The professional body
for the property sector

Letting agents routinely use pooled client accounts (PCAs) to manage money for multiple landlords and tenants. These accounts are not only common, they’re also essential to agency operations. However, from a regulatory standpoint, they raise a key question; should banks perform due diligence on the letting agent (as the account holder), or on every individual landlord and tenant whose money passes through the account? Propertymark Industry Supplier, The Letting Partnership, examines the problem with PCAs, and how upcoming regulatory changes could improve the system.

For agents in England working with landlords in this specialist market, it is vital to understand the changes, the risks, and the opportunities ahead. Propertymark has been campaigning hard to ensure student housing is not undermined by reforms designed for the wider private rented sector (PRS). The loss of fixed terms is the single biggest risk for this market, and we continue to fight for workable solutions that protect the annual student lettings cycle.

The Scottish Government has launched a consultation on proposals to align reliefs on Land and Buildings Transaction Tax (LBTT) for investor schemes with those available in England and Northern Ireland, making Scotland more attractive to large-scale investors. Propertymark supports this move but urges Ministers to give equal priority to incentives for individual landlords to ensure a diverse and sustainable property sector.