The UK government has extended temporary rules allowing Letting Agents to conduct Right to Rent checks via video rather than in person, from May 17 to June 20, 2021.
Recent surveys have suggested the UK's lettings and housing market is getting close to being business as usual, if not now, then certainly in the coming months. Supporting that is the news that some 58% of agencies having opened their physical doors over a month after the Government said they could begin work again. However, while some expect to be fully operational at some point during July, a small proportion anticipate they will still have some employees on furlough in October.
With students encouraged to stay at home and many workers in the city being furloughed or working fewer hours, demand for rental homes in the English capital has dropped off, which has in turn, weighed on rent levels. Amid the ongoing uncertainty wrought by the coronavirus pandemic, reports suggest the average London rent has declined by between 10-15% and that's despite an increase in demand as lockdown measures are eased.
The requirement for letting agents to join a Client Money Protection (CMP) scheme has been delayed for another 12 months. CMP legislation was introduced in April 2019 as a way for Letting Agents to protect their clients’ money through a number of registered schemes.
If you’re an estate agent, you probably already know that you might not be getting paid what you’re worth. Of course, in many businesses, an estate agent’s basic salary isn’t the only earning opportunity, there are also seller fees involved. However, even though there are ways to increase your earnings, at an average annual salary of £19,843, UK estate agents are among the lowest paid in the world.
Any lettings and estate agents who thought the Government would ease up on new legislation for the residential sector are likely to be disappointed. Trade body The Residential Landlords Association warns that at least five pieces of legislation in 2020 will affect landlords and letting agents.