Welcome to Tedworth Property
“The Autumn budget can’t come soon enough”… a statement that few involved in London’s prime property market would disagree with.
Whilst there are certainly some prospective purchasers who have adopted a ‘wait and see’ approach to the market until after November 26th (26 days and counting), fortunately London remains globally one of the most desirable cities in which to live and there remain a discerning number of purchasers who are actively searching for the right property.
Our long standing relationships with the best and most active buying agents and family offices are also yielding a number of new search requirements – and the message from many of these trusted individuals is that whilst cautious, there is good appetite from their clients wishing to purchase. The market, it seems, hasn’t frozen to quite the extent some are suggesting.
With the right advice and marketing strategy from the outset, our clients are benefitting from our experience and it’s extremely pleasing to be able to report that we currently have a record pipeline of properties under offer across a broad spectrum of price points and post codes. Apartment living remains popular but we also have some fantastic family freehold houses under offer in Belgravia and Kensington, two areas that remain in demand with families looking for long term homes.
In other news, as has been reported in the press after years of discussion, the Renters Right Act was granted Royal Assent and became law this week.
Hannah Wilson, our Head of Operations and Property Management, outlines below what this means for landlords and tenants – and of course our team are on hand to assist with any further questions you may have as they arise.
Thank you as ever for your support and wishing you a great weekend ahead.
The Renters’ Rights Act | An Update
After years of discussion and much back and forth, the Renters Right Act was granted Royal Assent and became law this week.
Deemed to be the “biggest shake up in renting for a generation”, we have been closely following the legislation’s journey through government and have been implementing various changes in the background to ensure we are ready for the transition.
The fundamental aim of the Act, which will also be retrospectively applied to include current tenancies, is to provide greater security and protection to residential tenants through the abolishment of fixed term Assured Shorthold Tenancies, Section 21 notices (often known as ‘no-fault’ evictions) and prohibitions on rent increases and advance payments.
The introduction of the Decent Homes Standard and Awaab’s Law, alongside the enforcement of a compulsory landlord redress scheme and portal, are also designed to ensure that landlords are providing homes that are safe, well-maintained, and free from serious hazards.
Whilst we wait for the government to advise on when the different aspects of the Act will be introduced, our key advice to landlords would be to ensure that they are aware of what the changes might mean for them and are prepared accordingly.
Our comprehensive guide to the Renters Right Act can be viewed on our website, linked below. With such an onus being placed on the condition of rental properties and compliance with updated health and safety guidelines, and with the penalties for non-compliance being so high, now might also be the time to consider appointing an agent to manage your property.
We would be very happy to answer any questions you might have in relation to the new legislation, or about our lettings and property management services – please do not hesitate to reach out to set up a time to speak.
