FAQs: Economic Crime and Corporate Transparency Act 2023

The UK Government intends to begin a regional rollout of a Private Rented Sector (PRS) Database in England from late 2026. Its legal framework is already in the Renters’ Rights Act 2025; but questions remain about how the system will work, what information users must provide, and how much time agents and landlords will have to prepare. The final design must reflect how agencies operate to avoid adding a significant new layer of data entry, checks, and liability to every instruction.

Commercial property agents handling telecommunications sites in England and Wales should note a change to where disputes under the Landlord and Tenant Act 1954 are decided. From 30 July 2026, certain disputes fall within the jurisdiction of the First-tier Tribunal and Upper Tribunal, rather than the courts.

Legislation is being prepared that could reshape the private rented sector in Wales. Propertymark is already engaging with Welsh Government Ministers and officials to ensure that new duties are proportionate, evidence-based, and achievable for agents.

The property market remains an attractive target for money laundering because of the value of property assets and the ability to hide ownership through companies, trusts, and overseas structures. An estimated £6.7 billion of UK property was bought with wealth suspected to have come from questionable sources between 2016 and 2022 — yet the National Crime Agency (NCA) reports that the volume of SARs from the property sector remains low.