Fewer Active UK Landlords in 2019 as the Sector Professionalises
There were fewer active landlords in 2019, while rents rose across the year compared with 2018. However, while the smaller number of landlords operating in the UK highlights there has been a bit of an exodus in recent years, those who remained in the industry are more likely to own multiple properties. That suggests that those landlords who are still investing are expanding their portfolios as the sector shows signs of professionalising.
Right to Rent Checks May Become 100% Digital
The Government's Right-to-Rent checking system could become completely digital and much easier for Landlords and Letting Agents to use. While the controversial process isn't as yet definitely here to stay - the High Court ruled it was illegal in 2019, but the Home Office is appealing that decision - the Government is said to be working on digitising the system by which landlords and agents check a tenant applicant's right to rent in the UK.
Government extends CMP compliance deadline for Letting Agents
The requirement for letting agents to join a Client Money Protection (CMP) scheme has been delayed for another 12 months. CMP legislation was introduced in April 2019 as a way for Letting Agents to protect their clients’ money through a number of registered schemes.
Middle-Aged Britons Increasingly Likely to Live in Private Rental Homes
If you're aged between 30 and 44, you're more likely to be living in the Private Rental Sector (PRS) than ever before. However, data also shows that the average monthly rent in the UK, has declined. Recent research highlights that most age groups are now more likely to live in PRS accommodation than 20, or even 10 years ago. And while rents have been rising over the past few years, the latest figures suggest a mild reversal of that trend.
Estate Agency haart Announces PropTech Agreement
The UK's largest independent estate agency, haart, has announced it has agreed a deal with property technology firm teclet. Software firm teclet's platform will be used in all of haart's letting agent offices, to automate the straightforward elements of their lettings process. This will then give their staff members more time to use their training, experience and skills in other areas of the business.
Private Renters Want to Decorate and do DIY
As the proportion of Britons renting a home in the Private Rental Sector (PRS) continues to rise, it seems the desire for DIY remains strong. Recent research shows that over three-quarters of PRS tenants want to decorate and carry out some DIY on their rental homes, in a bid to make the property more homely.