Breaking Property News – 17/07/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Sian Hemming Metcalfe analysis on Labour’s Lettings policies
Sian Hemming Metcalfe is Operations Director of InventoryBase & Property Inspect UK, and acts as Advisory to ARLA Propertymark and Ambassador for Propertymark Trust. An expert in her field and hugely regarded in the industry, Sian also shares her wisdom to get people to stop and think about the important things in her sector, this month (first posted in her Linkedin Post), she gave her thoughts on what the new government means for the industry.
‘The Labour victory in the general election signals significant changes for the rental sector. As inventory professionals, it’s crucial that we understand and prepare for the potential impacts and opportunities of the proposed policies on our industry.
Policy Changes and Implications
Section 21 – Labour’s pledge to end “no-fault” evictions will likely lead to longer tenancies. This change could significantly impact and enhance our role. Increasing demand for comprehensive initial and end-of-tenancy reports. Greater emphasis on interim property inspections to ensure compliance and support proactive maintenance, and a need for more detailed documentation to support eviction proceedings
Housing Construction – Labour’s ambitious plan to build 1.5 million new homes over the next parliament presents both opportunities and challenges. Increased inventory and snagging report opportunities as new properties enter the rental market. Specialisation in new-build inventories, and a surge in demand for inventory professionals in high-growth areas
Leasehold Reform – The push towards commonhold ownership for flats and apartments may require, adaptation of inventory practices for commonhold properties, enhanced knowledge of commonhold specificities and their impact on inventories, and new inventory requirements for communal areas.
Letting Agent Regulation – Proposed new licensing for letting agents could have positive knock-on effects. Standardised inventory practices across the industry, opportunity for professional recognition of inventory clerks, and possible inclusion of inventory expertise in agent licensing requirements.
Energy Efficiency Focus – Labour’s emphasis on green policies may prompt, more detailed reporting on properties’ energy efficiency measures, additional training on assessing and documenting eco-friendly features, and role in verifying compliance with new energy standards.
Industry Expert Insights – My thoughts are very much in line with those expressed by Steve Richmond of Reapit and Neil Cobbold of PayProp – we are looking at greater scrutiny of our industry, our practices and the opportunity to change the conversation when it comes to how agents (and everyone associated with the supplier industry) are perceived.
Preparing for our Future – To grow and thrive in a changing landscape, inventory professionals should consider: Investing in professional development. Exploring new technologies to enhance reporting capabilities and efficiency. Engaging with Propertymark National Residential Landlords Association – NRLA TDS and other bodies to stay informed.
Developing relationships with letting agents and landlords to show how crucial inventories are in the new regulatory environment. By staying informed, adaptable, and committed to high standards, we can play a crucial role in shaping a more transparent and efficient rental market.’
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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