The future of the UK rental market in 2024: what landlords in Taunton need to know

Unless you’ve been hiding under a rock, you’ll know as a UK landlord that the rental market in Taunton is constantly changing, and staying ahead of the curve is essential. If you don’t keep up, you’ll be left behind.

Conveniently, if you're wondering what the future holds for the rental market in the United Kingdom in 2024, you've come to the right place. Today, we'll take a look into the key trends, challenges, and opportunities that you can expect to encounter this year!

The Current Landscape

Before we jump into the future, let's take a quick look at where we stand today. The UK rental market has seen its fair share of ups and downs in recent years. Factors like economic fluctuations, changes in housing policies, and the global pandemic have all had an impact on the rental sector.

Despite these challenges, renting remains a popular choice for many, especially in major cities like London, Manchester, and Birmingham. The UK's housing market has been strained for years, with a shortage of affordable homes for sale, and whilst this may be frustrating for tenants, it’s good news for you as a landlord in Taunton. Ultimately, it has driven more people toward renting, and the trend is expected to persist.

The Rise of Flexible Living

Moving onto some anticipated changes in 2024, many UK landlords are expecting to see a surge in demand for flexible living arrangements in 2024. Young professionals and families are increasingly looking for rental properties in Taunton that offer not just a place to live, but also an experience.

The increase in the prevalence of working from home has reduced commuting expenses and put more cash in the pockets of renters, giving them a budget for more desirable properties. This means that as a British landlord, you may want to consider furnishing properties if you aren’t already, and providing more luxurious amenities to attract tenants.

Remote Work Impact

The COVID-19 pandemic led to an enormous rise in remote work, and this has changed the way people view where they live. With more flexibility in their work location, tenants may look beyond the city centre for UK house rentals, so suburban and rural areas could see increased demand.

You should consider this if you’re looking to purchase further property and it still has implications on any properties you may already own, regardless of whether they are in suburban or rural areas. For example, you’re going to want to ensure that your property is renovated with the latest fibre-optic or even gigabit internet infrastructure, as standard broadband speeds may not suffice anymore in the face of today’s digital work landscape.

Embracing Sustainability

Sustainability is not just a buzzword anymore; it's a way of life, and this represents the values of a huge percentage of renters. Putting sustainability regulations aside, landlords should still consider making their properties more energy-efficient to appeal to environmentally conscious tenants. Having an environmentally friendly property is likely to help you attract new renters as it reduces bills for tenants, all whilst saving the environment!

The Autumn Statement

At the end of 2023 in November, Jeremy Hunt hosted the government’s annual Autumn Statement, and several topics were raised that greatly impact UK landlords. This included announcements of the abolition of Class 2 National Insurance payments, further government funding for housebuilding, and further financial support for tenants from the government, all excellent opportunities that you can use to your advantage.

However, not everything from the Autumn Statement was good news; the government also confirmed that the taxable threshold for landlord capital gains would be halved once again. This means that if your income from renting out a property was not taxable last year, it may be this year, as the new threshold will be just £3,000 from April 2024.

It’s a shame we don’t have access to a crystal ball, but based on the recent UK house rentals market trends, government announcements, and the rise of remote work industries, 2024 is set to be another eventful year. The market in Taunton has never been so saturated with renters which is great for you as a landlord, so as long as you keep the pointers from this article in mind and keep up to date with your own research.

We’re sure 2024 will be a great year for you as a landlord. Eden May are your local letting and property management agents in Taunton.

Call us on 01823 478575 or email hello@edenmay.co.uk to find out how we can help you manage your rental properties this year.