What Torbay’s £20 Million Levelling Up Fund Means for Landlords: Practical Steps to Navigate Regeneration
Torbay’s new £20 million Levelling Up Partnership fund is driving major regeneration efforts—including converting disused holiday lets into permanent homes and refurbishing key landmarks. This article guides London landlords and letting agents on practical impacts for housing supply, tenant demand, property values, and compliance, offering tailored advice to help you prepare and capitalise on emerging opportunities.
Understanding the Levelling Up Fund and Its Scope
In early 2024, Torbay Council secured a £20 million Levelling Up Partnership fund focused on regenerating the area through key projects. These include converting disused holiday accommodation into permanent housing, refurbishing the historic Oldway Mansion to stimulate tourism, upgrading sea defences, and enhancing community facilities such as lighting, signage, and youth services.
For London landlords with interests in coastal or holiday let properties—especially around Torbay—these initiatives signal forthcoming changes affecting housing availability, tenant profiles, and local property markets.
Why This Matters to London Landlords
The fund is set to increase the supply of permanent homes by converting holiday-only properties, potentially altering rental demand and pricing in the region. The refurbishment of Oldway Mansion and infrastructure improvements also promise to raise Torbay's profile, attracting more long-term residents and tourists, possibly boosting property values and short-term letting prospects.
Key landlord considerations include:
- Emerging compliance or registration requirements linked to conversions.
- Shifts in tenant demand from holidaymakers to longer-term renters.
- Potential uplift in property desirability impacting rental income and capital value.
Practical Implications by Landlord Profile
Single-Unit Landlords: Monitor council announcements regarding changes in property use and compliance. Evaluate if your properties might be targeted for conversion or stand to benefit from increased demand.
HMO Landlords: Additional permanent homes could increase tenant competition but community and infrastructure upgrades might heighten the attractiveness of well-managed HMOs.
Portfolio Landlords: Review your asset allocation and rental strategies in light of these evolving market dynamics.
Accidental Landlords: If holding holiday lets or properties near regeneration sites, stay engaged with local updates to understand operational changes or new incentives.
Compliance and Operational Considerations
Torbay Council will likely introduce specific rules for holiday-to-permanent housing conversions, potentially involving:
- Planning permissions or change-of-use applications.
- Enhanced safety and energy efficiency standards.
- New landlord registration or licensing requirements.
Letting agents should proactively update compliance systems and advise clients accordingly.
Operationally, anticipate temporary disruptions from infrastructure works affecting access or tenant experience, necessitating proactive communication and maintenance planning.
Next Steps for Landlords and Agents
- Stay Connected with Torbay Council: Sign up for newsletters and attend housing forums to receive timely updates.
- Review Your Property Portfolio: Identify assets impacted by regeneration.
- Engage Tenants: Communicate upcoming changes promptly.
- Assess Compliance Needs: Consult planning and legal experts to meet new standards.
- Explore Opportunities: Align lettings strategies with cultural and youth initiatives funded by the scheme.
- Coordinate with Letting Agents: Adjust marketing and pricing to reflect market shifts.
Benchmarking and Monitoring
- Track Torbay Council planning applications related to holiday-to-permanent housing conversions.
- Monitor local rental market trends for demand and pricing shifts.
- Engage with landlord associations for insights.
How Rentals & Sales Can Support You
Our expert team offers tailored portfolio reviews and compliance audits aligned with Torbay’s evolving market. We assist landlords and agents in:
- Interpreting regeneration impacts on values and demand.
- Navigating new compliance requirements.
- Developing pricing strategies reflecting supply and infrastructure changes.
Contact us to schedule a consultation and position your portfolio for success in the Levelling Up era.
Compliance Disclaimer: This article provides general guidance. Landlords should seek specific legal and planning advice tailored to their circumstances.