BlackRock isn’t buying your street. The truth is actually far more disturbing.

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Property118

BlackRock isn’t buying your street. The truth is actually far more disturbing.

There’s a growing narrative that giant institutions like BlackRock are buying up Britain’s suburban housing stock and pushing ordinary renters out of the market, but the reality is more complicated, and arguably more worrying.

The large institutional funds are not the slightest bit interested in your average three-bedroom semi, ex-council flats, or the ageing Victorian terraces. They’ don’t seem to be too excited about building houses with gardens for young families either. What they want are modern, ‘cookie cutter’, purpose-built apartment blocks in major cities. The type of property that appeals to younger professionals without children and with incomes around the higher rate tax bracket.

If that’s the lifestyle you want for now and you’re able to afford to live in one of those properties, then you can expect concierge desks, resident gyms, co-working lounges, app-based maintenance reporting and professionally branded living environments.  Now all of that might sound wonderful if you are a young professional earning good money in a major city, because there is a growing supply of high-specification Build to Rent accommodation aimed directly at you.

That is the Build to Rent sector.

Meanwhile, government policy has systematically increased pressure on smaller landlords through income tax, higher SDLT surcharges, tougher EPC proposals, expanding compliance obligations, and the Renters Right Act, to name just a few!

Increasingly, and we see this every week through the work we do at Property118, rental properties that are not being sold are being diverted into emergency and temporary accommodation contracts operated through outsourcing providers such as Serco and similar organisations. That changes the nature of the rental market completely, because the landlord who owned three houses locally, knew the tenants personally, and answered the phone when the boiler failed, is gradually disappearing from many areas.

The result is that if you are a family on an ordinary income looking for a three-bedroom suburban house with a garden near decent schools, you have an increasingly worrying problem. There are still some landlords in the market, but pressure on their costs of compliance combined with a huge surge in demand is sending rents stratospheric. Some say that rent caps would fix that problem, but the reality is that it would simply reduce supply as more landlords choose to sell up while others decide that letting to the likes of Serco to house asylum seekers is the better option. The latter creates other problems such as racism, and that impacts Policing costs, and all the while our elected leaders act like the three wise monkeys.

Any thoughts?

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Miss one of these 7 documents and a court can block your possession claim

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Miss one of these 7 documents and a court can block your possession claim

Since 1 May 2026, Section 21 no longer exists. Every possession claim in England now runs through Section 8, and every Section 8 claim requires a specific legal ground. But here is the part that too few landlords have internalised: courts have the power to refuse possession if your compliance paperwork is not in order.

That changes the stakes. Compliance failures are no longer just fines. They are possession blockers. A missing gas certificate, an unprotected deposit, an expired EICR — any of these can delay or defeat your claim entirely, regardless of how strong your ground is.

This article sets out the seven documents every private landlord in England should have in place right now, what statute requires each one, and the penalty for getting it wrong.

This article applies to England only. Scotland, Wales, and Northern Ireland have separate legislation. This is for general information purposes only and does not constitute legal advice. Always seek independent legal advice for your specific situation.

1. Gas Safety Certificate (CP12)

The Gas Safety (Installation and Use) Regulations 1998 require landlords to have all gas appliances, fittings, and flues inspected every 12 months by a Gas Safe registered engineer. A copy of the certificate must be given to existing tenants within 28 days of the check and to new tenants before they move in.

The penalty for non-compliance is an unlimited fine on prosecution, and in serious cases, landlords have received custodial sentences. Beyond the criminal exposure, an invalid or missing gas safety record has historically been a barrier to serving a valid Section 21 notice, and under the new regime, it remains a factor courts can consider when assessing whether to grant possession.

Renewal: Every 12 months. No exceptions.

2. Electrical Installation Condition Report (EICR)

The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 require landlords to have the fixed electrical installations in their property inspected and tested by a qualified person at least every five years. The report must be provided to tenants within 28 days of the inspection and to new tenants before they move in.

If the report identifies a Code C1 (danger present) or Code C2 (potentially dangerous) issue, landlords are required to complete remedial work within 28 days, or sooner if the report specifies a shorter timeframe, and obtain written confirmation from the electrician.

Local authorities can impose civil penalties of up to £40,000 per breach.

Renewal: Every 5 years, or sooner if the report recommends it.

3. Energy Performance Certificate (EPC)

Under the Energy Performance of Buildings (England and Wales) Regulations 2012, landlords must have a valid EPC before marketing or letting a property. The current minimum standard under the Minimum Energy Efficiency Standards (MEES) is a rating of E. Properties rated F or G cannot lawfully be let without a registered exemption.

An EPC is valid for 10 years. It must be provided to tenants before they move in and included in any property listing.

Penalties for letting a non-compliant property can reach up to £5,000. It is worth noting that the government has proposed raising the minimum to EPC C in future, but this is not yet law.

Renewal: Every 10 years, or when re-letting if the existing certificate has expired.

4. Smoke and Carbon Monoxide Alarm Evidence

The Smoke and Carbon Monoxide Alarm (England) Regulations 2015, as amended in 2022, require landlords to ensure that at least one smoke alarm is installed on every storey where there is a room used as living accommodation, and that a carbon monoxide alarm is installed in any room used as living accommodation that contains a fixed combustion appliance — excluding gas cookers.

Alarms must be checked and confirmed as working on the day a new tenancy begins. If a tenant reports that an alarm is not working, landlords are required to repair or replace it as soon as reasonably practicable.

Enforcement is handled by local authorities. If a landlord fails to comply with a remedial notice, the penalty is a fine of up to £5,000.

In my view, this is one of the easiest compliance items to get right and one of the least forgivable to get wrong. A dated photograph of working alarms on check-in day, signed off by the tenant, takes five minutes and creates a clear evidence trail.

Renewal: Check at the start of each tenancy. Repair or replace when reported as faulty.

5. Deposit Protection and Prescribed Information

Under sections 213 to 215 of the Housing Act 2004, landlords who take a tenancy deposit on an assured shorthold tenancy (now an assured periodic tenancy under the Renters’ Rights Act) must protect it in a government-approved scheme within 30 calendar days of receiving it. They must also serve the tenant with the prescribed information, a specific set of details about the deposit, the scheme, and the tenancy, within the same 30-day window.

These are two distinct obligations with the same deadline, and conflating them is a common error. Protecting the deposit but failing to serve the prescribed information still leaves you exposed.

If a landlord fails to comply, a court can order a penalty of between one and three times the deposit amount. Before the Renters’ Rights Act, non-compliance also blocked Section 21 notices. Under the new regime, it remains a compliance failure that courts and local authorities can act on.

Action: Protect within 30 days. Serve prescribed information within 30 days. Keep proof of both.

6. Right to Rent Records

The Immigration Act 2014 requires all private landlords in England to verify that every adult occupier has the legal right to rent in the UK before the tenancy starts. This applies regardless of nationality. Checks must be conducted no more than 28 days before the start of the tenancy, and records must be retained for at least 12 months after the tenancy ends.

Civil penalties for a first breach are up to £10,000 per occupier. For repeat breaches, fines can reach up to £20,000 per occupier. Knowingly renting to someone without the right to rent carries a criminal penalty of up to five years’ imprisonment and an unlimited fine.

Conducting the check properly provides landlords with a “statutory excuse” — a legal defence against penalties even if the tenant’s immigration status later changes.

Action: Check before the tenancy starts. Keep records for at least 12 months after it ends.

7. Written Statement or RRA Information Sheet

For tenancies created on or after 1 May 2026, the Assured Tenancies (Private Rented Sector) (Written Statement of Terms etc and Information Sheet) (England) Regulations 2026 require landlords to provide tenants with a written statement of key terms before the tenancy is entered into. This covers the landlord’s identity, rent, deposit arrangements, repair obligations, notice periods, and several other matters specified in the statutory instrument.

For existing tenancies entered into before 1 May 2026, where there is a written or partly written tenancy agreement, landlords must instead serve the government-published Renters’ Rights Act Information Sheet 2026 by 31 May 2026. This is a specific PDF document published on GOV.UK on 20 March 2026. It must be the official version — a landlord’s own summary or a link to the page is not sufficient.

Failure to provide the required information can result in a civil penalty of up to £7,000. If the breach continues for more than 28 days after a penalty is issued, it may be treated as a continuing offence, with further penalties of up to £40,000.

Action: For new tenancies, provide the written statement before the tenancy is signed. For existing tenancies, download and serve the official Information Sheet from GOV.UK by 31 May 2026. Keep proof of service.

What Happens When a Document Is Missing at the Wrong Moment

Under the old regime, a missing certificate was a technical hurdle you could often fix mid-process. The landscape has shifted.

With Section 8 as the sole route to possession, the court’s willingness to grant an order depends partly on whether the landlord has met their statutory obligations. Compliance failures give tenants grounds to challenge proceedings, and local authorities now have a duty to enforce landlord legislation in their area, including through civil penalty notices and Rent Repayment Orders of up to two years’ rent.

The financial exposure from a single compliance gap can be substantial. A missing EICR (up to £40,000), an unprotected deposit (up to three times the deposit amount), and a failure to serve the Information Sheet (up to £7,000, rising to £40,000 for continuing breaches) can stack up quickly, and that is before any impact on a possession claim.

The practical advice is straightforward: audit your documents now, set renewal reminders, and keep dated proof of everything you serve on tenants.

A partnership with Property118

I’m pleased to share that Property118 and LLCR have agreed a partnership for this community. >> Property118 reader signup

Code at checkout: PROPERTY118

Discount: 10% lifetime reduction on all Starter and Pro plans, monthly or annual. Stacks with founder pricing for the first year, and continues to apply on standard pricing.

The times are changing, but compliance doesn’t have to be the thing that catches you out. We hear how this community is feeling about the Act, and we built LLCR to take the operational weight off your shoulders. The Renters’ Rights Act is the start of a longer cycle, not the end of one. We’ll be here for every change that follows.

I’d be glad to hear from landlords who’ve already started updating their processes. What did you change first? And what’s still keeping you up at night?

About the Author

Tauhid Islam is a property law paralegal qualifying as a solicitor. He works on tenancy, possession, and compliance matters daily, and founded LLCR — Landlord Compliance Register to give self-managing landlords in England a single place to track every deadline, certificate, and document the law requires of them.

This article is for informational purposes only and does not constitute legal advice. Always seek independent legal advice for your specific situation.

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North-South house price divide widens as stock surges

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Property118

North-South house price divide widens as stock surges

Rising capital gains in northern regions are contrasting with house price corrections across southern areas as new property listing values reach a monthly average of £378,304.

Rightmove’s figures show this 1.2% increase in May outpaces the 1% 10-year seasonal average, despite a broader annual decline of 0.3% since May 2025.

House prices rose by 2.7% in the North East and 2.6% in the North West year on year, while prices fell by 2.4% in London and 1.6% in the South East.

This divergence comes as buyer choice hits its highest level for this time of year since 2015.

Dynamic housing activity

The platform’s property expert, Colleen Babcock, said: “What’s encouraging is how resilient activity has remained, even among first time buyers, despite the ongoing pressures of higher living costs and mortgage rates.

“The number of sales agreed in the first-time buyer sector is performing better than expected and is broadly tracking the wider market.

“Prices in the typical first-time-buyer sector are lower than a year ago, helping to support affordability.”

She added: “It’s a healthy dynamic that activity is continuing not because buyers are overstretching, but because prices are adjusting to levels that some would-be buyers can realistically afford.”

House prices reduced

Rightmove also warns that 32% of existing homes for sale have undergone a price reduction, and the time taken to find a buyer is lengthening for those who over-price.

Properties that require a reduction stay on the market for an average of 127 days, while those priced correctly from the start sell in 36 days.

Current sales agreed volumes are 4% below last year but have risen 2% compared to the same period in 2024.

For first-time buyers, sales are also down 4% on 2025 levels with average prices dipping 0.7% annually, which compares to a 0.3% fall for the wider national market.

Mortgage costs have seen a marginal reduction as the average two-year fixed rate has fallen to 5.18% from 5.42% last month.

Property sector reaction to Rightmove House price data

Adam French, the head of consumer finance at Moneyfactscompare.co.uk, said: “Higher mortgage rates are exposing big regional affordability imbalances.

“Based on current Moneyfacts average mortgage rates and the latest Rightmove house price data, for the same amount of borrowing a typical new mortgage in London is likely to cost around £348 more per month than before the Iran conflict spike in rates, compared to an increase of roughly £104 per month in the North East.”

“The growing gap between the north and south underscores how higher rates will put greater affordability pressure on borrowers in already stretched and more expensive housing markets, while relatively lower house prices in other regions can help absorb some of that shock – at least for now.”

Tom Bill, the head of UK residential research at Knight Frank, said: “The recent spike in borrowing costs will only have a gradual impact on demand, as more favourable mortgage offers that predate the Middle East conflict lapse over coming months.

“A Labour leadership contest this summer will add to the mood of uncertainty and keep downwards pressure on prices and, to a lesser extent, transaction numbers.

“Speculation over the content of this autumn’s Budget and the ideological stance of any new Chancellor could also keep a lid on activity, especially if bond markets are unsure about their policy agenda and borrowing costs stay high.”

Louise Apollonio, the sales and distribution director for retail mortgages at Shawbrook, said: “While month-on-month prices are up by 1.2%, the steady start to the year is fading as house prices react to waning buyer demand.

“Rising costs and global uncertainty could also be deterring buyers, who may be holding out until there’s more clarity.

“While demand is low, now is a good opportunity for buyers to seek better deals, particularly as affordability remains an issue.”

Jeremy Leaf, a north London estate agent and a former RICS residential chairman, said: “Uncertainty over indeterminate interest rate and inflation rises is prompting more protracted decision making and transactions, exacerbated by the significant amount of available property, especially flats.

“However, in our offices very few sales are falling through although buyers are negotiating and re-negotiating hard to ensure, as far as possible, that mortgage payments will be affordable today as well as tomorrow.

“Although the Rightmove survey always provides an interesting snapshot of market confidence, sellers’ asking prices are part of marketing so determine if genuine buyers are attracted in such price-sensitive times.”

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NEW Property118 readers poll: early responses reveal a familiar pattern

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Property118

NEW Property118 readers poll: early responses reveal a familiar pattern

Last month, we quietly introduced a short reader’s poll. It takes less than a minute to complete, and whilst responses are still at an early stage, the initial results are already pointing to something many experienced landlords will recognise in their own situation.

Before we get into that, you can access the poll here: https://www.property118.com/property118-monthy-reader-poll/

It genuinely takes seconds, and the more responses we receive, the more useful the insights become for the wider landlord community.

A small sample, but a clear direction

At the time of writing, the poll has not yet produced statistically significant data. However, what is interesting is that even at this early stage, the patterns are consistent because most respondents fall into one of two categories:

• long-established landlords with 10 to 30+ years of experience
• landlords who are no longer in active growth mode

That in itself is not surprising; Property118 has always attracted experienced operators rather than first-time investors. However, what is more revealing is what those same landlords are saying about their current position, because many are no longer moving forward, but not yet ready to exit.

When asked how they would describe their business today, one of the two equal top responses was “stuck in analysis paralysis”. Very few described themselves as actively buying or expanding.

That creates a tension point. Most have built a portfolio over many years, done the hard part and yet are now faced with a different challenge: What is the next move, and is doing nothing actually a decision in itself?

Uncertainty around concentration risk

A large proportion of respondents said they were not sure whether they are overexposed to property. That is a surprisingly honest answer because it suggests that many landlords instinctively feel something may be out of balance, but have not yet taken the time, or had the framework, to properly assess it. This is not about panic or forced diversification, it is about clarity. Without clarity, decisions tend to drift, and drift, over time, becomes risk.

Cashflow and lifestyle are no longer secondary concerns

When asked how important improving cashflow and quality of life is, the majority of respondents scored this at the very top of the scale. That is telling, because for many landlords, the early years were about acquisition and growth. Cashflow was often sacrificed in favour of long-term capital appreciation. However, at a certain stage, that logic begins to reverse. The question shifts from: “How do I build this?” to: “How do I make this work for me?”

The uncomfortable truth about legacy planning

This is where the most consistent responses appear.

A significant proportion of respondents acknowledged that:

• they may be leaving problems behind for their beneficiaries
• inheritance tax and succession are real concerns
• they are not entirely confident that their current structure is what their family would actually want to inherit

This is not about fear, it is about realism.

Portfolios that took decades to build can become surprisingly complex to unwind, particularly when:

• borrowing structures are unclear
• ownership is fragmented
• there is no defined strategy for succession or liquidity

Left unchecked, that burden does not disappear, it transfers.

Why this matters now

None of this is new. What is interesting is how consistently these themes appear, even in a relatively small sample. It suggests that many landlords are arriving at the same point:

• the growth phase is largely behind them
• the next phase is less obvious
• and the cost of getting it wrong feels higher than before

That is exactly the point where most people pause, and some stay paused for years.

Help us build a clearer picture

If you have not yet completed the poll, you can do so here: https://www.property118.com/property118-monthy-reader-poll/

It takes less than a minute, and the results will be used to produce a more detailed breakdown once we have a larger sample size.

If this feels familiar, you are not alone

If you recognised yourself in any of the points above, that is not unusual. Most landlords we speak to have already built something significant, but what they have not always done is step back and ask whether everything is still aligned with where they want to end up.

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Welsh landlords must update contracts by June 2026

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Property118

Welsh landlords must update contracts by June 2026

Welsh landlords have been urged to prepare ahead of a new law change under the Renters’ Rights Act or face financial consequences.

From 1 June 2026, it will become unlawful for landlords in Wales to discriminate against tenants who have children or receive benefits.

However, Propertymark has warned the new rules could create additional administrative pressure on landlords.

Landlords must not discriminate

Under the Renters’ Rights Act, Welsh landlords and letting agents must not discriminate against tenants because they have children or receive benefits.

Prospective tenants cannot be refused the opportunity to enquire about or view a property, access information about it, enter into an occupation contract, receive benefits during the occupation, or have a child live at or visit the dwelling.

Under the new rules, all landlords in Wales must update their standard occupation contract by 14 June 2026 or include the new fundamental terms in any new standard occupation contracts issued from 1 June 2026.

In Wales, standard occupation contracts replaced tenancy agreements in the private rented sector.

Tim Thomas, senior policy and campaigns officer at Propertymark, told Property118 that while the industry body welcomes the changes, it warns they could place additional pressure on landlords and letting agents.

He told Property118: “Due to changes associated with the Renters’ Rights Act, landlords and letting agents in Wales will be prohibited from ever discriminating against prospective tenants simply because they receive benefits or have children. Discrimination has no place in the rental sector, and professional agents are committed to supporting fair access to housing.

“However, these changes may create additional administrative pressures for landlords and agents, particularly given the requirement to update existing occupation contracts or issue statements of variation within relatively short timescales.

“Propertymark continue to work closely with the sector to ensure a smooth and timely transition heading towards 1 June 2026. For many agents who manage large portfolios of properties, ensuring all documentation is updated accurately and in full accordance with new expectation may prove a significant operational challenge.”

Pause further changes

Mr Thomas has urged the Welsh Government to pause further legislative changes for landlords and letting agents to allow time for the current reforms to take effect.

He said: “We have also heard concerns from agents regarding delays and functionality issues with some content management systems and management platforms, which are used by letting agents to administer tenancy documents, contracts, compliance records, and communications with landlords and tenants.

“We note that the new Welsh government is also considering further reforms to the private rented sector, including proposals very similar to provisions contained within the Renters’ Rights Act in England, such as ending so-called ‘no fault’ evictions and restricting rental bidding wars.

“Propertymark is calling for a pause on additional legislative changes to allow the current reforms to bed in properly. Where further changes are necessary, they ideally should be implemented together as part of a coordinated package of reforms, rather than introduced incrementally, to give landlords, agents, and tenants greater clarity and stability.”

Could face financial consequences

Rent Smart Wales, which requires landlords to register rental properties, has said landlords can either update the existing written statement of the occupation contract to include the new fundamental terms and provide this to the contract-holder, or issue a separate written statement setting out the new terms and explaining where they fit within the existing contract.

However, Rent Smart Wales has warned landlords they could face financial penalties or criminal proceedings if they fail to comply with the new rules by the deadline.

On its website, it says: “Whichever option a landlord decides upon, a written statement must be given to the contract-holder no later than 14 June 2026.

“As a landlord, you should familiarise yourself with the new requirements and take action to make sure you comply. If landlords don’t comply with the law, there may be financial consequences or criminal proceedings.”

The Welsh government has provided an example written notice of variation in its Renters’ Rights Act guidance, and written statements of occupation contracts issued by the Welsh government will be updated to include the new fundamental terms from 1 June 2026.

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