As Christmas approaches and we start heading towards the new year, it's time to take stock of how the market is looking and to assess whether you are ready for the changes and challenges that lie ahead. Here's our friendly guide to see you through and make sure that you are always one step ahead.
Landlord Updates
There are currently more than 160 different regulations relating to renting a property and there have been several important updates to landlord legislation recently, including; Minimum Energy Efficiency Standards (MEES), licensing and minimum room sizes for houses in multiple occupation (HMOs), new eviction rules, a legal requirement for smoke and carbon monoxide alarms and an important update to Capital Gains Tax for non-UK residents. There are likely to be more in the New Year too with talk of a new Ombudsman for housing reform.
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Landlord Updates
New reports have shown that the average rent in the UK is now £938, a substantial increase of 2.1% on the same time last year. London has seen a sharp increase, with average rents 110% higher than the rest of the UK at £1619 per month* indicating that the private rental sector remains strong having risen above both inflation and average wage growth.
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Landlord Updates
Have you thought about what you would do if your tenant defaulted on their rent payments? Would you be able to cover the costs yourself? Even if your tenant has been reliable so far, you can never predict a tenant losing their job, separating from their partner, becoming ill or falling behind with rent should Brexit have a negative impact on their personal circumstances. That's why we believe having a rent guarantee is invaluable.
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