At the start of this month the Government announced that the Tenant Fees Bill will begin to progress through Parliament and is expected to be fully implemented in Spring 2019.
The announcement in the 2016 Autumn Statement that certain fees would be banned was greeted with shock. However, at haart we responded carefully and have been developing alternative sources of income to ensure when the act becomes law, it will cause as little impact to our customers as possible.
Whilst some claimed this change would prove to be the death knell for the private rented sector, a number of crucially important facts were ignored. Firstly, those who choose to become a tenant enjoy increased flexibility and mobility and have far lower up-front costs compared to those buying a property. Secondly this sector is only set to grow with some predicting that around a quarter of households will be privately rented within the next decade.
Indeed, those who value their personal mobility, and are looking for relatively short-term accommodation will often find that renting a home will be more cost beneficial than paying the Stamp Duty liability on a purchase.
Meanwhile, landlords understand that well maintained, quality homes will attract discerning tenants, and command fair rents. Good-quality properties often ensure the tenant takes pride in their home and will often be likely to stay for longer.
Whatever future changes our sector may need to prepare for, the three most important facts are that many tenants are happy with their home, the market continues to grow and the changes we’re facing are intended to improve the experiences of the sector for everyone.