Free Property Valuation

Rental Update for Beaconsfield March 2022

Rental Market Update for Beaconsfield

According to recent data, the UK property market dipped slightly with the news of the war in Ukraine, but levels very quickly returned to normal. High-end properties are likely to be affected for the longer term, such as those in wealthy boroughs of London, however, there was no noticeable change to HP9 and surrounding areas. Rental stock remains low, and the number of landlords selling their rental properties continues to increase whilst the sales market continues to boom.

Right to Rent (R2R) Update

The temporary adjusted covid Right to Rent (R2R) measures have been extended again to October 1st, 2022 so that letting agents and landlords are still able to carry out checks via live time video. The Government announced this month that the digitalisation of R2R checking for landlords and letting agents has been deferred.

The situation in Ukraine has understandably taken over Government matters, but the delay does now provide agents with some time to assess their processes, and industry suppliers (IDSPs) to implement the identification documentation validation technology (IDVT) required.

It will not be mandatory for landlords or letting agents use a digital service, physical checks of documentation may still be carried out if preferred. A list of certified IDSP providers will be available and the Home Office will recommend that you use one of the providers on the list. Consultation is still in progress and we are likely to see the list sometime in May.

The digital process can only be used for UK and Irish Citizens, it cannot be used for EU share codes/visas or other nationals. It will only work for those with a valid passport. Other documentation may be acceptable later with advancing technology.

What is ‘Material Information’?

Material Information originates from ‘Consumer Protection and Unfair Trading Legislation’, now the ‘Consumer Rights Act 2015’ and it means any information for which there is a substantial likelihood that a reasonable buyer or tenant would consider important for making an ‘informed decision’ on whether to view, buy or rent a property. Omission of material information or misleading information are both offences under the act.

Ashington Page has always been committed to ensuring property listings are honest and include all material information, however, a working group have now put together a mandatory list for agents to be introduced in two parts and Part A will come into effect around the end of May 2022:

All material information will be required on online websites, property portals, social media posts, as well as offline property listings such as window cards and property brochures. Agents must not use links to the information, all material facts must be displayed in full.

The following information under Part A includes:
Lettings: Council Tax Band; Rent and Deposit; the cash amount for the latter is considered best practice i.e. some agents write ‘five weeks’ rent’.
Sales: Tenure of the property; ground rent and service charges including reviews of costs; length of lease; council tax band.