Good Landlording

By: Suzanne Smith and Richard Jackson
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  • Summary

  • A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord in England
    © 2024 Good Landlording
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Economics Management Personal Finance
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Episodes
  • Key insights from 2024 NRLA Landlord Conference #34

    Key insights from 2024 NRLA Landlord Conference #34
    Nov 12 2024
    In this week's episode of Good Landlording, Suzanne Smith and Richard Jackson discuss the key insights from the NRLA Landlord Conference in Birimingham on 5 November 2024, sharing useful information. This includes: Data from Richard Donnell of Zoopla, relating to the economics of investing, particularly the impact of higher interest rates on investors, and his prediction that rental growth will slow to around 3-4%.. James Caan's advice to entrepreneurs to be flexible, be creative and be prepared for failure, as failure can lead to success. He also underlined the importance of people, building relationships and keeping learning. The importance of having swift resolution of cases by the redress schemes, and Suzanne's wish for the decisions to be publish so that the case law develops. Technology promises to grow in importance for landlords, and there is certainly demand there. However, there is currently no "end to end solution" that does it all. Is Andy Burnham's Good Landlord Charter in Greater Manchester an unnecessary accreditation? (More details here: Good Landlord Charter) The merits of investing locally. Why it's so wonderful meeting other landlords in person. 😊 >> Ask a question: Click here for question form >> Join: Link to get £15 off NRLA membership A meet up of some of the listeners of Good Landlording at the NRLA conference Credits window.addEventListener('message',function(e){'https://widgets.blubrry.com'===e.origin&&'object'==typeof e.data&&(document.getElementById(e.data.senderId).style.height=e.data.height+'px')}) Music: "Paradise Found" by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.
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    18 mins
  • Q4 2024 update: Budget, Renters’ Rights and rental trends #33

    Q4 2024 update: Budget, Renters’ Rights and rental trends #33
    Nov 5 2024
    In their rental market update for Q4 2024, Suzanne Smith and Richard Jackson discuss the impact of Labour's first budget on landlords and property investors, the latest on the Renters' Rights Bill and what's happening with rental trends. >> Ask a question: Click here for question form What we cover in this episodeLabour's Autumn BudgetWhat's happening with the Renters' Rights BillSoftening of rental demand Labour's Autumn Budget Richard and Suzanne discuss the key changes for landlords and property investors in the budget: SDLT. The Chancellor increased stamp duty by 3% for "additional properties" on 31 October 2024 and there will be a further increase on 1 April 2025, when the first threshold will be lowered from £250,000 to £125,000. This will add £2,500 to the amount of stamp duty payable on the average property. Capital gains tax - no change for property investors. Income tax - the impact of fiscal drag is that the amount of tax people pay will increase in real terms as the bands are not being increased byt inflation. National insurance contributions - the budget increased employer national insurance contributions and lowered the threshold, meaning that employers will need to start paying NICs at a lower amount. Pensions - no changes to potentially exempt transfers or the various caps, but most unused pension funds and death benefits will be included within the value of a person's estate from 6 April 2027, which means they could be subject to inheritance tax of 40%. >> Blog post: What the 2024 Autumn Budget means for landlords and property investors What's happening with the Renters' Rights Bill The Renters' Rights Bill is making good progress through the House of Commons, and entered the Committee Stage on 22 October 2024. The Committee are going through the Bill on a clause by clause basis. The Housing Minister has made it clear that they won't be backing down on fixed terms or making exceptions for students. The ambiguity around up front rent payments has been discussed a lot, and the Minister said he will make the position clear in the Bill. >> Blog post: The latest on the Renters’ Rights Bill >> Related episode: What the Renters’ Rights Bill changes about rent Softening of rental demand There are signs that the renal market is slowing down, with demand softening. Anecdotally, Richard and Suzanne have recently seen it in London and Kent respectively. This is backed up by Rightmove's Rental Trends Tracker for Q3 2024 which says the average number of enquiries per rental property is now 15, down from 23 last year. However, this is nearly double the 8 before the pandemioc in 2019. The advertised rental price is dropping before finiding a tenant for more than a fifth of rental properties. Credits window.addEventListener('message',function(e){'https://widgets.blubrry.com'===e.origin&&'object'==typeof e.data&&(document.getElementById(e.data.senderId).style.height=e.data.height+'px')}) Music: "Paradise Found" by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.
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    28 mins
  • #32: Are landlords working people or is it passive income?

    #32: Are landlords working people or is it passive income?
    Oct 29 2024
    Hot on the tails of Keir Starmer's controversial assertion that landlords aren't "working people", as it's passive income, like income from shares, Suzanne Smith and Richard Jackson discuss objectively the extent to whether income from residential rental properties can be considered "passive". Stepping back from the political debate, they examine "passive income" means, and contrast it to what landlords need to do to earn money from their rental properties. Although property "gurus" claim that rental income is passive, there is a trade off between outsourcing and profit. It's also the wrong mindset. >> Blog post: Can landlords make passive income from rental property? >> Ask a question: Click here for question form What we cover in this episodeDifferent types of landlordsWhat does "passive income" actually mean?How do landlords make money from rental properties?What do landlords actually do to earn money?Landlords' legal obligationsOther strategiesFinal thoughts Different types of landlords There are two key types of residential landlords: part-time landlords who manage properties alongside a full-time job, and professional landlords who manage their property portfolios as their main occupation. Richard emphasises that even part-time landlords work very hard, juggling their careers with property management. Suzanne adds to this by discussing the responsibilities and engagement required, even for those landlords who might have fewer properties. Landlords who manage properties themselves do not earn passive income - it is a job. On the other hand, income from landlords with full repairing commercial leases is more passive. What does "passive income" actually mean? HMRC considers passive income to be investing in assets, and not from running a trade or a business, or being an employee. They give examples such as interest payments from bank accounts, annuities, and dividends from money invested in the stock market, and don’t refer to rental income. Forbes frames it as income that doesn’t need a significant commitment of time or effort to earn, with only minimal monitoring on an ongoing basis. They say that rental income doesn’t fall within the definition of passive income as it requires a large up-front investment, as well as ongoing maintenance and management of the property. Despite what the "property gurus", earning rental income as a landlord isn’t the same as getting interest from money in a bank account, or dividends from stock market investments. However, is it right to say that landlords really earn money with minimal effort? How do landlords make money from rental properties? Landlords earn money from rental income and capital growth. Landlords need cashflow from rent in order to pay the bills while they are waiting for capital growth, unless they are going to dip into their savings. Capital growth is never guaranteed. Although property prices boomed in London in the past, anyone who bought a flat in London over the last 5 years will know that capital growth is not a given. Suzanne barely broke even on her flat in Cambridge in 7 years, despite it being a fantastic flat a great location. What do landlords actually do to earn money? But before landlords earn anything, they need to find, finance and buy a new rental property, which is time-consuming and expensive. Then they need to refurbish the property (unless it's a new build), make sure it's compliant, and then find suitable tenants to rent the property. Once tenants move in, they will need managing, and the property will need ongoing repairs and maintenance to keep the property in great condition, and compliance with landlords' various legal obligations like the annual gas safety certificate. There is always a lot of work when tenants change over. It is running a business. If landlords outsource these activities, the income can be more passive, but that will reduce margins.
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    33 mins

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