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Longer Tenancies – Agents’ Consultation Responses Could be Vital
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
PropTech provider PayProp is encouraging letting agents and property professionals to reciprocate to the Government’s consultation on longer tenancies.The automated rental payment platform claimed that agents’ input could be integral in shaping the future policy framework as the industry experiences ongoing change, placing pressure on existing rental tenures.
There’s not much time left to contribute
In July, the Government launched an eight-week consultation on the subject of longer tenancies.
The Ministry of Housing, Communities and Local Government claimed that a rise in families and older people choosing to rent, rendered it necessary for longer and more secure tenancies than the minimum six months offered by the assured shorthold tenancy regime.
The consultation explores the advantages and disadvantages of introducing a three-year tenancy with a six-month break clause. It also outlines a number of questions for respondents to answer.
Chief Operating Officer of PayProp UK, Neil Cobbold, commented: “Letting agents who want to have their say on the government’s plans to introduce longer tenancies don’t have long to respond to the consultation, as it closes on August 26,”
“Consultations are designed to give important stakeholders a voice in shaping future legislation. For something as significant as overhauling the current structure of tenancies, the more agent and landlord feedback received by the government, the better,” Cobbold commented.
Agents’ experience is valuable
Letting agents’ diverse industry experience – working with different landlords and tenants at a range of properties over a period of time – could be very valuable to politicians shaping the proposed framework around longer tenancies.
“Dealing with new tenancies and renewals on a regular basis means letting agents are well placed to provide feedback on typical tenancy lengths and any potential issues or unintended consequences with longer minimum tenancy agreements,” Cobbold explained.
“Agents also speak daily to landlords and tenants so they will be able to provide useful insight into the consumer reaction to these proposals and whether longer tenancies are something landlords and tenants are keen to see introduced.”
