Latest News

Ex-Housing Minister calls for changes to landlords Capital Gains Tax

18 April 2019

Former Housing Minister, Dominic Raab has called for Capital Gains Tax (CGT) for landlords to be scrapped on properties up to £35,000 where they have sold the property on to a sitting tenant. Read More...

Bristol City Council to lead on lettings enforcement

18 April 2019

Bristol City Council has been announced as the Lead Enforcement Authority for letting agents operating in England. The new Lead Enforcement Authority follows its counterpart for UK-wide estate agency, which is headed by Powys County Council. Read More...

Government consult on extending AML rules to lettings

16 April 2019

On 15 April 2019, the UK Government launched a consultation on extending the anti-money laundering rules to cover letting agents as set out in the Fifth Money Laundering Directive (5MLD). Read More...

Amendment made to Tenant Fees Bill

Tuesday 04 December 2018

In another attack on the sector the Government has announced an amendment to the Tenant Fees Bill, that will see security deposits capped at the equivalent of five weeks’ rent.

The cap will apply to all tenancies where the annual rent is less than £50,000. Properties garnering rents above £50,000 per annum will continue to be subject to a security deposit capped at the original six weeks’ rent.

Further amendments tabled by the Government clarify ‘default fees’ as charges for replacement keys or a respective security device, and late rent payments only.

A late rent payment cannot be charged unless 14 days have passed since the tenant was due to pay their full rent and they have failed to do so. When considering each day the rent remains unpaid, late rent charges will be capped at 3% above the Bank of England base rate (currently at 0.75%); any charge above this will be classed as a prohibited payment.

Another Government amendment seeks to include a new clause allowing 'payment of damages' as a permitted payment where the tenant has breached the terms of their tenancy agreement, or an agreement they have with their letting agent.

David Cox, ARLA Propertymark Chief Executive said: “Once again politicians are attacking the industry for their own purposes. Tenancy deposits have worked perfectly well for over a decade, and there is no basis in research that these amendments are necessary. This move will do nothing but push the most vulnerable in our society away from professional landlords and agents, and into the hands of rogue landlords and agents who will exploit them.”

The Bill will move to Report Stage in the House of Lords on Tuesday 11 December, where amendments will be voted on and the legislation will be further scrutinised line by line.

Moving forward, we will continue to support our members and provide additional resources as the legislation receives Royal Assent and comes into force.