Tenancy Deposit “Passporting” is a Government Priority

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Today’s
Queen’s Speech confirmed, that the Conservative Manifesto promise to introduce,
“Lifetime Deposits”, will be on the legislative programme for the new
Government.

The
idea, also known as tenancy deposit passporting, essentially means that a
deposit can be transferred between properties and landlords without a tenant
needing to find a temporary second deposit after they leave a tenancy.

The
Ministry of Housing, Communities and Local Government (MHCLG) have written to
members of the Tenancy Deposit Protection Working Group, which was set up by
the Ministry to explore changes and innovation within the current tenancy
deposit process. They explain that they intend to get the ‘Lifetime Deposits’
concept into law at a pace and have instructed the group to move to a second
phase of the developing workable models for the imminent implementation of the
policy.

A
timetable is being drawn up in the next couple of weeks for the group to
deliver this piece of work and it is expected to start on the programme, very
early in the New Year.

It
is likely that the conclusions will lead to a proposal that will form part of
the forthcoming Renters’ Reform Bill which the Government have promised will be
put before Parliament during the current session.

Eddie Hooker of mydeposits who sits on the
Working Group, told LandlordZONE. “We have been expecting this announcement for
a little while and the group has been looking at the idea as part of our work.
Now this is an official Government objective we will actively embrace the
challenge and opportunity of this major reform to the deposit process and to
deposit protection”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tenancy Deposit “Passporting” is a Government Priority | LandlordZONE.

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Whirlpool washing machine recall – Tenant compensation?

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Widely reported in the press, Whirlpool have announced a major problem over the door mechanism on some Hotpoint and Indesit washers posing a major fire hazard and are recalling affected washers in the new year.

In common with many landlords

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Lifetime deposits, abolition of S21 and new possession rights for landlords

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Government Press release:

A revolutionary new deal for renters will restore fairness, honesty and transparency to the heart of the housing market, thanks to new proposals unveiled as part of the Queen’s Speech.

Under the plans

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Tenant suffering domestic abuse – Advice please?

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I would be most grateful for and advice please on how to proceed. A tenant’s ex partner (not on the ast or living at the property) has been violent and arrested.

The tenant says she is planning to move to live with her daughter in a few months

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Blog: Queen’s speech confirms end of Section 21

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Today’s Queens Speech confirmed measures to end Section 21 repossessions and strengthen Section 8. In this blog first published on Anthony Gold, RLA policy director David Smith writes about they key announcements relating to the private rented sector. As had been widely trailed the Queen’s Speech included reference to a bill to abolish section 21 […]

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Bank Base Rate unchanged at 0.75%

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The Bank of England’s Monetary Policy Committee today voted 7 – 2 to keep the Bank Base Rate the same at 0.75%.

Decisions are now coming thick and fast, but the inflation projections  of slightly above the 2% medium term target were based on the assumption of an orderly transition to a deep free trade agreement between the UK and the EU.

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Queen’s Speech: Section 21 WILL go

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Landlords have warned of a rental crisis that could lead to a mass sell-off of homes following the announcement Section 21 WILL go in today’s Queen’s Speech. The government plans to introduce a Renters’ Reform Bill, which it says will: “Introduce a package of reforms to deliver a fairer and more effective rental market.” The main […]

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Queen’s speech – Section 21 ban?

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The first Queen’s speech under a new Tory majority outlining the government’s intentions for new legislation in this Parliament has been given.

For landlords the most relevant statement, all be it very short was: “New measures will be introduced to protect tenants.”

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December licensing update for landlords

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In our licensing update this month, we take a look at some of the proposed licensing schemes that are up for consultation across the country, and other licensing related news affecting landlords. News HMO landlords: Article 4 Direction to be introduced in Birmingham next summer Earlier this year, we reported on an Article 4 consultation that was being run by Birmingham City […]

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Homelet Rental Index shows 3.2% average UK rent rise in 12 months

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Rent Increases:

The latest HomeLet
Rental Index shows that the average rent across the UK for a new
tenancy in November 2019 was £947 per calendar month (pcm), which is
an increase of 3.2% on the same month last year.

With the current
Consumer Price Index (CPI) running at 1.5% and the Retail Price Index
(RPI) at 2.2%, that gives a net increase in average rents of no more
that 1.7% net, 1% if you take the RPI. Average weekly earnings for
the economy as a whole ending October 2019 rose by 3.2%, so rent
increases are broadly in-line with average wage rises.

The main points of the report were:

• Average rents
  across the UK rose by 3.2% in November 2019 when compared to the
  same month a year previously; the average monthly rent is now £947
• Rents in London
  increased by 3.2% in November 2019 than in the same month of 2018;
  the average rent in the capital now stands at £1,648 a month.
• When London is
  excluded, the average UK rental value was £784 in November 2019,
  this is up 3.2% on last year.
• HomeLet’s
  November Rental Index reveals that rents rose from last year in all
  12 of the regions covered in the research.
• In November,
  average rental values in London (£1,648) were 74% higher than the
  UK (£947)
• When London is
  excluded the average rent in the UK was £784 in November, average
  rents in London (£1,648) were 110.2% higher than the rest of the UK

The HomeLet data
also shows that rents in the Wales are growing faster than any other
region in the UK, whilst rental growth in London has now declined by
over 1.0% for the past three months. Rental values in the North East,
North West, Scotland, Yorkshire & Humberside, Northern Ireland
and Wales all rose faster than the UK average.

Rental figures from the November 2019 HomeLet Rental Index

The
table below provides a regional breakdown of the latest average
rental values in the UK.

Rental
figures from the November 2019 HomeLet Rental Index

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