NEWS FEB 2024

This month is one day longer than usual, thanks to a Leap Year. But that doesn't mean there's less legislation news. Over the 29 days of February we will see Right to Rent fines increasing, bills progressing, and more consultations closing.

As always, if you have any further questions over what this all means to you and your portfolio, please get in touch - or read below for more information.

All the best,

The Abacus Homes team

Our rental market performance over the past month

Here’s a snapshot of how our agency performed in January 2024

• We achieved an average rent of £1378.33
• Our void periods were 1.2 days on average
• Our deal turnaround times were 11.8 days on average

Average rents for new tenancies are now 7% higher than January 2023.

Right to Rent fines to increase

Letting agents must check that all tenants who occupy a landlord's properties have a legal status to live in the UK - called a Right to Rent check.

From 13 February, fines will increase significantly to landlords and letting agents who let a property illegally to a tenant. For example, for first time offences, fines will go up from £80 per lodger, to £5,000.

This is why it's so important to use a letting agent, as we work to ensure that your rental property is compliant with the latest legislation.

Government payouts for flooded properties

If your property was affected by flooding during Storm Henk (2-12 January), you can apply for funding through the Flood Recovery Framework. 

More than 2,000 properties were damaged by the recent floods in the UK.  Read this blog for some more tips on how to prepare your rental property against storms and flooding. 

Greater Manchester Good Landlord Charter consultation closes

Greater Manchester Mayor Andy Burnham launched the Good Landlord Charter in January to bring together landlords and renters to improve the standards of homes in the the private rental sector, as well as social housing. The consultation period will close on February 26.

This is one of many ways in which the Government is working to crack down on rogue landlords. Read more in this blog. 

The Leasehold and Freehold Reform Bill

We'll likely hear more news about the Leasehold and Freehold Reform Bill this month in England and Wales. The Labour Party has put forward amendments to the Leasehold and Freehold Reform Bill during the committee stage in January.

The amendments include a Leasehold Reform Bill within Labour’s first King’s Speech if the bill doesn’t go ahead by the current Conservative government. Labour has also pledged to make it easier for leaseholders to buy or extend their lease. 

Many thanks for reading