Property industry news
Propertymark outlines the importance of protecting fixed-term tenancies
During a meeting with Housing Minister, Jacob Young MP, who has responsibility for the Renters (Reform) Bill, our CEO and Head of Policy and Campaigns outlined why the retaining of fixed-term tenancies will provide security for tenants and increase flexibility in the private rented sector.
Economic Crime levy to increase after income target missed
Very large property agencies, based on their UK revenue, will see contributions to the Levy double from April 2024 after receipts for the period April 2022 to March 2023 showed a shortfall against the target of raising £100 million per year, which is used as long-term sustainable funding to tackle economic crime.
Double tax on empty homes takes effect on 1 April 2024
Homes in England with no residents will attract a council tax premium of up to 100% from next month as tax reforms aimed at supporting people in areas where empty properties prevent them from finding affordable housing come into force.
Propertymark lobbying leads to hope for pooled client account access
A consultation launched by HM Treasury could be the catalyst for change in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and end the ongoing problem of access to appropriate banking services for letting agents, which is the result of banks failing to properly understand how client money protection and anti-money laundering apply to unregulated firms.
Avoid rent controls at all costs, Propertymark tells Senedd Committee
Our Head of Policy and Campaigns, Timothy Douglas, gave evidence to the Local Government and Housing Committee inquiry into the private rented sector (PRS) in Wales, urging them to learn lessons from the impact in Scotland and elaborating on key measures which were contained in Propertymark’s written evidence, such as a review of taxation, improved data collection, and a clear strategic plan to positively move the sector forward.
Pathway to clean heat in buildings charted
The Scottish Government has set out proposals for how homeowners and landlords can meet energy efficiency targets and reconfirmed its intention to ban polluting heating systems from 2045. Whilst Propertymark welcomes the ambition, we believe enhancements are needed to make the plans achievable.
Tougher powers to address anti-social behaviour should extend to PRS
Proposed changes to legislation in Northern Ireland would expand the definition of anti-social behaviour to include provisions around housing, putting it on a par with other parts of the UK. However, absolute grounds for possession are limited to the social rented sector, and the measures will not avoid the remaining difficulties with evicting troublesome tenants that are still seen in England and Wales.
Minister sets out progress on ambitious building safety plans
Julie James, MS, Minister for Climate Change has confirmed that the Building Safety (Wales) Bill, which is due to be introduced to the Senedd this term, will go significantly further than the regime in England under the Building Safety Act 2022, much of which Wales has already adopted.
Top five reasons to outsource client accounting
Being a letting agent or an estate agent with a letting portfolio demands juggling numerous responsibilities, from property management and tenant relations to day-to-day operations, plus the perpetual quest for new business. However, amidst these demands, being on top of client accounting is paramount.
Agent membership could supercharge Good Landlord Charter
A proposed voluntary scheme from the Greater Manchester Combined Authority (GMCA) invites landlords from the private and social sectors to commit to standards which go beyond the minimum required by law and aims to help tenants recognise and identify a good landlord. Whilst Propertymark welcomes these aims, we believe the scheme would be strengthened if agents were also considered for membership.
Housing crisis amplified by lack of strategic direction
The lack of an evidence-based approach to the private rented sector (PRS) by the Scottish Government is impacting the effectiveness of the sector in assisting with Scotland's housing crisis, according to the findings of a Chartered Institute of Housing Scotland and Fife Council report which urges Ministers to demonstrate leadership.
Spring Budget a missed opportunity to boost housing supply
The Chancellor of the Exchequer delivered his Spring Budget on 6 March 2024, likely to be the last before a General Election. Whilst a cut in Capital Gains Tax on property transactions will be welcomed, the sector will be disappointed that key measures, such as stamp duty breaks for last time buyers, increasing mortgage availability and a suspension of the 3% stamp duty land tax premium on buy-to-let purchases have been overlooked.