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Tenant Permitted Payments

Refundable Holding deposit - Capped at 1 weeks rent per tenancy

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc Tenants own responsibility unless otherwise stated in contract

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Rental Property Market in London

The UK housing market is at its weakest point since the financial crisis a decade ago, but the rental market, especially in London is still going strong.

With the uncertainty of Brexit and the lack of buying activity, landlords will not be looking to sell up any time soon. This also means those potential buyers are staying in rental accommodation for longer or looking to take the next step with a new rental home rather than the risk of buying in such an uncertain climate.

What does this mean for landlords?

In my opinion the rental property supply is not meeting the tenant demands in London. So if you have an empty property or want to move but do not want to under sell, why not rent these properties out? I personally think tenants are looking for longer security and are staying put on a longer term basis. So landlords are in a great position, not only renting properties out but also increasing rents at point of tenancy renewal.

With the high demand for rental property, the turnover is a lot quicker. Meaning there are shorter void periods, if there is any void period at all! In the capital, Elephant & Castle is one of the top 5 areas for highest tenant demand at the moment. Luckily for us and landlords, this is one of the main areas we cover.

What does this mean for tenants?

The buying and selling market does not look as though there will be a “boom” in the near future. Therefore landlords will be holding on to their investments. This means landlords will be looking for longer term tenants, also generating more security for tenants.

Rightmove have predicted a 4% rise in rents in the capital for 2019. However, having said that, with the tenant fee ban and zero deposit schemes, renting has never been easier and more affordable. Beneficial to both landlords and tenants, don’t you think?

Source Director