Lettings Market Brief: A smooth start for the Tenant Fee Ban
The Tenant Fee Ban has now been in place for a month and I’m pleased to say we have experienced a relatively smooth start. The Ban doesn’t appear to be having a detrimental effect at the moment with the market remaining buoyant here in York, and across the country.
Of course, it is still early days and I’m sure its full effects have not yet been realised. We’re finding that many tenants aren’t fully aware of the new legislation and what their rights are. It’s our job to explain to both new and existing tenants what the new legislation means, and how it will affect them. To find out more about the legislation, you can read my previous blog.
We’re also spending a lot of time with our landlords, educating them on the impact that this new legislation will have on them, especially with landlords who use our tenant find only service – it is vitally important that they understand what can and can’t be charged for throughout the tenancy.
Unfortunately for landlords, the Tenant Fee Ban has seen an increase in agents’ rates, and we have noticed many are shopping around to find the best fees they can. We would always urge landlords to use a reputable, experienced and proactive agent as whilst they may not be the cheapest, their professionalism and knowledge will undoubtedly save you money in the long run!
Looking ahead, it’s certain that there will be more and more legislation brought into the lettings industry as the government continually looks for ways to improve the sector. As always, we’ll keep you posted of any new changes as and when we hear about them.
Looking more closely at the market here in York, I can report that it remains very strong with demand always seeming to outstrip supply. The newly launched Hudson Quarter development presents an excellent opportunity for those looking to invest in buy-to-let property with a selection of 1, 2, 3 and 4 bedroom apartments located within the city walls now available to reserve. Their unique location and ‘ultra-connectivity’ will undoubtedly make them very popular with young professionals here in York.
If you have any questions about the lettings industry or would like to find out more about renting or buy-to-let, please call us on 01904 629629.