HOUSING REPORT: Despite recent murmurings of an impending slowdown in the property market, figures our agents reported for May appear to show the buoyant market continues. Perhaps as a result, lengthy waiting times from offer to exchange remain.
The UK Government is seeking views on proposals to make landlords legally obliged to make reasonable adjustments to common areas of rented properties: outside areas, entrances, hallways, landings, and stairwells, more accessible for disabled people.
The UK Government has published a Fairer Private Rented Sector White Paper that claims it will redress the balance between landlords and 4.4 million tenants in the private rented sector (PRS).
The UK Government has announced the first instalment of the new cost of living payment will be given to households receiving income-related benefits from 14 July 2022, with a further instalment in the Autumn.
This Act is part of a series of proposed powers to combat illicit finance and reduce economic crime. While the Act is necessary to impose sanctions as part of a wider set of actions the UK has taken against Russia, measures set out in the Act aim to tackle economic crime from all overseas entities.
From 30 November 2022, HM Land Registry will stop accepting scanned or PDF copies of the Application to Change the Register (AP1) forms, required when ownership of a property changes hands.
The Consumer Rights Act 2015 made it a legal requirement for letting agents in England and Wales to display details of all fees and charges on websites and in offices. These templates support members who have Propertymark Client Money Protection (CMP) to comply with the legislation.
The UK Government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier to access low-cost, low-deposit finance such as 95 per cent mortgages.
Analysis of user feedback about the trends of inventory reporting statistics highlights how Proptech is helping with audit trails, communication logs, etc, to help with supporting evidence.
Research reveals the full extent of landlords’ exit from the PRS (private rented sector) indicating the rate at which the sector is shrinking.
The Lettings Industry Council (TLIC) has published a report making practical and workable recommendations based on the expected changes to be introduced in the Renters' Reform Bill.
The Welsh Government has announced a postponement to the implementation of the Act until 1 December 2022, which was originally set to come into force on 15 July 2022.
PRS REPORT: Rents are rising across the UK. Despite this, we continue to see high demand from prospective tenants. An average of 95 new applicants were registered per member branch, an increase from 78 per branch recorded in February.
The Leasehold Reform (Ground Rent) Act 2022 restricts ground rents on newly created long residential leases for single dwellings such as a flat or house to a token one peppercorn per year, effectively restricting ground rents to zero financial value.
HOUSING REPORT: Despite the cost-of-living crisis, inflation, and rising interest rates, the public remain convinced that now is a good time to buy. Properties currently being brought onto the market are 115 per cent more likely to sell than they were in the month of April from 2012–2021.
Good letting agents are highly trained and experienced professionals that offer a vast range of services and advice that can make all the difference to landlords and tenants. Propertymark member agents also follow a strict code of conduct and are regularly assessed to ensure they are meeting all the required standards.