Property industry news
Logbook pilot launched to address Working Group concerns
The Home Buying and Selling Group (HBSG) has arranged the test and learn scheme involving a group of lawyers and conveyancers to iron out specific barriers to the adoption and use of logbooks for property transactions. For logbooks to be effective, widespread adoption across the industry is essential, and the HBSG is also planning engagement with surveyors and estate agents.
Essential HM Land Registry services for estate agents
There are numerous ways that upfront information can help agents in today’s property market, including making it easier to value and list a property, and streamlining the buying and selling process . Propertymark encourages members to verify property details with HM Land Registry (HMLR) as best practice, particularly following the publication of Trading Standards’ full material information guidance in November 2023.
Sector must act together to challenge long term rent controls
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 focusing 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.
Renters Reform returning to Parliament in a storm of criticism
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.
Over 250 agents fined for AML non-compliance
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.
Loopholes in Rent-to-Rent must be closed to avoid abuse
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.
Stormont has the chance to address critical housing issues with policy refresh
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.
Proposals to scrap LLT multiple dwelling relief
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.
Commercial agents, remind landlords to check insurance policies regularly
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.
PRS tenants must not be left behind as social sector raises standards
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.
HUG2 offers off-grid energy upgrades to landlords and homeowners
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.
Propertymark backs the next proptech revolutionaries
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.