While we have seen an increase in activity in the sales market, the lettings market has also seen strong demand as people start to feel more comfortable to move.
The biggest increase in properties have been close by stations, shops and open spaces. This is most likely due to the surge in people embracing a healthier lifestyle with the convenience of the shops to buy fresher foods, taking public transport more rather than driving and exercising in the open spaces.
We have seen many new landlords entering into the buy to let sector, attracted firstly by a saving in stamp duty and seeing demand for rental accommodation being at an all time high.
The length of time properties are remaining vacant has also decreased, meaning rents are likely to continue their rise as stock levels remain low.
The average time we have found from the moment we are instructed to taking a deposit within Harrow is just one week.
For new landlords as well as seasoned ones there are a few regulations coming into force. Electrical certificates were first introduced for new tenancies from 1 July 2020. From the 1 April 2021 these certificates will also be needed for existing tenancies.
Landlords must have the electrical installations in their properties inspected and tested by a person who is “qualified and competent”, at least every three years.
Landlords must provide a copy of the electrical safety report to their tenants, and to their local authority if requested. Breaches of the regulations could result in financial penalties of up to £30,000.
Energy performances certificates (EPC) are valid for 10 years from the date of issue; these are also needed when a property is being marketed for rent or for sale. You can check the government register to see if you have a valid one at www.epcregister.com
A valid gas safety certificate is also required every year by law. The person carrying this out will inspect your gas appliances and flues to ensure they are all safe to use. This must be provided to the tenant.
There has also been an extension to the eviction ban that was introduced by the government. The evictions ban in England, as well the requirement for landlords to provide 6-month notice periods to tenants, has been extended until 31 May 2021.
Exceptions remain in place for the most “egregious cases”, including illegal occupation, anti-social behaviour and arrears of six months’ rent or more.
Please contact our office on 020 8426 0631 or email us at email@example.com if you would like any more information or have a property you would like to rent out please do get in touch remember when you call please quote harrow online.