The biggest change in the letting industry since the housing act of 1988.
In our opinion a ‘CROWD PLEASING’ move by the Conservative government in conjunction with the Labour party who included it within their election manifesto prior to the last two general elections. We say a crowd pleaser!, as in our opinion this is sticking a sticky plaster over a much bigger housing crisis. Quite Clearly the PRS (private rental sector) is being drawn into the larger issue of not enough rented housing to cope with demand. We have known this for a long time, but instead of dealing with the main issue, ie building more houses the government is tinkering with existing private stock and suggesting it needs to be made cheaper to the tenant. Although we fully understand the need for lower cost housing and the need to remove rogue landlords from the market we do not believe the government should be looking to the private rental sector for the answer. We are confident that we will accommodate these latest industry changes in the same way we have coped with the implementation of the housing act of 1988, the protection of tenants deposits via the housing act of 2004 and the deregulation bill of 2015 to ensure our clients continue to receive the level of service they have expected from us over the last thirty two years. M & M Properties have been working to counter balance this since it was first proposed in 2016 preparing to position themselves as ‘last man standing’ to ensure our clients do not see any major change to service levels, speed of lets and minimal void periods. We continue to maintain top position within the Leighton Buzzard market, recent data received from Rightmove intel confirmed M & M Properties secured 43% of all properties let in Leighton Buzzard throughout 2018.
One of the big arguments our trade organisation, Propertymark, put forward to government was that this is a legitimate cost, and it was unfair for the landlord to burden all of this, they suggested a cap and argued that if there was an overall ban the extra costs incurred by the landlord that the tenant has been paying will be absorbed in increased rents. So instead of a one-off admin fee to the tenant the landlord would seek an increase to cover that amount in the first year and then subsequent years meaning the tenant would be worse off. At the moment the fees are transparent, this way they will be opaque with no clear lines drawn. As you can see the very people they are saying they wish to help will be effectively worse off, MADNESS!!!. Increasing rents therefore will be an inevitable consequence of what is happening.