Latest News

Land Transaction Tax (LTT) nil rate band extended

04 March 2021

On 3 March 2021, the Welsh Government announced that the temporary increase to the nil rate band of LTT for residential property transactions will be extended to 30 June 2021. Read More...

Lack of direct financial support for the sector in the Budget

03 March 2021

The Chancellor of the Exchequer, Rishi Sunak, has announced a number of measures affecting the property industry in the UK Government’s 2021 budget, but Propertymark believes more should be done in order to tackle COVID-related rent arrears. Read More...

Calls continue for a Welsh Housing Survey

03 March 2021

Propertymark is continuing to back the National Residential Landlords Association’s (NRLA) in their campaign for the introduction of a Welsh Housing Survey (WHS). Laura Jones MS, Welsh Conservative Shadow Housing Minister, and Mike Hedges MS, Welsh Labour Chair of the Cross Party Group for Housing recently backed the calls by stating that “a Welsh Housing Survey is needed as evidence-based policymaking should be taken as standard.” Read More...

Surge in the number of prospective tenants seeking properties

26 February 2021

ARLA Propertymark’s first Private Rented Sector Report of 2021 covering January shows the number of new prospective tenants rose by more than 27 per cent compared to December 2020 indicating no sign of demand slowing down. Read More...

Further extension to stop business evictions

Wednesday 09 December 2020

Secretary of State for Housing, Robert Jenrick MP, announced today, 9 December, that business owners affected by the pandemic will be protected from eviction until the end of March 2021.

This final extension to protection from the threat of eviction will give commercial landlords and tenants three months to come to an agreement on unpaid rent. 

The Government is also extending insolvency measures on restricting statutory demands and winding up petitions, which were due to expire on 31 December 2020. Additionally, the restriction on landlords using Commercial Rent Arrears Recovery (CRAR) to recover unpaid rent will also automatically extend to 31 March, in line with the moratorium’s expiry date, allowing sufficient breathing space to pay rent owed.

These measures will support businesses worst affected by the pandemic, helping them to rebuild over the winter period. However, it is stressed that where businesses can pay any or all their rent, they should do so as the support is aimed at those facing financial hardship during the pandemic.

Legislation review

Jenrick also announced there will be a review of the outdated commercial landlord and tenant legislation, to address concerns that the current framework does not reflect the current economic conditions.

This review will consider how to enable better collaboration between commercial landlords and tenants and how to improve the leasing process to ensure high streets and town centres thrive the country recovers from the pandemic and beyond.

Guidance

Further guidance to support tenants and landlords to continue to work together to agree on rent payment options where businesses are struggling will be published shortly. Additional guidance, to be published early in 2021, will sit alongside the Government’s Code of Practice, published in June, to encourage all parties to work together to protect viable businesses and ensure a swift economic recovery.

Government announcement

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We are witnessing a profound adjustment in commercial property. It is critical that landlords and tenants across the country use the coming months to reach agreements on rent wherever possible and enable viable businesses to continue to operate.

Rt Hon Robert Jenrick MP, Secretary of State for Housing

 

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We have stood by businesses across the country throughout this pandemic, and as we head into the New Year, we will make sure they continue to have the support they need to keep their finances stable, protect jobs and build back better.

There is still some uncertainty ahead but knowing that they won’t be evicted by their landlord will give thousands of business owners some breathing space and the additional confidence they need to plan for their futures.

Rt Hon Ashok Kumar MP, Business Secretary