The lettings world is constantly evolving with new rules and regulations being introduced that affect landlords, tenants and agents.
Here is an overview of some news stories that have caught our attention:
From the 1st April 2021 all existing tenancies must have a valid Electrical Installation Condition Report. New tenancies have needed one since July last year. See our explainer article here for more information. Certificates can cost from £100-£200 and will need to be renewed every five years.
West Country Property Market
The property market in general has remained fairly buoyant, mainly driven by the stamp duty holiday and the rental market has also remained steady, especially in Somerset and Dorset. The early part of the year is usually relatively slow and tends to pick up in March/April time. Despite this, we are seeing a positive number of moves and a consistent number of new listings. We are expecting a positive year in lettings perhaps driven by pent up demand and the potential slowing of the sales market after the stamp duty holiday ends.
Pet Friendly Tenancies
The ministry for housing and communities has rewritten the wording within the recommended standard tenancy agreement to encourage landlords to allow pets as the standard position. There is no longer an option for a blanket pet ban within the agreement. Allowance has been made within this to protect landlords from pet damage, which remains the full responsibility of the tenant and objections may be brought for a fair reason such as the property not being appropriate. Take a look at our article on the matter here but please note that this was written well before the above government action had taken place.
Buy-to-let Mortgage Choice Improving
Research from market monitor Moneyfacts, has indicated that there has been a small increase in the number of BTL mortgage products available to investors. Since December 2020, there has been an increase of 158 up to 1976 BTL products on offer. This is an encouraging sign for landlords looking to enter the lettings market or indeed refinance. It should be noted however, that average interest rates have increased slightly over the same period last year.
We hope you have found this quick roundup of all of the current property news helpful.
If you have any lettings queries, feel free to contact the team at Taylor & Co on
01747 416516 or firstname.lastname@example.org