Property industry news

Propertymark’s Head of Policy and Campaigns, Timothy Douglas, met Patrick Harvie, MSP, as part of the Scottish Government’s Private Rented Sector Stakeholder Group to discuss the Housing (Scotland) Bill and continued to assert that rent control proposals should be dropped in favour of with a focus on other actions to make the private rented sector more affordable. This will ensure there is an adequate housing supply that meets increasing demand and tackling existing inequalities of income and wealth.

The Leader of the House of Commons has confirmed the remaining stages of the Renters (Reform) Bill will take place on Wednesday 24 April 2024 with some key changes to the Bill brought forward. Whilst the UK Government has listened and reacted to some industry concerns, another chance has been wasted to effectively regulate property agents.

HM Revenue and Customs (HMRC) has announced that fines totalling over £1.6 million have been issued for a variety of breaches including missing documentation, incomplete due diligence, and failures to recognise specific risks, such as Politically Exposed Persons, high risk jurisdictions, companies, trusts and sanctions.

Trading Standards is examining the impact of Rent-to-Rent and Guaranteed Rent (R2R) schemes on the private rented sector (PRS) in England, with the aim of identifying and evidencing areas of good practice, and issues of relevant non-compliance or emerging concerns. Propertymark was invited to provide input to an exploratory consultation as an interested party.

The Department for Communities (DfC) is refreshing it's proposals for reform of the Private Rented Sector (PRS) which were first published in 2017 . In response to their stakeholder survey, Propertymark has urged the DfC to prioritise increasing housing supply, regulating property agents, and taking a carefully considered approach to energy efficiency targets.

A short consultation has been issued by the Welsh Government that would abolish LTT (Land Transaction Tax) Multiple Dwelling Relief from 1 June 2024 and would mean landlords purchasing more than one property from the same seller in a single transaction or linked transactions will no longer be able to claim back a proportion of their LLT liability.

NAEA Commercial Advisory Panel and Propertymark Board member Michael Sears, MNAEA MARLA MNAEA (Comm) MNAVA HIDip Ndea, has cautioned against complacency when it comes to commercial buildings insurance to avoid the frustration of claims being invalidated.

The Department for Levelling Up, Housing and Communities intends to boost standards in social housing by requiring senior managers and executives to have, or be working towards, a relevant qualification. Propertymark has strongly challenged the decision not to extend this requirement to all property agents in the UK, and questioned why private tenants should not expect the same protections as those in the social sector.

Phase two of the Home Upgrade Grant (HUG2) is a UK Government-funded scheme for properties in England that are not connected to the gas grid. £630 million has been allocated to Local Authorities to provide energy efficient upgrades and low carbon heating to eligible households between April 2023 and March 2025.

We’ve formed a landmark co-investment partnership with TDS to boost funding for REACH UK, a technology scale-up program which helps innovative new technology companies grow in the property sector through education, mentorship, and market exposure.

HM Land Revenue (HMLR) provides vital information for agents listing properties to let and sell and completing the sales process. Quick, cost-effective access to these services is more important than ever as the industry adjusts to the latest material information guidance.

Propertymark is encouraging the UK Government to explore all viable methods of increasing the delivery of homes, however, the approach must not lose sight of the importance of creating decent homes that people want to buy in the places they want to live. In our consultation response to the Department for Levelling Up, Housing and Communities (DLUHC) we suggest improvements to their proposals that will help avoid unintended consequences.