Angela Rayner back at MHCLG - What does this mean for the PRS?
It is doubtful that anyone is surprised that Angela Rayner MP has been bought back into the fray and is back in post at Ministry of Housing Communities and Local Government - civil servants welcomed her back and put her official portrait back where it once was little over 10 months ago. There are many schools of thought that feel aggrieved given the alleged misunderstanding over the payment of Stamp Duty, however, there is a job to be done - she knows how the land lies - she is more than familiar with the department and Matthew Pennycook is forging ahead with ensuring the Labour Manifesto for Housing is well and truly adhered to.
The Government hints at ending Insured Deposit Schemes
The Government has announced plans to abolish insured tenancy deposit schemes which means landlords and letting agents will no longer be permitted to hold tenants' deposits in their client accounts, even where those deposits are protected through an approved insurance-backed scheme.
Housing Minister Matthew Pennycook confirmed that the Government intends to move to a single custodial model, requiring all tenancy deposits to be transferred to an authorised custodial tenancy deposit scheme at the outset of the tenancy.
The proposal forms part of the Government's wider programme of housing reform and is intended to strengthen consumer protection by ensuring that tenancy deposits are always held by an independent third party.
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.