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The Mayor of London, Sadiq Khan, has announced a new initiative to crack down on damp and mould, calling for the UK Government to be tougher on unscrupulous landlords by doubling sanctions if they fail to fix faulty homes. The capital has become increasingly reliant on the private rented sector, which now accounts for 30% of homes in London, significantly higher than the UK average of 20%.
There is a confirmed route to remediation for all buildings over 11 metres in Wales, with ten major UK developers already lined up to complete fire safety works. Alongside new cladding valuation guidance expected from the Royal Institute of Chartered Surveyors (RICS), these plans demonstrate to valuers and lenders that essential work can be carried out at no cost to leaseholders.
Propertymark has submitted written evidence to the Public Bill Committee on the Renters (Reform) Bill, citing data demonstrating the level of concern amongst our members about measures likely to make the PRS increasingly hostile to property owners and the unintended consequences for people in need of homes.
The base rate was held in September, GDP is growing slowly, the construction materials price index is decreasing, and Propertymark Commercial agent sentiment is increasing in several key areas. However, economic uncertainty remains and improvements in sentiment are generally from a low base.
Please note that Propertymark will be closed on Friday 8 December for training purposes. This includes the ARLA Propertymark Lettings Helpline.