Breaking News - Government announces Major Home Buying Overhaul
PRESS RELEASE
Ministry of Housing, Communities and Local Government and The Rt Hon Steve Reed OBE MP
Hundreds of thousands of first-time buyers are set to save £710 on average when buying a home, along with vital time and energy, thanks to the biggest shakeup to the homebuying system in this country’s history.
Proposals unveiled by the government on Monday 6 October will speed up the long-drawn out and costly process of buying a home by four weeks, saving people money and unnecessary stress, alongside wider reforms to rewire a chaotic system which has become a barrier to homeownership.
It will see sellers and estate agents required under the plans to provide buyers with vital information about a property upfront, including the condition of the home, leasehold costs, and chains of people waiting to move. This will help end nasty surprises which result in last-minute collapses and give greater confidence to first-time buyers making one of life’s most important decisions.
Time needed to get Ducks in a Row for the Renters’ Rights Act
Kristjan Byfield recently wrote a Linkedin post on the importance of the government allowing time for the lettings industry to prepare for the changes that the #rentersrightsact will bring. Kristjan is right and it’s not just lettings and property management this will affect.
The impact assessment I put together last year (visual learner) illustrates just how far reaching the Act will be. It's seismic.
Let’s start with landlords and letting agents / PMs - they will have to amend and update processes and systems related to pre, during and post tenancy.
Tenants will need to educate themselves or be signposted to these changes.
Legal firms, solicitors, barristers and the Law Commission of England and Wales will become the lynch pins for legal paperwork, advice, court claims (at some point) navigating complex areas of the Act and a comfort blanket of sorts.
Private Rented Sector in 2024
As the year 2024 draws to a close, it is often a timeto reflect on the accomplishments, challenges, and growth experienced over the past twelve months. This year has been one of significant change and innovation, with organisations adapting to an evolving private rented sector, regulatory landscapes, and the ever-present need for resilience in a competitive environment.
So many property professionals - landlords & letting agents, have demonstrated remarkable foresight, leveraging opportunities for growth while addressing the challenges that inevitably will arise in. 2025. Reflection not only offers an opportunity to celebrate successes but also provides valuable insights for strategic planning and continuous improvement, ensuring a stronger and more prosperous year ahead.
Housing Minister announces intention to Regulate the Property Sector
Ahead of the BBC’s ‘Leasehold Day’ on the 22nd November 2024, the Housing Minister, Matthew Pennycook, unveiled the government’s plan to transform the property sector by abolishing the leasehold system and replacing it with commonhold as the default tenure.
This pivotal reform is set to be implemented within the current parliamentary term, possibly alongside the long-awaited introduction of the Regulation of Property Agents (ROPA).
The ROPA report, published in 2019, with Lord Best chairing the working group, highlighted the necessity for property agents to possess formal qualifications, ensuring they have the requisite knowledge and skills to serve clients effectively.