Lettings Market Brief: Preparing for new legislation is key this Spring
The Lettings market here in York has been relatively steady for the first few months of the year with Brexit undoubtedly causing some uncertainty. Demand has been outstripping supply with many existing and potential landlords opting to delay decisions about new investments or letting existing properties. As we head into Spring, we are sensing that the market is starting to pick up, with more new rental properties coming to market.
The Homes (Fitness for Human Habitation) Act became law on 20th March for all new tenancies meaning that landlords now have a legal obligation to ensure their property is habitable, otherwise tenants will have the right to take legal action against them. You can read the government’s guidance on this here.
As agents, we are spending our time making sure our landlords are aware of the impact of this new legislation and providing advice on how best to manage and maintain their properties both before and during tenancies.
The Tenant Fee Ban legislation has now reached clarification stage with the finer details of exactly which charges, and at what level, will be allowed still to be announced. As a reputable agent, we don’t anticipate this causing a huge amount of problems for us, as our tenant charges are already minimal. We hope to hear more about the specific details of the Ban at both the ARLA and Rightmove conferences which we will be attending next month.
As the level of legislation continues to rise, we would always recommend seeking expert advice when it comes to the rental of your properties to ensure that you are fully aware and compliant with all the regulations.
We are always on hand to answer any questions you may have, whether you’re just starting your buy-to-let property search, are looking for a full management service or simply a tenant find only. You can speak to a member of our dedicated lettings team on 01904 629629.