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Are you having problems letting your London property?

With more tax legislation, Brexit uncertainty and Estate Agents reporting losses because of the dip in property sales - supply levels of good quality properties for rental in London have declined. Meanwhile, the rental market remains exceptionally strong in virtually all London zones, but not enough properties to meet the demands of a rapidly growing professional workforce. As letting specialists with London-wide coverage and our international offices who bring in a steady flow of properties from overseas investors, even so, we still have long waiting lists of 20 applicants per available property, which is unprecedented!

There is literally a ‘drought’ in some locations: the City of London, East London, Docklands and even more traditional areas like Kensington, Knightsbridge and Hampstead where we really need more properties for corporates. Small units (1 and 2 beds) remain most popular in central and East London and family accommodation (modern houses or large apartments in secure developments) are needed in many places, particularly if they are located near top London schools or transport hubs.

The other reason for the shortage of stock is because our tenants are renewing their tenancies for a second or third year. This is good news for Landlords but leaves us with low stock. Such is the shortage of accurately priced rental properties, that if the presentation is very good and the location offers convenience and good amenities, then it is likely to let within just a few days with minimal void periods. If your current agent is telling you they cannot let your London property, please contact us in complete confidence. No strings attached. Just an open discussion about how we can help you.

With 16 branches across London, and international offices in China, Hong Kong, India, Malaysia and Singapore, we offer our international clients a complete one-stop service in their own time zone. This includes marketing the property on the top UK portals, showing it to potential tenants, credit referencing the tenant, contracts, collecting rent and professional management*. We can also help with furnishing packages to give your property the ‘wow’ factor.

Don’t worry if you already have another agent instructed, talk to us.

*If you are hoping to attract a corporate tenant or company let, then they expect professional property management to be in place. They will not sign a lease without it.

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New Electrical Safety Regulations for Landlords

The UK Government is soon to introduce new Electrical Safety Regulations, requiring landlords and letting agents to ensure electrical installation inspections are carried out on all new tenancies in England from 1st July 2020 or from 1st April 2021 for existing tenancies. Landlords will have to ensure that every fixed electrical installation in their rental property is inspected and tested by a qualified person at least every five years. The landlord will also have to obtain a report of the results of the inspection and test and supply it to the tenant within 28 days of the inspection and test. They will have to keep a copy for themselves until the next inspection is due.

Key requirements of the new Electrical Safety Regulations

Landlords must:
  • Obtain and retain a copy of the report from the person carrying out the inspection and test, with the results and the date of the next inspection.
  • Provide a copy of any new report to the tenant(s) within 28 days of the inspection and test.
  • Provide a copy of the report to the local housing authority within seven days, if requested.
  • Supply a copy of the most recent report to any new tenant before they move in.
  • Supply a copy of the most recent report to any prospective tenant within 28 days of any request from that prospective tenant.
You can find more information on the new legislation at: www.legislation.gov.uk/ukdsi/2020/9780111191934/pdfs/ukdsi_9780111191934_en.pdf

Penalties for non-compliance

Local housing authorities are required to enforce the regulations and will be able to organise remedial action if necessary. If a local housing authority is satisfied, beyond reasonable doubt, that a private landlord has breached a regulation it may impose a financial penalty of up to £30,000.

What to do next

If you own a rental property you will need to ensure that a qualified electrician carries out an inspection and testing at your property before the 1st July 2020 deadline or before 1st April 2021 for existing tenancies. We believe that the new regulations are a positive step forward for the lettings industry, helping to improve safety standards across the Private Rented Sector, although of course professional landlords will already be carrying out these measures as standard. If you use our Property Management service, we will organise any required Electrical Safety Regulations inspections and testing on your behalf, as we already do for Gas Safety testing and certificates. If you have any queries about the new legislation and how you can ensure your property is compliant, please get in touch here

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