Many landlords in the UK are struggling to keep up with the new legislative and regulatory reforms that have been introduced in the last year, according to a recent survey conducted by Market Financial Solutions (MFS).
The poll indicated that one-third of landlords do not understand the changes to House in Multiple Occupation (HMO) licensing, which came into force in October 2018.
Additionally, more than a quarter (28 per cent) of landlords are not aware of the abolition of Section 21, which came into effect in June 2019 to prevent unfair tenant evictions.
The survey also found that 27 per cent are uncertain about the tenant fees ban, while almost one in five claimed that they understand the reform but are unsure how it will affect them.
The research also revealed that far more landlords opposed these reforms than supported them. Nearly half of the respondents said they against the banning of letting fees, while almost one-quarter said that they are in favour of banning letting fees.
Over one-third of respondents stated that they are against the abolition of Section 21, with 16 per cent in favour.
Paresh Raja, Chief Executive Officer of MFS, said: “The legislation and regulation governing the UK’s rental market is constantly evolving, and today’s research clearly shows that landlords are struggling to keep pace with the change.
“From HMO regulations to the abolition of Section 21, these are significant reforms that, for the most part, are rightly designed to protect tenants.
“It’s essential that anyone renting out a property, even if they would not consider themselves a landlord, understands all the new reforms and takes action to ensure their properties meet the necessary standards and their finances are structured in line with the new reforms.”
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