Next steps for Smart Data-driven home buying and selling
The UK Government has set out the actions it will take over the next two years to facilitate the data economy and drive growth and innovation in a range of sectors including the property market. By Summer 2024, the Department for Levelling Up, Housing and Communities (DLUHC) is expected to launch some pilot projects which will inform future digitalisation of the home buying and selling process.
Warning over battery safety from home insurance experts
Eight in ten people are charging, storing, or repairing their devices in a way that greatly increases the risk of fire, according to a survey by NFU Mutual. With lithium-ion batteries used in almost every household in the UK, and insurers reporting an increase in fire claims associated with them, it is advisable for agents to inform their landlords and tenants on how to reduce their risk.
Renters Reform moves to Lords as sector calls for certainty
The long-delayed Bill included over 200 amendments as it returned to the House of Commons for its Report Stage and Third Reading on 24 April 2024. Having been voted through by MPs it will now move to the Upper House, with Housing Secretary Michael Gove MP controversially stating that it’s up to the House of Lords to decide how quickly the Bill can become law.
Agents can help test online income tax service ahead of rollout
HMRC has opened a pilot scheme for the proposed Making Tax Digital service for quarterly reporting. From 22 April 2024, agents can voluntarily sign up their landlord clients if they meet certain criteria.
Logbook pilot launched to address Working Group concerns
The Home Buying and Selling Group (HBSG) has arranged the test and learn scheme involving a group of lawyers and conveyancers to iron out specific barriers to the adoption and use of logbooks for property transactions. For logbooks to be effective, widespread adoption across the industry is essential, and the HBSG is also planning engagement with surveyors and estate agents.
Essential HM Land Registry services for estate agents
There are numerous ways that upfront information can help agents in today’s property market, including making it easier to value and list a property, and streamlining the buying and selling process . Propertymark encourages members to verify property details with HM Land Registry (HMLR) as best practice, particularly following the publication of Trading Standards’ full material information guidance in November 2023.
Sector must act together to challenge long term rent controls
Propertymark’s Head of Policy and Campaigns, Timothy Douglas, met Patrick Harvie, MSP, as part of the Scottish Government’s Private Rented Sector Stakeholder Group to discuss the Housing (Scotland) Bill and continued to assert that rent control proposals should be dropped in favour of focusing on other actions to make the private rented sector more affordable. This will ensure there is an adequate housing supply that meets increasing demand and tackling existing inequalities of income and wealth.
Renters Reform returning to Parliament in a storm of criticism
The Leader of the House of Commons has confirmed the remaining stages of the Renters (Reform) Bill will take place on Wednesday 24 April 2024 with some key changes to the Bill brought forward. Whilst the UK Government has listened and reacted to some industry concerns, another chance has been wasted to effectively regulate property agents.
Over 250 agents fined for AML non-compliance
HM Revenue and Customs (HMRC) has announced that fines totalling over £1.6 million have been issued for a variety of breaches including missing documentation, incomplete due diligence, and failures to recognise specific risks, such as Politically Exposed Persons, high risk jurisdictions, companies, trusts and sanctions.
Proposals to scrap LLT multiple dwelling relief
A short consultation has been issued by the Welsh Government that would abolish LTT (Land Transaction Tax) Multiple Dwelling Relief from 1 June 2024 and would mean landlords purchasing more than one property from the same seller in a single transaction or linked transactions will no longer be able to claim back a proportion of their LLT liability.
Commercial agents, remind landlords to check insurance policies regularly
NAEA Commercial Advisory Panel and Propertymark Board member Michael Sears, MNAEA MARLA MNAEA (Comm) MNAVA HIDip Ndea, has cautioned against complacency when it comes to commercial buildings insurance to avoid the frustration of claims being invalidated.
HUG2 offers off-grid energy upgrades to landlords and homeowners
Phase two of the Home Upgrade Grant (HUG2) is a UK Government-funded scheme for properties in England that are not connected to the gas grid. £630 million has been allocated to Local Authorities to provide energy efficient upgrades and low carbon heating to eligible households between April 2023 and March 2025.
Propertymark backs the next proptech revolutionaries
We’ve formed a landmark co-investment partnership with TDS to boost funding for REACH UK, a technology scale-up program which helps innovative new technology companies grow in the property sector through education, mentorship, and market exposure.
Rogue agents face stiff penalties for flouting property rules
Letting agents and landlords who disregard safety and licensing laws are increasingly facing action from authorities determined to crack down on poor practices and protect renters. Propertymark works hard to regulate our members and make sure consumers know how to access a professional agent. Our members demonstrate their commitment to working to higher standards than the law requires, and have access to training, CPD, and compliance support to ensure both they and their businesses are up to date with relevant standards and legislation.
Dos and Don’ts of Deposit Protection
Lettings agents must protect the interests of landlords, tenants, and their agencies, so understanding the basics of deposit protection is key and knowing the do’s and don’ts will help minimise disputes and reduce the risk of costly penalties.
Propertymark campaign results evident in Renters (Reform) Bill amendments
We have had direct correspondence from senior officials at the Department of Levelling Up, Housing & Communities (DLUHC) regarding amends to be tabled on the Renters (Reform) Bill, including communication between Housing Minister Jacob Young, MP, and Conservative MPs outlining further improvements that address some of the key concerns of letting agents and strike a fairer balance of security for both landlords and tenants.