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Changes will include cheaper contents cover for some households, Flood Performance Certificates, premium discounts for resilient properties, and a revised approach to claims. The Scheme has helped more than 742,000 households access flood insurance since its launch in 2016, but rising claims, higher reinsurance costs, and the growing number of properties identified as being at risk have put it under increased pressure.
The UK Government has taken its most significant step towards regulating property agents since the RoPA (Regulation of Property Agents) Working Group published its recommendations in 2019. Property professionals can prepare for future requirements now by gaining a recognised qualification, with financial support available through The Propertymark Trust’s Class of 26 initiative.
Prime Minister Andy Burnham’s first days in office have brought several announcements and appointments with implications for the property sector. Angela Rayner has returned as Housing Secretary, rent controls have been ruled out for England, targeted business rates support has been announced, and Burnham has confirmed that Stamp Duty will not change at the Autumn Budget.
While we have seen a slight dip in prospective buyer registrations, stock levels have edged upwards, giving consumers more choice and helping to create a more balanced sales market. Although tenant demand increased throughout May, available stock fell slightly, leaving an average of eight applicants competing for every available property.