13th November 2017
Tighter Regulation For Private Rental Sector
There have been a number of proposed changes to the private rental sector in recent weeks to protect renters against poor practice in the industry.
The first major announcement surrounded the intention to regulate all letting agents as well as plans to make it compulsory for landlords to be a member of an ombudsman redress scheme.
Landlords and letting agents will in future face tougher regulation after the government made a surprise U-turn to rein in the rogues at the Conservative Party Conference last month. After years of rejecting calls to regulate private letting, Sajid Javid, Secretary of State for Communities and Local Government, announced that new laws were on the way to protect buy to let tenants and address mounting concerns over what he called "our broken housing market". He focused on how the private rental sector could be improved upon to offer safe, secure and good quality housing.
He outlined four measures:
• A mandatory ombudsman scheme for private landlords* to provide tenants with an independent adjudicator to deal with their complaints (*as letting agents, we act on behalf of our landlords);
• Letting agents will have to join a supervisory body and train to qualify before they open a business;
• Talks with lawyers aimed at setting up a new property tribunal to deal with disputes between landlords and tenants;
• A surprise package in Chancellor Phillip Hammond’s Autumn Budget 2017 to reward landlords who offer 12-month tenancies.
Abbey Estates keeps up to date with all new regulations that come to our industry and we are regulated as members of the supervisory body UKALA, the PRS (Property Redress Scheme) and also the Property Ombudsman.
As letting agents, we are here to help ensure properties are let and managed in accordance with all the laws and regulations - you can rest assured that your property is in safe hands.
We are always happy to offer advice and information regarding the latest industry changes and we want to assist landlords with the increasingly-complicated private rental sector, so if you have any questions about any of the regulations please give us a call on 01202 777704 or email us firstname.lastname@example.org