Update for Landlords

In this ever changing market, which seems to have multiple updates every week. It’s easy to get caught up in the negative reports, though as time goes on it’s clear that the rental market has the ability to bounce back as strong as it once was, and the demand for rented properties isn’t going down any time soon.

Changes to the market

It’s been a few weeks since the rental market was given the green light to return to work and tenants began the property hunt again. New tenancy figures as of the 1st of June have seen a 82% rise when compared to those reported in mid-April. There has also been rises in the average cost of rent across the majority of the country, with only London and the south East reporting a drop in price.

Extension of eviction ban

The government extended its ban on evictions in England and Wales by an additional two months, taking it to a total five month ban. This means that landlords will not be able to begin the eviction process until August 23rd at the earliest. The government has also instilled that landlords should exhaust all other ways to liaise with tenants prior to proceeding through the courts. This may include setting up a payment plan to catch up on missed rent during the pandemic.

Campaigners continue to put pressure on the government to provide more support for both landlords and tenants, as a pose to simply extend the inevitable with little financial aid.

Direct rent payments from Universal Credit

A new online form allows landlords to request direct rental payments from their tenants universal credit allowance. This is designed to aid both existing claimants struggling to manage their limited finances, as well as those who may have had to claim as a result of the COVID-19 crisis. The process replaces the old paper forms, creating a less time consuming application as well as reducing the waiting time.

We’re by no means at the end of this journey, however the small not important signs of positivity within the industry give hope to the longevity of the rental market.