Understanding Tenancy Deposit Schemes and Emerging Alternatives
Deposit protection schemes have been a legal requirement for guaranteed shorthold tenancies since April 2007. These schemes offer protection to both landlords and tenants, safeguarding against property damage, repairs, and unfair claims. Over the years, deposit regulations have evolved, with the Tenant Fee Ban in 2019 capping deposits at five week’s rent in most cases […]
Tribunals Allow Landlords to Increase Rents Beyond Requested Amount
Introduction: Renters in England who face rent increases can challenge them at a First-tier Tribunal, seeking to ensure that the proposed amounts are reasonable compared to similar properties in the area. However, an analysis of tribunal cases conducted by i has unveiled a concerning trend. In 27 percent of the 30 cases reviewed during the […]
Rental Market Sees Surge in Guarantor Requests Study Reveals
The rental market in the United Kingdom is witnessing a notable increase in the number of tenants being required to provide a guarantor to secure a rental property, according to new research conducted by Goodlord, a property technology company. The study, which analyzed over 220,000 tenancies taken out between January 2020 and June 2023, uncovered […]
The Property Market Slows Down, but Discounts on Asking Prices Remain Elusive
Introduction: The UK property market is experiencing a slowdown, with properties taking longer to sell. However, according to a market update from leading agency brand Hamptons, there is no evidence of significant discounts on asking prices yet. Despite rising mortgage rates, buyers are not successfully negotiating big price reductions, indicating that sellers remain firm on […]
Foreign Homeowners Sit on £84.2 Billion Property Wealth in England and Wales
Introduction: A recent report by Benham and Reeves, a renowned lettings agency, has revealed that foreign homeowners possess a staggering £84.2 billion worth of property across England and Wales. Unsurprisingly, the majority of these properties are concentrated in the bustling capital city of London. The study, which combined data from a Freedom of Information request […]
Renters Reform Bill Faces Delay until Autumn Sparking Industry Concerns
The eagerly anticipated Second Reading of the Renters Reform Bill, which was expected several weeks ago, is now poised to be delayed until the autumn. With the House of Commons set to close its doors for the summer on July 20, a recently released government business timetable for the pre-recess period has raised eyebrows as […]
Estate Agents Face Business Closure Unless Conveyancing Times Speed Up
In a dire prediction for estate agents nationwide, Dutton Gregory Solicitors, a prominent law firm, has issued a stern warning that failure to expedite conveyancing times could lead to their downfall. The firm emphasizes that the sluggish pace at which many conveyancers raise enquiries and progress cases is needlessly prolonging completion times by weeks. Dutton […]
The Missing Piece in the Renters Reform Bill
Introduction: The Renters Reform Bill is a hot topic in the House of Commons, with various reforms aimed at improving the rental sector. While it addresses significant issues such as eliminating ‘no fault’ section 21 evictions and preventing discrimination against benefit recipients and families, there’s one crucial policy missing from the bill. That policy is […]
Sales Agency Reports Surge in Landlords Seeking to Exit BTL Market
In a remarkable trend indicating potential upheaval in the property market, a sales agency specializing in disposing of buy-to-let portfolios has disclosed receiving an average of 240 enquiries per month from landlords eager to leave the sector. The agency, known as The Landlord Sales Agency, further revealed that the highest percentage of enquiries originated from […]
Renters Reform Bill Faces Delay as Minister Fails to Confirm Second Reading
In a recent development, the progress of the Government’s Renters Reform Bill has encountered obstacles, as the housing minister, Rachel Maclean, failed to provide confirmation regarding its second reading in Parliament. Maclean’s statement was made during her questioning by Members of Parliament from the Levelling Up, Housing and Communities committee, which is responsible for scrutinizing […]