners of the property. It is effectively a stick to beat landlords with. The landlord will have to go through so much red tape just to regain ownership of the property.
If you think that this is sounding a bit biased, it is my own personal experience of tenants and that of managing 300 other rental properties that has given me the in-depth knowledge that there are many more problematic tenants out there than ever there are problematic landlords.
EPC regulations – The Energy Performance Certificate (EPC) was brought into effect as part of the Home Information Pack legislation for selling property back in 2007, originally part of the Kyoto agreement on Climate change. Our government of the time included these EPCs as a mandatory part of the selling process and here it has remained.
Currently, the law states that any property must have a minimum EPC rating of E for existing tenancies. However, since 1st April this year, any property being rented out with a tenancy starting after this date, must have a minimum EPC rating of C and by 2028 ALL existing properties (even existing rental agreed properties) will have to be the grade C rating.
This means that, I am talking specifically about Plymouth, all the rented housing stock, no matter the age or construction type, will have to have so much work done on them (internal and external insulation, new windows, new lighting or even ground source heat pumps).
Now, while all these improvements might sound fantastic, there are currently no grants or other forms of financial assistance for private landlords and the extreme costs of doing one, a few, or all of these improvements are not financially viable, and the argument that if you do these improvements you will be adding value to your property does not always hold true.
If you are one of our landlords and you are reading this and beginning to worry, worry not. As I stated earlier in this blog, I know that pretty much every one of our landlords have properties that pass muster and will not be adversely affected by these regulation changes. Even better, if we are managing your property, we will ensure that we deal with all of these issues for you, IF they arise. The bonus to this situation is that rental prices are still climbing and are at an all time high in Plymouth, meaning much better yields than have been enjoyed previously – a ‘win win’ situation.
The knock-on effect of this rental property dump on the market is that there are a lot of properties to chose from as a buyer and it is now a buyers’ market. If you put your property on the market at an unrealistic price, if your agent tells you “We can get you more than any other agent has valued it at” if your property has already been on the market for more than 8 weeks, if you have not had more than two viewings a week, then your property is overpriced – FOR THIS CURRENT MARKET. Prices have come down from the peaks that we saw in the last few years and you really do need to be realistic about what is achievable today.
With some positivity, I can confirm that Cross Keys Estates have exchanged on the sale of more properties in Plymouth than any other agent this year so far (data accurate as of 08/05/2025 – Zoopla), so if you are seriously looking to sell your property, why not give the team here at Cross Keys Estates a call.
We have been here for over two decades and have definitely become a market leader with our honest and qualified approach, which is why sellers, buyers and the rental sector all trust us and have given us a 98% recommendation rating.
I do hope that you take the time to read this and please feel free to share it around on your socials and to as many of your friends as possible.
