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property-adverts

<h2 class='intro_basic'>April will bring some new rules around property listings. There isn't anything major changing, but your property advert might need to contain a little more information going forwards. In the article below, Foxtons Director of Legal & Compliance, Manjit Kataora will walk you through it. </h2>


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<div class="takeaways-container">
  <h5><big>Key Takeaways</big></h5>
  <p class="takeaways-subtitle">Click a number to jump to that topic in the article.</p>
  
  <ul class="takeaways-list">
    <li class="takeaway-item">
      <a href="#section1" class="jump-link"><span class="takeaway-item-number">1</span></a>
      <span class="takeaway-item-highlight">New law, similar rules.</span>
      <span class="takeaway-item-content"> The Consumer Protection regulations are changing in April, but the basic requirements for a property listing remain largely the same.</span>
    </li>
    
    <li class="takeaway-item">
      <a href="#section2" class="jump-link"><span class="takeaway-item-number">2</span></a>
      <span class="takeaway-item-highlight">Complete transparency matters.</span>
      <span class="takeaway-item-content"> Listings must include all material information that could affect a buyer's decision, with even innocent omissions potentially breaching regulations.</span>
    </li>
    
    <li class="takeaway-item">
      <a href="#section3" class="jump-link"><span class="takeaway-item-number">3</span></a>
      <span class="takeaway-item-highlight">Legal details now upfront.</span>
      <span class="takeaway-item-content"> Information traditionally handled during conveyancing (like restrictive covenants) must now be included in the initial listing.</span>
    </li>
    
    <li class="takeaway-item">
      <a href="#section4" class="jump-link"><span class="takeaway-item-number">4</span></a>
      <span class="takeaway-item-highlight">Smoother transactions.</span>
      <span class="takeaway-item-content"> These changes are designed to make buying and selling more transparent, though solicitors will still conduct their own due diligence.</span>
    </li>
    
    <li class="takeaway-item">
      <a href="#section5" class="jump-link"><span class="takeaway-item-number">5</span></a>
      <span class="takeaway-item-highlight">We handle the complexity.</span>
      <span class="takeaway-item-content">Our agency will manage the technical legal requirements on your behalf, ensuring your listing complies.</span>
    </li>
  </ul>
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<a id="section1"></a>
<p>The law in relation to material information and misdescription is currently contained in the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). However, in April this year, these are set to be revoked and replaced with Part 4 of the Digital Markets, Competition and Consumers Act 2024.

<a id="section2"></a>
<p>The CPRs have long regulated property listings and descriptions. They include omissions and misstatements that adversely affect the ‘transactional decision’ of the average consumer. A breach of the CPRs is what is known as a ‘strict liability’ offence. This is a special type of liability whereby an offence is committed regardless of whether the agent intended to commit one or not. What this means is that innocent mistakes are punishable in the same way as intentional or reckless ones.

<p>There is not a huge amount of difference between the new requirements and the existing CPRs. Fundamentally, the law will still prohibit what it terms ‘unfair commercial practices’. However, read literally at least, the new act carries a broader definition of this term in so far as this will now include omitting material information from an invitation to purchase.

<a id="section3"></a>
<p>This doesn’t seem that significant until one considers that the meaning of invitation to purchase generally means an advert selling (and describing) something. A property listing, for example, is an invitation to purchase. This new element then means that anything that contravenes the requirements of due diligence or leaves out material information from the advert could be upheld as an unfair commercial practice. Put simply, things still have to be described very accurately and fully.

<p>In November 2023, National Trading Standards published updated guidance on material information requirements for sales and lettings. The requirements contain in-depth and technical information about elements of a property that, in fact, few owners or leaseholders could necessarily be expected to know. For example, details about restrictive covenants or easements over the property. 

<p>Traditionally, these have been matters of title that are explored and clarified during the conveyancing stage of a property transaction by the purchaser’s solicitor. They are not matters that can readily be understood by the average lay vendor. This makes them difficult to accurately describe and insert into a property advertisement by agents who are not legally qualified, which creates a greater risk of misdescription.

<p>At the heart of all this is the theory that providing more detailed information within the property listing will make the process of buying and selling an easier and more transparent process for both sides. In one sense that is true: information a buyer can see early on is clearly a good idea.

<p>On the flip side, however, is that the information is legalistic (therefore difficult to understand) and descriptive. A buyer’s solicitor is unlikely to advise their client to rely on such information (generated as is by the vendor) and will instead likely commission their own searches on which they can more comfortably advise their client as to whether to proceed or not with the transaction.

<p>The proptech market has been quick to move into this area. Several companies now exist who can – impressively – collect this information for agents and load it into listings. Even so, not all the information can be collected because some things are known only to a vendor (or landlord).

<a id="section4"></a>
<p>And if the purpose of the whole process is to speed things up, can it really be said this will be achieved if naturally circumspect purchasers, owed no duty of care by the vendors or their agents, are best advised to run their usual searches (at cost) anyway?

<p>At best, there’s likely to be a duplication of information. Buyers will likely still engage their own solicitors to advise them about the property and be naturally reticent to rely on information provided by a vendor or the vendor’s agent.

<p>The guidance is just that: guidance. And the new law arguably doesn’t change that much when you consider that the CPRs apply to property listings. So the changes may mean relatively little right now, but it remains to be seen how they will be interpreted by the courts, who are the ultimate arbiters in cases of dispute.

<a id="section5"></a>
<hr>
<h3>Your listing, sorted.</h3>
<p>When it comes time to set up a new property advert, our experienced Lettings team will ensure you've got everything correct and compliant from the start. Get started with a rental valuation. Or, if you want help with an existing tenancy, look into Foxtons Property Management.
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<a href="https://www.foxtons.co.uk/landlord/property-management" class="cta-button cta-button-secondary">Explore Property Management</a>

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   <p><p><b>Source:</b>  This piece was authored by Foxtons Director – Legal & Compliance, Manjit Kataora, who has been working with Foxtons on the intricacies of legislation affecting London landlords for more than 16 years. If you have a question on letting your property in London, <a href='mailto:experts@foxtons.co.uk?subject=Property%20Listing%20Descriptions%20Article' target='_blank'>ask a Foxtons expert</a></div>


sanctions-lettings

<h2 class='intro_basic'>There's a new rule coming into effect that will strengthen how business dealings work in the lettings market. If you've chosen a well-prepared agency like Foxtons, these changes will actually give you greater peace of mind about the tenancies in your rental properties. Foxtons Director of Legal & Compliance, Manjit Kataora, explains the key points you should understand.</h2>



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<h5>Key takeaways:</h5>
<p><small>Click to jump to a topic.</small>
<p style="margin-left: 25px"><b>1. <a href="#new-rules">New rules are coming May 2025.</a></b> Letting agents must report suspected sanctioned individuals.
<p style="margin-left: 25px"><b>2. <a href="#timing">Agents will screen for "bad actors."</a></b> Agents will check suspected landlords and tenants against government lists at key transaction points, keeping your property dealings in good standing. 
<p style="margin-left: 25px"><b>3. <a href="#screening-systems">Choose a well-prepared agency</a>.</b> Working with agents who have proper screening systems in place ensures you won't inadvertently do business with sanctioned individuals.
</div> 


<p>The sanctions regime came into sharper focus following Russia’s invasion of Ukraine in 2022 but in fact had been around and had applied to estate agents for quite a long time before then.

<p>Part of the UK’s contribution to international efforts to tackle money laundering and international crime, sanctions are measures intended to freeze the assets of individuals, companies and other organisations (‘designated persons’) and restrict their access to investments and financial services.   Designated persons are listed on a government list (called a consolidated list), which is overseen by a division of the Treasury called the Office of International Sanctions (‘OFSI’).  

<a id="new-rules"></a>

<p>From 14 May 2025, letting agents will for the first time become subject to sanctions reporting obligations. These reporting obligations have applied to estate agents and other ‘relevant firms’ for some time and are triggered where the (estate) agent reasonably suspects that someone they are acting for in terms of either a sale or purchase is a match with someone (or an organisation) listed on the consolidated list.   

<p>The changes in May align letting agents to estate agents. The obligation to file reports will apply where the letting agent ‘reasonably suspects’ either a landlord or tenancy applicant of being a ‘designated person’. 

<a id="timing"></a>

<p>As to the timing of the reporting obligation, this is triggered only when either the landlord or tenancy applicant has entered into what is (in anti-money laundering guidance terms) known as a ‘business relationship’ with the agent. That is, for landlords, from the point the landlord ‘instructs’ the letting agent and the letting agent does work in response to those instructions.  Here, the term instructions means formal instructions, and letting agency work means things done in response to those instructions but does not include publishing advertisements, providing a means by which prospective landlords and tenants can make direct contact or communicate with each other. (Thus excludes the newsagent whose shop window might carry adverts for rooms to let, etc.).  

<p>For tenancy applicants, the reporting obligation applies from the point a prospective tenant’s offer is accepted by the landlord. 

<p>What this means is that letting agents could have designated persons on their database for quite some time before a reporting obligation is triggered. This makes sense because the number of individuals who actually transact is (particularly for large agents) far less than the number of contacts on an agent’s database, and so the thresholds prevent the system from being clogged up by what would otherwise be reports where there is no firm economic activity to speak of. Since the whole purpose of the sanctions is to prevent sanctioned persons or entities from engaging (and profiting from) economic activity, these thresholds make sense. 

<a id="screening-systems"></a>
<p>Large agents have resources to scan their databases and ensure they meet these requirements. This means that landlords can be assured that they will not unwittingly assist undesirable persons or entities from carrying out business activity in breach of sanctions legislation and quite possibly also anti-money laundering legislation as well.

<p>The sanctions regime applies alongside existing anti-money laundering legislation, which continues to remain unaffected by the changes in May. Whereas anti-money laundering legislation applies to lettings transactions over the €10,000 (sterling equivalent) monthly rent threshold, sanctions obligations carry no minimum threshold. All letting agents, therefore, will need to screen all their landlords and applicants in order to comply with the new rules, and serious penalties lie in wait for those who fail to comply. 

<hr>
<h3>Find qualified tenants with Foxtons</h3>
<p>We have a huge database of registered, active renters. Foxtons Lettings team can quickly find the qualified tenants best suited for your rental property. Get started with a valuation:
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   <p><p><b>Source:</b> This piece was authored by Foxtons Director – Legal & Compliance, Manjit Kataora, who has been working with Foxtons on the intricacies of legislation affecting London landlords for more than 16 years. If you have a question on letting your property in London, <a href='mailto:experts@foxtons.co.uk?subject=Sanctions%20Article%20Landlord%20Essentials' target='_blank'>ask a Foxtons expert</a>.


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Property market updates

expert-insight-renters-rights

<h2 class='intro_basic'>Important debates sparked during the Renters' Rights Bill's second reading in the House of Lords on Tuesday, 4 February. <p>Watch as our London lettings experts Gareth Atkins (Managing Director - Lettings), and Fran Giltinan (Managing Director - Property Management & Customer Experience), analyse the key debates and their potential impact on London landlords and the rental sector. </h2>

<center><div style="padding:100.78% 0 0 0;position:relative;"><iframe src="https://player.vimeo.com/video/1054182007?h=61ce84c08d&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0" allow="autoplay; fullscreen; picture-in-picture; clipboard-write" style="position:absolute;top:0;left:0;width:100%;height:100%;" title="Expert Reactions: key debates from the Renters’ Rights Bill’s second reading"></iframe></div><script src=https://player.vimeo.com/api/player.js></script></center>

<p>Want to know more about the Renters' Rights Bill? Read the following articles: 
<p style="margin-left: 25px"><a href='https://www.foxtons.co.uk/discover/2025/02/an-open-letter-from-our-ceo-what-the-ban-on-upfront-rental-payments-could-mean-for-landlords-and-tenants' target='_blank'>An Open Letter from our CEO: what the ban on upfront rental payments could mean for landlords and tenants</a>
<p style="margin-left: 25px"><a href='https://www.foxtons.co.uk/discover/2024/09/your-guide-to-the-rentersa-rights-bill-timelines-and-whatas-changed' target='_blank'>2025 rental market: expert tips and forecasts</a>
<p style="margin-left: 25px"><a href='https://www.foxtons.co.uk/discover/2024/09/your-guide-to-the-rentersa-rights-bill-timelines-and-whatas-changed' target='_blank'>Your guide to the Renters’ Rights Bill: timelines and what’s changed</a>

<p style="margin-left: 25px"><a href='https://www.foxtons.co.uk/discover/2024/10/the-second-reading-of-the-renters-rights-bill' target='_blank'>The second reading in the Commons of the Renters' Rights Bill </a>

<p style="margin-left: 25px"><a href='https://www.foxtons.co.uk/discover/2025/01/limiting-rent-in-advance-a-and-the-overseas-student-market' target='_blank'>Limiting rent in advance and the overseas student market</a>


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<div class="panel">
  <p>GA: The Renters' Rights Bill has just cleared its second reading in the House of Lords, and while the core legislation hasn’t changed, the debates have revealed some crucial concerns for London's property market. Let's break down the key issues that every landlord needs to understand.

<p>The late addition of a ban on upfront payments has sparked intense debate. There are 3 million people renting in London and we see 10-15% of tenants using upfront payments – the self-employed, international students and those with poor credit history or fall just short of affordability checks. And in such a competitive market, this ban could significantly impact housing accessibility for these groups. It deserves further consideration. We see over 16 applicants vie for each property, so the government should understand that it will affect these groups more than landlords who can rent to the remaining 80%. 

<p>FG: Despite the Government’s assurances that they are collaborating with the Ministry of Justice, the Lords’ concerns about court system capacity remain valid. Our advice? Focus on what you can control. Thorough documentation and proper pre-tenancy procedures are crucial as they have always been. Remember, our property management and credit control teams are trained to handle complex situations as and when they arise.

<p>The extension of the Decent Homes Standard to private rentals is an important step forward we support. Our property management team can connect you with trusted contractors and guide you through all of your compliance and maintenance requirements, ensuring a smooth transition to these new standards.

<p>While we fully support the bill's objectives to protect tenants, success will lie in the details. Some measures, particularly around upfront payments and court processes, need careful consideration. As London strives to attract talent, with the Labour government's focus on "growth", we must ensure these reforms achieve their aims without creating new barriers. 

<p>GA: We will continue working closely with landlords to navigate these changes effectively. We will continue to lobby some of the elements of the bill which we feel will not have the impact the government desires. The bill now moves to committee stage and we will keep you updated throughout.


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   <p><p><b>Source:</b>  The content in this video was written and delivered by Foxtons leading lettings experts to ensure you have the best information to hand. <p>We will continue to monitor the progress of the Bill to provide you with accurate, reliable information to support you as the legislation changes. Our team's hands-on experience comes from many years in the industry, so you can rely on our practical insight and comprehensive support.</div>


Renting

Landlord Essentials

london-residential-skyline

<h2 class='intro_basic'>This is an open letter we sent to the Rt Hon Angela Rayner MP, written by Foxtons CEO Guy Gittins. In it, Guy addresses the last-minute addition of a ban on upfront payments in the Renters' Rights Bill. </h2>
<p>As the largest estate agent in the UK,<sup><a href="#source-one">1</a></sup> we handle an incredible amount of tenancies, which gives us a comprehensive, professional perspective on this issue. By sharing our perspective, we aim to explain what this ban could mean for tenants and landlords, and ask the critical question:  <b>how can those who narrowly miss affordability criteria overcome the barriers to housing these changes will create?</b> 



<p><small><a id="source-one"><sup>1</sup></a>Source: TwentyCI data, 2024 new lettings instructions at an estate agent brand level</small>



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   <p><br><br>28 January, 2025
<br><br><br>
<p>Rt Hon Angela Rayner MP
<br>Deputy Prime Minister &
<br>Secretary of State for Housing, Communities 
<br>and Local Government
<br><br>
<p>Cc: Baroness Taylor of Stevenage OBE

<br><br><br>
<p>Dear Deputy Prime Minister, 

<p>I am writing this letter to you in my capacity as Chief Executive Officer of Foxtons Group plc, London's largest lettings agent, to express concern over the late changes tabled during the Renters' Rights Bill's second reading, specifically regarding the <b>banning of upfront rental payments and the lack of a sufficient transition period.</b>

<p>We want to make it clear that we are wholly supportive of your government's efforts, and indeed previous government efforts, to improve living conditions across the entire sector and to ensure the rental market works for everyone. 

<p>But while we support the overarching goals of the proposed legislation, we believe that these amendments will unintentionally harm lower-income tenants, the international student market, hinder upward mobility, and drive talented individuals away from London and the UK. 

<p><b>The problem and the unintended consequences</b>
<p>Landlords typically ask for rent in advance from tenants who struggle to pass traditional affordability checks, such as those with low or unpredictable income, the self-employed, pensioners and foreign tenants who cannot provide a guarantor. Our data highlights the scale of this issue: 10-15% of tenants narrowly fail affordability criteria. 

<p>The impact of removing upfront payments would therefore be most pronounced for lower-income tenants, many of whom currently rely on savings or guarantors to secure housing. These individuals would be left with no viable alternatives, effectively excluding them from the rental market and exacerbating the very issues the reforms seek to solve. 

<p><b>Hindering upward mobility</b>
<p>Restricting access to housing in this way also risks undermining social mobility and deterring people from relocating to cities like London - particularly students and entry-level professionals. This could result in a 'talent drain', leaving London and other major cities struggling to attract and retain the diverse, skilled workforce needed to drive innovation and growth. At a time when economic growth is critical, such a loss of talent could have long-term consequences on local economies. 

<p><b>The landlord impact</b>
<p>These regulations would also have an impact on landlords. Upfront payments help mitigate the risk of missed payments from those tenants who can sustain a tenancy but who are unable to pass referencing and affordability checks - without these upfront payments, landlords are understandably less likely to rent to such tenants. It is impractical and irresponsible to deny landlords any assurance when renting to individuals who cannot easily prove their financial capability. This could exacerbate challenges in an already constrained market and may reduce the supply of rental homes, drive up rent prices, and make affordable housing harder to find.

<p><b>Lack of a sufficient transition period</b>
<p>We are also seriously concerned about the proposed two to three-month transition period, which is entirely inadequate for implementing these changes effectively. Such a short timeframe fails to provide tenants and landlords with sufficient time to adapt, potentially leaving vulnerable tenants without stable accommodation in an already challenging market. The lettings sector is complex and fragmented. Software systems (typically administered by third parties) will need time to re-engineer. The retraining of lettings agents and property managers takes time. We strongly believe that no less than six months' notice should be given between Royal Assent and the commencement date. This will afford landlords and letting agents sufficient time to implement the necessary regulatory changes in an orderly manner, ensuring a consistent and fair approach for tenants seeking rented accommodation. 

<p><b>It doesn't fix the real issue</b>
<p>Foxtons supports the vision of a fair and sustainable rental market that works for everyone. However, these last-minute amendments fail to address the real issue: the chronic undersupply of housing and the resulting supply/demand imbalance. Instead, they risk creating unintended consequences that make the rental market even more challenging for lower-income tenants. 

<p>At a minimum, it is essential for the government to address this question: how can those who narrowly miss affordability criteria overcome the barriers to housing these changes will create? Without a clear answer, achieving a fair lettings market for tenants will remain out of reach. 

<p>We would welcome the opportunity to meet with you to discuss how we can support the government in creating a balanced and sustainable plan that benefits lower income tenants and reduces the risk of landlords withdrawing from the rental market. 

<p>I am copying this letter to the Lords Minister for Housing and Local Government.</p>

<br>
<p>Yours sincerely, </p>
<br>
<p>Guy Gittins
<p>Chief Executive Officer, Foxtons Group plc
</div> 
<br><br>
<p>It is the unintended consequences of banning upfront payments which really cannot be overstated. As Guy explained in the letter:  

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      <div class="number-large">3,000,000</div>
      <div>people rent in London</div>

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       <p>We see 10-15% of tenants use some form of upfront payment to secure a property they'd otherwise not meet the criteria for.
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  <p>That means...     

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<br><br>
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   <p><p><b>Source:</b> This letter is written by Foxtons CEO Guy Gittins, a leader of the property industry with over 20 years of experience in the inner workings of London lettings. This open letter, published here in full, provides transparency on the latest rental market legislation. As your trusted property partner, we are working to ensure your concerns are heard in these critical policy discussions.<p>If you have any questions, please send us an email to <a href='mailto:experts@foxtons.co.uk?subject=Foxtons%20Open%20Letter' target='_blank'>ask a Foxtons expert</a>.</div>




student-rent-in-london

<h2 class='intro_basic'>Big news in Renters' Rights: Manjit Kataora, Foxtons Director - Legal & Compliance, shares what you need to know about the Rent in Advance debate. 

<hr> 

<p><small>By: Manjit Kataora</small></p>

<p>The amendment to the Renters' Rights Bill that was tabled by the government, which would see landlords unable to receive more than one month’s rent plus the deposit, was debated today in the Commons during the Third Stage reading. This is the last stage of the Commons before the Bill is transferred to the House of Lords.</h2>


<p><a href='https://www.foxtons.co.uk/' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/05/let-your-property/720.jpg' alt=''></a></p>



<h3>Why is rent in advance an issue?</h3>
<p>The government has expressed concern over the practice of landlords requesting large amounts of rent in advance and the cost pressure this places on tenants. The evidence given in the Commons during Committee Stage was largely anecdotal and, actually, this doesn’t happen as often as people think because landlords look for long term security rather than a ‘quick win’. 

<p>The concerns, however, were underpinned by the argument that a ban on bidding wars would not work on its own because landlords would just ask for higher amounts of rent in advance instead (the level of deposit poses no such issues because under the Tenant Fee Act 2019 these are already capped). But the two points are distinct: bidding wars are concerned with the level of rent payable per rental period (and the rent level is something that can be challenged in the FTT, so tenants already have a remedy); advance rent is concerned with the number of rental periods for which an agreed (market) rent is payable by the tenant. 

<h3>Credit ratings</h3>
<p>Rent in advance has long been a mechanism by which those applicants who do not have a sufficient credit footprint that would otherwise allow them to pass referencing requirements can access the PRS. 

<p>The obvious example within this class is overseas students looking to settle and study in the UK. Rightly, the Bill contains express provisions preventing landlords and agents from discriminating against tenants with families or who are on benefits but the proposed amendment to cap rent in advance introduces a new risk of discrimination against this class of applicants and, for that matter, anyone else who does not have a suitable credit footprint but who might nevertheless still be able to sustain a tenancy.


<p><a href='https://www.foxtons.co.uk/' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/01/rent-to-international-students/720.jpg' alt='International students affected by rent in advcance'></a></p>



<h3>A valuable export</h3>
<p>Given the proposals, it’s unclear how international students in particular are supposed to access the PRS.  <p>Universities UK, in its <a href='https://www.universitiesuk.ac.uk/sites/default/files/field/downloads/2024-11/Renters Rights Bill Committee Submission Oct 2024.pdf' target='_blank'>submission</a> to the Renters' Rights Bill committee (October 2024), points out that <i>“…the Renters Rights Bill is an education issue, not just a housing issue”</i> and that <i>“the availability of suitable accommodation is a crucial part of a thriving higher education sector”.</i> At the time, these submissions were centred on the issue of HMOs and the lack of fixed terms for students. Those issues are now clearer in the bill but the more recent proposal to limit rent in advance places the impact of the Bill on the university and student sector firmly back on the table.  
<p>Referencing standards are not usually set by landlords, agents or tenants. Instead, they are set by actuarials applied by third-party companies based on information supplied by the tenant. Those applicants without an income or credit rating will, absent further assurances, fail referencing and be denied access to the sector. 

<p>According to the House of <a href='https://researchbriefings.files.parliament.uk/documents/CBP-7976/CBP-7976.pdf' target='_blank'>Commons Research Briefing</a> ‘<i>International Students in UK higher education</i>’ (September 2024) the overall value of higher education ‘exports’ (the international student market) increased by 81%  between 2010 and 2021to £27.9 billion. In 2022/2023 India and China alone sent a combined 229,375 students to the UK. On any view, overseas students form a significant and valuable part of the UK economy.  

<h3>Summary</h3>
<p>As a class, overseas students are not applicants who cannot sustain a tenancy. But the amendment, if adopted, will relegate them to a class who are prevented from demonstrating they can sustain a tenancy. The same goes for anyone who can demonstrate the means to sustain a tenancy by paying more than one month’s rent. 
<P>It’s hard to reconcile the foreseeable effect of these proposals with the overall government narrative that the UK is open for business. Surely it makes no sense to construct barriers to entry for students choosing to study in the UK and other classes by making it more difficult to secure rental accommodation. 

<br><hr><br>

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   <p><p><b>Source:</b> Our top lettings and legal experts at Foxtons are monitoring the progress of the Bill to provide you with accurate, reliable information. This piece was authored by Manjit Kataora, our Director of Legal and Compliance, who will continue to analyse developments and track its progress for you.</div>

Buying

london-autumn-budget

<h2 class='intro_basic'>Want to know how the Autumn Budget might affect your plans in property? See our update from Jean Jameson, Chief Sales Officer and Fran Giltinan, Managing Director - Property Management & Lettings Operations.</h2>

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   <p><p><b>Source:</b> Foxtons leading experts in sales and lettings are pouring over the Autumn Budget to ensure you have the best information for your goals in London property. This video has been reviewed and presented by our experts to give you a first look at the Budget's key property measures. </div>

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  <p>JJ: Hi, I'm Jean Jameson, Chief Sales Officer at Foxtons. 
<p>FG: and I’m Fran Giltinan, Managing Director - Property Management & Lettings Operations.
<p>JJ: We've just been through Chancellor Rachel Reeves' Autumn Budget announcement and want to give you a quick update on exactly what matters for your plans in property. 
<p>Here are the most important points that could affect you:
<p>We all know stamp duty is a big part of buying in London, and while the government hasn't extended stamp duty relief, don't worry. If you're planning to buy after March 2025, we'll help you plan ahead. 
<p>Besides Stamp Duty relief, many of us were keen to see what would replace Help to Buy to encourage first-time buyers. 
While we haven't seen any new first-time buyer schemes announced, there are still great options out there. Our new homes teams are working closely with developers on alternatives like the Own New rate reducer. If you're dreaming of your first home, we’ll help find your best path forwards.
<p>FG: For our landlords, you'll be pleased to know your residential property portfolio will not be affected by the rise in Capital Gains Tax. That’s one less thing to worry about.
<p>On the other hand, the Stamp Duty Surcharge on second homes is going up from 3% to 5%. This might mean a bit more upfront when you're investing in new property. But the scale of this increase is not likely to deter investment– especially as London property is still an incredibly solid long-term asset class. 
<p>In fact, we've already seen buy-to-let investors returning to the lettings market, and this Budget announcement is sure to give even more landlords the confidence to stay in the game. 
<p>Whether you're growing your portfolio or optimising your existing properties, our team is here to help you get the very best results. So put us through our paces – we’ll help you find the best new assets, set the right rents, find brilliant tenants and minimise any void periods.
<p>FG: The Labour government has recommitted to energy targets, so rental properties will be required to reach an EPC rating of C by 2030. As exact details were not announced, you do not need to rush into making improvements right away. 
<p>Our property management team will guide you through what changes you may need to make, and when it will be necessary to make them, when the time is right. We'll also work with our trusted contractors to find you cost-effective solutions when it comes to retrofit.
<p>JJ: The government has announced significant plans for investment in house building. While there won’t be an immediate effect on the property market, looking ahead, the focus on small private house builders and build-to-rent developers, and new brownfield regeneration funding, is a welcome boost to London's housing supply in coming years.
<p>We are still diving deep into today's announcements, and we'll keep you updated as we learn more. But here's the important bit - the property market is building strong momentum right now, which will grow as we head towards 2025, with plenty of opportunities on the horizon.
<p>FG: Whether you’re a landlord or a renter, a buyer or a seller, Foxtons experts are here to help you navigate these changes successfully. Trust London's number 1 to deliver results when it matters most, because at the end of the day, this is what we do best. 

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autumn-budget-and-london-landlords

<h2 class='intro_basic'>This week, there has been a spotlight on whether landlords qualify as "working people" – a debate sparked by Prime Minister Sir Keir Starmer's comments on Sky News and countered by Ben Beadle, Chief Executive of the NRLA, with data showing nearly 70% of landlords are employed alongside their property duties.<sup><a href="#source-one">1</a></sup></h2>

<p>The argument is that, if landlords qualify as working people, they should be protected from tax hikes in the Autumn Budget through Labour’s manifesto promise not to increase taxes on working people. 

<p>But we think we’re all focusing on the wrong question.

<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2024/10/london-residential-skyline/720.jpg' alt='London residential skyline'><figcaption>Photo by Foxtons Specialist Video & Photography Team</figcaption>
</figure>

<h3>Beyond the rhetoric</h3>
<p>The real challenge isn't categorising landlords as working people – primarily, they are. But there’s a different, and significantly more important, reason to be cautious around tax hikes for landlords.

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<div class="greenlinequote"><center><big><big><p><b><font color= "#017163" >16 renters</font color></b> registered per <font color= "#017163" ><b>each new property listing</b></font color> in London</p></big></big>
<p><small>The average for the last three years, according to <a href='https://www.foxtons.co.uk/reports/lettings-report/lettings-market-report-september-2024' target='_blank'>Foxtons Lettings Market Report</a>, proving London to be a persistently competitive market.</small>

</div>



<p>We should be laser-focused on delivering safe, quality homes for London renters. At a time when London faces a critical housing shortage, with a year to date average of 16 renters competing for every new listing,<sup><a href="#source-two">2</a></sup> the Autumn Budget should take aim at creating a thriving rental sector that works for everyone.

<p>Home ownership isn't feasible or desirable for everyone in our capital. The Greater London Authority (GLA) predicts London could become a megacity, with a population over 10 million, within the next 20 years.<sup><a href="#source-three">3</a></sup> We cannot expect a population this big to be catered to without a robust, well-organised rental sector.

<p>As our CEO, Guy Gittins said to The Telegraph: "Rather than misplaced stereotypes, we would like to see an environment that encourages new investment into the private rented environment to ensure a fair rental sector for both landlords and tenants, working to try and address the chronic differential between supply and demand." <sup><a href="#source-four">4</a></sup>


<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2024/10/a-landlords-responsibilities/720.jpg' alt='London flat'>
<figcaption>Photo by Foxtons Specialist Video & Photography Team</figcaption>
</figure>


 
<h3>The real stakes</h3>
<p>A landlord’s responsibilities when providing a home in London are significant and growing. However, we still need single-property and small portfolio landlords to feel confident investing in this city, which should be a consideration in any new legislation.

<p>Property management can work with ambitious investors to deliver the standard of tenancies London needs. Every successful tenancy requires significant work – from maintenance to regulatory compliance. However, potential tax changes, like Capital Gains Tax increases, risk discouraging investment in improving housing stock.

<p>What we actually need is an environment that encourages:
<p style="margin-left: 25px">•	Investment in quality rental properties
<p style="margin-left: 25px">•	Professional management to maintain high standards
<p style="margin-left: 25px">•	Fair conditions for both landlords and tenants
<p style="margin-left: 25px">•	Improved housing stock across the sector


<h3>Autumn Budget insight to come</h3>
<p>While politicians debate definitions, the rental market faces real challenges and opportunities. We’re here to help ensure private landlords can confidently invest in and maintain quality homes. 

<p>Our top experts are prepared for the Autumn Budget, so we can provide guidance around CGT, Inheritance Tax, Stamp Duty, Energy Efficiency requirements – and whatever else the budget may bring for landlords.

<hr>

<h3>Put us through our paces</h3>
<p>At Foxtons, we know that being a landlord is tougher than ever, but we’re here to support you to get the most out of your investment. 

<p>Whether you have one property or a large portfolio, everyone at Foxtons works tirelessly to find the right tenant for your property, which is why we’re so confident setting you the challenge to put us through our paces.

<p>So, whether success is finding the right tenant, navigating today’s compliance requirements, rent collection, maintenance tracking, providing insight into the Renters’ Rights Bill or getting a better deal than our competitors, we’re ready to show you how we get it done.


 
Let your property with Foxtons
Learn about Foxtons Property Management

<br><hr><br>
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   <p><p><b>Source:</b> This article is informed by discussions with Foxtons industry experts, who have been closely monitoring developments and actively engaged in industry discussions ahead of the Autumn Budget. Stay tuned for further updates as the Budget drops.</p>
</div>
<br>

<hr>

<br>
<p>References:
<p><a id="source-one">1</a>:  <a href='https://www.nrla.org.uk/news/landlords-are-hardworking-people-gov-needs-to-know' target='_blank'>Landlords ARE working people, and the Government needs to know that</a>, NRLA
<br><a id="source-two">2</a>: <a href='https://www.foxtons.co.uk/discover/2024/10/rental-market-update-the-key-to-success-in-autumn' target='_blank'>Rental Market update: the key to success in autumn</a>, Foxtons
<br><a id="source-three">3</a>: <a href='https://apps.london.gov.uk/population-projections/' target='_blank'>Population projections</a>, Greater London Authority<br><a id="source-four">4</a>:   <a href='https://www.telegraph.co.uk/business/2024/10/25/we-are-working-people-landlords-tell-starmer' target='_blank'>We are working people, landlords tell Starmer</a>, The Telegraph


london-renters-reform

<h2 class='intro_basic'>Analysis of the second reading of the Renters' Rights Bill by Foxtons Director - Legal and Compliance, Manjit Kataora.</h2>

<p>On the 9th of October the Renters' Rights Bill had its second reading in the Commons. Opened by Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government Angela Rayner, it was clear this is a Bill the Government intend to progress with some velocity through to becoming law. This comes as no real surprise given that (a) the Government had a ‘still-warm’ draft law to work from; and (b) by enacting this law they’ll be seen to have delivered long-promised sector reforms, distinguishing them from their predecessors.



<p>In opposition, the main thrust of Shadow Secretary of State for Housing Kemi Badenoch’s submissions was that the (old) Bill ultimately failed because the previous Government <i>“recognised its flaws”</i>, and that the Renters’ Rights Bill will also fail to deliver in practice because it is based on <i>“policy rather than first principles”</i>. 

<p>In this piece we look at just a few of the issues that remain with the Bill, both for tenants and landlords, namely, the confusion over ‘rent in advance’, the requirement to end fixed term tenancies and the consequences of the abolition of Section 21. Spoiler alert: they’re neither exhaustive, nor new and they highlight the need for urgent clarity not only for landlords and tenants but for the industry and practitioners in this area.</p>



<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2024/10/london-apartment-interior/720.jpg' alt='London apartment'>
<figcaption>Photo by Foxtons Specialist Video & Photography team</figcaption>
</figure>





<h5>Rent in advance</h5>
<p>It remains unclear from the Bill whether or not rental payments in advance are permitted. The suggestion in the text is, based on the monthly periodic tenancy structure, that they are not. 

<p>Aligning with that view, Ms Raynor submitted:
<p><i>“This Bill will protect tenants from requests for large amounts of rent in advance, but we are in listening mode. We will keep this issue under review during the passage of the Bill, and we will take the necessary action. We think that we have done enough on that, but we are open to interventions, if people feel that they would help.”</i>
<p>Echoing Ms Rayner, Matthew Pennycook later added:
<p><i>“We think that the Bill as it stands protects renters against requests for large amounts of advanced rent, but I will happily continue to engage with individuals and organisations who have concerns that it does not, and I am entirely open to keeping that under review as the Bill progresses.”</i>
<p>Two observations here: 
<p style ="margin-left: 25px">1. Quite rightly, the bill contains direct anti-discrimination measures against those tenants who receive benefits or who have children. No decent landlord engages in such practices anyway. But preventing rent in advance engages the issue of indirect discrimination against other classes of tenancy applicant. The UK economy proudly boasts some of the world’s leading universities and employers. International tenancy applicants often have no credit footprint (or UK guarantor) therefore often pay sizeable sums of rent in advance. We’ll have to wait for clarity, as well as for the referencing industry’s response in due course, but as things stand, both ministerial statements appear to place overseas applicants at a comparative disadvantage when compared to domestic applicants, and this has the potential to harm important sectors of the UK economy. 

<p style ="margin-left: 25px">2. Neither were Ms Rayner’s nor Mr Pennycook’s statements on all fours with paragraph 111 of the explanatory notes to the Bill itself. Albeit expressly not a comprehensive description of the Bill, these notes profess to <i>“explain what each part of the Bill will mean in practice…”</i>. This is what the notes say about rent in advance:
<p style ="margin-left: 25px"><i>This Clause entitles tenants to a refund of rent paid in advance where the tenancy has ended earlier than the period that has already been paid for. This includes where the tenant may have paid multiple months of rent in advance and applies regardless of how the tenancy came to an end. This Clause does not restrict landlords from requesting rent in advance.</i>

<p>The terms ‘multiple months of rent in advance’ is the interesting bit. It seems clear from this wording that rent in advance is something the Bill actively contemplates. The text of these notes, however, needs reconciling with the Ministerial statements.       

<h5>Fixed Terms</h5>
<p>On these, Pennycook submitted:
<p><i>“I want to be clear that it is the Government’s firm view that there is no place for fixed terms in the future assured tenancy system.”</i>

<p>This point, as followers of the last Bill might recall, was one that exercised the House of Lords in the last debates on the previous Bill just prior to the election. 

<p>A couple of points worth noting here: 
<p style ="margin-left: 25px">1. It’s a hallmark of our legal system that consenting parties can enter into a lawful agreement that suits them both. The law currently allows landlords and tenants to agree the length of tenancy as befits their needs.  Where the fixed term ends, the law then gives those parties a choice: they can either enter a new fixed term or let the tenancy roll over into a periodic tenancy. Either way, fixed terms lock in security for tenants against rent rises, giving them certainty of costs. Fixed terms have become lengthier as tenants look to insulate themselves from cost of living rises for longer. It seems perverse then, that the single system of periodic tenancies denies tenants this protection, substituting it with the ‘assurance’  that they can (for which read ‘have to’) engage with a formal tribunal process for challenging a rent increase, which rent increase might be entirely reasonable in any event should market rents rise on the back of reduced supply levels.

<p style ="margin-left: 25px">2. Upon commencement date, all existing assured shorthold tenancies will immediately convert to the new periodic regime. This ‘big bang’ approach imposes a de-facto retrospective element to the bill: fixed term tenancies agreed prior to the commencement date (agreed because that’s what the landlord and tenant both wanted) will be cancelled once the new law comes in. Instead, landlords and tenants will overnight be exposed to earlier vacant possession and earlier rent reviews respectively.  A system that allows the option of fixed terms where parties agree - or at the very least a transition period to allow pre-existing tenancies to expire before new laws take effect (mirroring the approach taken to other laws in recent years, e.g. the Tenant Fee Act 2019) would be fairer. 



<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2024/10/ministry-of-justice/720.jpg' alt='Ministry of Justice building'>
<figcaption>Photo: <a href='https://unsplash.com/photos/a-tall-building-with-lots-of-windows-next-to-another-building-meSzoNjb8_4' target='_blank'>The UK Ministry of Justice</a> by <a href='https://unsplash.com/@rgreen' target='_blank'>Rose Galloway Green</a> | <a href='https://unsplash.com/license' target='_blank'>Unsplash</a></figcaption>
</figure>





<h5>The Court system</h5> 
<p>The abolition of Section 21 brings with it a more significant workload for the court system because every possession claim will need to be heard before a judge. 
<p>On this, Rayner said (with no further elaboration): 
<p><i>“To support the changes, we will digitise the county court possession process, working closely with colleagues in the Ministry of Justice to create a modern, efficient service for our courts.”</i>

<p>As litigators and litigants already know, courts are already digitised to an extent. The Money Claims Online procedure enables claimants to file claims online and pay fees electronically. Remote hearings are also common. All this has done relatively little to alleviate historic backlogs and the truth is that claimants and defendants still face lengthy delays while they wait for hearing dates. By itself, making claims processes digital isn’t going to work. One also needs to consider increasing court staff numbers (judges, back-office staff, etc), so that waiting times can be improved. That is not an overnight process. 

<p>The cost of access to justice too, needs to be factored in. Those parties who find themselves in a dispute will need expert advice  and, quite possibly, representation as well to navigate the court system and will have to bear these costs directly themselves. 

<h5>Abolition of Section 21 notices</h5>
<p>Already much publicised, and no doubt the centrepiece of the reforms, this needs a bit of context. Assured shorthold tenancies do not universally place tenants at risk from being evicted under Section 21. Though notices can be served during a fixed term, it’s an inherent feature of fixed terms that they protect tenants from being evicted by preventing Section 21 proceedings from being commenced any earlier than either the expiry of the fixed term itself, or in accordance with a break clause. By contrast, notices can be served at will during statutory periodic tenancies but in these cases landlords and tenants have invariably both agreed to proceed on a monthly tenancy basis post fixed-term because that’s what suits both sides.</p>




<p><img src='https://page-assets.foxtons.co.uk/news-images/2024/10/london-docklands/720.jpg' alt='London Docklands'></p>





<h5>Summary</h5>
<p>A healthy PRS is vital for the economy. A law that subverts the supply side in favour of the demand side without due analysis risks backfiring and failing those it is intended to protect. Ms Badenoch summed this up when she said:  
<p><i>“Landlords provide a vital service. The private rented sector is essential for those who cannot yet afford a mortgage, for young people and for those who need to move for work. Landlords selling and giving up homes for rent for mortgages do not help many of the people who need to rent.”</i></p>

<p>It’s welcome news that the Bill will implement a decent homes standard. This aspect of the Bill isn't an issue and doesn't feature in this piece for that very reason. But genuine concerns in other areas still remain. It’s far from clear at this stage that the difficulties with the old Bill have actually been grasped (there is still no published impact assessment). Instead, the reforms feel a bit like a relay race where the baton, dropped by the previous runner, has been picked and is now speeding towards the finishing line. What we can’t afford is a Bill that crosses the finishing line at lightning speed, at the expense of one that disincentives landlords, depletes stock levels and makes the lives of tenants harder and more expensive.</p>
<br>

london-housing-renters-rights

<h2 class='intro_basic'>The Renters' Rights Bill has now been published. The bill, which, when it becomes law will be referred to as the Renters' Rights Act 2024, is the Labour Party’s response to rental reforms following the failure of the Tory government’s Renters Reform Bill just prior to the election and is a firm commitment to implementing their manifesto pledge to enacting reforms that have been tabled and talked about for years but have so far never seen the light of day. </h2>

<figure>
<div style="padding:56.25% 0 0 0;position:relative;"><iframe src="https://player.vimeo.com/video/1008877573?h=fb05bef298&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0" allow="autoplay; fullscreen; picture-in-picture; clipboard-write" style="position:absolute;top:0;left:0;width:100%;height:100%;" title="Renters' Rights Bill - Foxtons Update"></iframe></div><script src="https://player.vimeo.com/api/player.js"></script>
<figcaption><big>Watch a short Renters' Reform update from our experts</big></figcaption>
</figure>

<P>Much of the bill is as before. There’s a day one commitment to the banning of notices to quit from landlords. The old bill saw amendments in this area that ultimately postponed the abolition of section 21 notices until (at least) an assessment of the county court system’s ability to cope with the section 8 procedure (under which possession claims must be heard by a judge) had taken place. Matthew Pennycook has said that government will work alongside the court system to ensure that by the time the bill becomes law it is ready to cope with the extra workload. 

<p>That said, the transitional provisions contained in the bill  make clear that where a section 21 notice has validly been served prior to the commencement date, tenancies shall remain assured shorthold tenancies until either those proceedings have been concluded or until the section 21 (where no proceedings have been commenced) expires. 

<p>Like the old bill, there is a single system of periodic tenancies. Fixed term tenancies are abolished. It will not be possible for landlords and tenants to agree fixed terms even were they to each want one. 

<p>Under the new system, rent periods will be one month. Specifying a longer rent period will be of no effect. 

<p>For landlord who let flats in blocks, the terms of their lease shall automatically be read to allow sub-letting under the new system of assured periodic tenancies, allaying any concerns that they might otherwise be in breach of their insurance of head-leases.

<p>Rent increases will be subject to the existing procedure under Section 13 Housing Act 1988. This procedure will however be modified so that tenants can challenge rent increases they consider too high, and challenge rents agreed at the outset of the tenancy (though they must do so within six months from the commencement of the tenancy otherwise they lose that right). As to the level of increases, the tribunal assessing the claim will decide the ‘open market’ rent and can specify from when the increase shall take effect – including up to two months after the decision in cases where where the tenant can demonstrate hardship.


As for tenants’ notice, the position here largely reverts back to the first draft of the old bill. Tenants can give notice from day one of the tenancy provided their notice is at least two months long. Any rent paid in advance will be returnable for the period after the end of the tenancy.
 
<p>The position for pets remains as before. Pets cannot unreasonably be refused by landlords, albeit they can ask for more information about the pet. Reasonable grounds for refusal are where a superior landlord lease would risk being breached. The Tenant Fee Act is modified to allow payment for additional premiums to protect the property from damage caused by the pet. 

<p>Again, there’s a requirement that landlords give a statement of terms; that they belong to a redress scheme (and unless they do belong to one they can’t market the property for letting) and that they register on the Private Sector database. These provisions are not fully-fleshed out in the bill but are subject to further clarification in regulations yet to be published. 

<p>All quite familiar so far. So, what’s new?  

<p>There’s a new provision preventing landlords from encouraging bidding wars. Landlords will be unable to advertise a property for letting unless the rent is a ‘specified amount’ (this applies to listings not boards). Landlords will be unable to accept an offer from someone to pay a rent that exceeds the amount of rent advertised in the listing (note that this should be the market rent otherwise tenants will be able to challenge it under the Section 13 procedure (see above).

<p>Remedying of hazard provisions that were solely a feature of the social rented sector are, by a variation to the Landlord and Tenant Act 1985, now a feature of the private rented sector. 

<p>In terms of possession grounds under section 8, landlords will need to wait one year from the start of the tenancy before they can recover possession of the property for the purpose of either moving back into it (or moving a family member into it) or selling it. 

<p>Published just prior to party conference recess, the new bill carries an air of urgency about it. The government will be keen to demonstrate that they can deliver these reforms against a backdrop of delay from previous government and various housing ministers. Further regulations may follow relatively quickly and since the bill is largely familiar, we could well see it track through Parliament more rapidly than the old one.</p>

<p>The next reading will be 9 October.</p>

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   <p><p><b>Source:</b> Our top lettings and legal experts at Foxtons are working through the bill to provide you with accurate, reliable information. This piece was authored by Manjit Kataora, our Director of Legal and Compliance, who will continue to analyse developments and track its progress for you.

<p>There are a lot of sensational news stories around, but Foxtons remain committed to delivering practical, actionable guidance you can trust. Stay tuned to our blog for regular updates, expert insight and valuable insights that cut through the noise to help you navigate changes with confidence.

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<button class="accordion">Video Transcript</button>
<div class="panel">
  <p>Fran Giltinan: The Renters' Rights Bill has been published, here’s what’s changed, what hasn’t and when you can expect it to become law. 
<p>First things first: this is the first draft. We can already see details that could change during debates. We’ve read every word of the bill to uncover any surprises so you don’t have to. 
<p>Secondly, a lot of this is not new. You’ll see many similarities and much of the preparation we’ve already done for Renters Reform will still apply.
So, let's cut to the chase. here’s what you need to know now:

<p>Gareth Atkins: Let’s start with new rules around initially letting out your property:

<p>As expected, Section 21, fixed-term tenancies, Assured Shorthold Tenancies will be abolished. This has been in the pipeline for a  long time and we are well prepared for it. 

<p>You will still be able to increase rent once per year with 2 months’ notice and You cannot t discriminate against renters for having children or being on benefits or having pets In the case of pets you can ask for Pet Insurance.
Finally, rental bidding would be banned – so, you cannot let your property for more than the advertised price.

<p>FG: Now, here’s what would change during the tenancy:

<p>Firstly, you’ll need to join a landlord ombudsman scheme and a landlord database.

<p>Next, If you a looking to re-gain possession of your property  you still can.

<p>If you want to sell or move in a close relative, you can do so after the first twelve months with four months notice.  For arrears, you will be able to serve a Section 8 notice, for antisocial behaviour you can serve notice immediately and for student HMO’s  you can now regain possession before the start of a new academic year.

<p>Finally, the Decent Homes Standard will apply to the private rental sector as it currently does to social housing.

<p>GA: As for the timeline of the Renters' Rights Bill, with Labour's majority, we’d expect the bill to progress swiftly. Currently we’d expect it to become law by next summer.

<p>Foxtons top lettings and legal experts have been working through the bill to provide you with accurate, reliable information. We’ll continue to track it, analyse it and ensure our clients have everything they need to know as it comes.

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kings-speech

<h2 class='intro_basic'>On Wednesday, July 17, King Charles delivered a pivotal speech at the state opening of Parliament, outlining Sir Keir Starmer's agenda for the current session. This event has sparked widespread interest and diverse opinions on the new government's priorities and commitments. <br>In this article, we’ll share a few perspectives on the pressing issues facing the London housing market.</h2>

<center><p style= "margin-left: 50px; margin-right: 50px;"><i>‘My Ministers will get Britain building, including through planning reform, as they seek to accelerate the delivery of high quality infrastructure and housing’</i>
<br>~<a href='https://assets.publishing.service.gov.uk/media/6697f5c10808eaf43b50d18e/The_King_s_Speech_2024_background_briefing_notes.pdf' target='_blank'>The King’s Speech, 2024</a></center>

<p>In King Charles' speech, ‘Rebuild Britain’ emerged as the central theme, with a significant emphasis on housebuilding and the essential infrastructure supporting it. 
Crafted by the new government, these plans build on Labour’s manifesto promises, which we summarised here. Key housing topics include building, renters' reform, leasehold reform, and energy efficiency. 
<p>Ambitious infrastructure overhauls were also announced, such as nationalizing railways, which would (if successful) help ensure these new homes are not only built but also viable and sustainable. This could help weave housebuilding plans into the wider strategy for economic growth.
<center><p style= "margin-left: 50px; margin-right: 50px;"><i>‘Stability will be the cornerstone of my Government's economic policy and every decision will be consistent with its fiscal rules.’</i>
<br>~<a href='https://assets.publishing.service.gov.uk/media/6697f5c10808eaf43b50d18e/The_King_s_Speech_2024_background_briefing_notes.pdf' target='_blank'>The King’s Speech, 2024</a></center>


<p>So yes, in terms of content, this speech did not announce anything Labour had not already promised. However, that’s not so much the point of this event. The King’s speech is more about the tone a new government wants to set, and this message of change to a place of greater stability is very important right now.
<p>Richard Merrett, Managing Director of Alexander Hall – our partner mortgage firm, said, “Between the overwhelming landslide victory, and the fact that – irrespective of anyone’s party politics – it felt like the country was just ready for change, the markets like stability… We are certainly seeing positive sentiment in the market. The Foxtons sales performance didn’t slow down in June, and I think that will continue into the second half of the year.” 


<p><a href='https://www.foxtons.co.uk/' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/07/housebuilding-under-labour/720.jpg' alt='Housebuilding under Labour'></a></p>

<h3>Perception is key</h3>

<blockquote class='pullquote_right'>
<a href='https://www.foxtons.co.uk/discover/2024/07/what-a-labour-win-means-for-housing' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/07/starmer-victory-and-housing-policy/480.jpg' alt=''></a><p><small><b>Read</b>: <a href='https://www.foxtons.co.uk/discover/2024/07/what-a-labour-win-means-for-housing' target='_blank'>What a Labour win means for housing</a></small>
</blockquote>

<p>Foxtons CEO Guy Gittins stated, “It’s promising to see that our new Labour Government has positioned planning reform and housing supply at the forefront of its intentions for the property market. 
<p>“The setting of new delivery targets, coupled with a more streamlined planning process, should help to provide the structure required to increase the supply of new homes reaching the market.
<p>“Of course, these initiatives are all well and good but it’s housebuilders that deliver new homes, not the Government itself. So it will be interesting to see how the Government intends to incentivise housebuilders to increase their stock delivery. 
“Freeing up wrongly classified areas of the green belt should also help with respect to increased supply, although this is a fiercely contentious area that is likely to be met with ferocious objection, as has been the case previously. How the Government plans to adjust public perception will be pivotal if they are to deliver where other Governments have so far failed.
<p>“It’s also imperative that the Government gives serious thought as to how they can encourage new landlords to invest within the private rental sector, as this is sorely needed if we are to address the supply and demand imbalance that has been so prevalent over the last few years. 
<p>“All in all, positive news for the property market which should further add to the momentum that has been building so far this year and help fuel what is shaping up to be a very buoyant final six months.”


<figure>
<a href='https://www.foxtons.co.uk' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/07/new-homes-building-in-london/720.jpg' alt='Building new homes in London'></a>
<figcaption>Photograph by Foxtons Specialist Video & Photography</figcaption>
</figure>

<h3>A promising start encourages the market</h3>
<p>Merrett said, "While it’s still very early days in terms of a new government tenure, what we’re hearing is positive noises, and sentiment will be absolutely key as Labour work to restore trust, especially around the economy. Building homes is the right message. Stock is the biggest challenge that we’ve had in the housing market for a generation. However, these are targets that have been set and missed by previous governments, so we will need to get to the crux of how they will achieve this. 
<p>"What I’d like to see is not just that we’re going to build, but actually how they will enable us to develop existing housing stock, like encouraging downsizing – or right sizing – to release locked-up equity and encouraging the regeneration of commercial units. 
<p>"So it’s important to see how they will achieve it, but they are saying the right things. In lender news, since the election we’ve seen a number of major lenders reduce rates and HSBC has relaxed LTV banding and made them more flexible for potential borrowers. All positive changes which, in my opinion, we will see building through the end of summer."

<h3>Making a start</h3>
<p>So if you’re feeling the momentum to achieve your goals in property, it’s safe to say you’re not alone. And we have the experts to help you make the most of the market. 

<center><p style="background-color: #cce3e0;"><a href='https://www.foxtons.co.uk/valuations' target='_blank'><b>Book a free valuation</b> to let or sell</a>  <br><a href='https://www.foxtons.co.uk/myfoxtons/applicants' target='_blank'><b>Let us know</b> what home you're searching for</a></center>


starmer-victory-and-housing-policy

<h2 class='intro_basic'>Labour has won the General Election and Sir Keir Starmer has a Labour manifesto full of pledges to achieve. At least three housing announcements are expected to be made in the first fortnight of a Labour government. This will help with Starmer’s promise to “hit the ground running” and turbocharge house building from “day one”. But what have labour promised? How soon can we expect change? </h2>

<div style="background: #00000; 
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   <p><i>“The speed at which we can expect reforms to be passed will partly depend on <b>the size of any majority in the House of Commons once the seats have been counted.</b> A party that romps home with a huge majority will find it considerably easier to get new laws passed more quickly.”</i>

<p style="text-align: right">~ <a href='https://www.foxtons.co.uk/discover/2024/07/london-guide-to-conservative-and-labour-housing-policy' target='_blank'>London Guide to Conservative and Labour Housing Policy</a>
</small>
</div> 
<h3>What will Labour do for your housing goals?</h3>
<P>We have a full analysis of the <a href='https://www.foxtons.co.uk/discover/2024/07/london-guide-to-conservative-and-labour-housing-policy' target='_blank'>Labour manifesto plans for housing policy</a>, which will tell you everything they have promised to do in office. However, what they promise and what they can turn around are two different things. 
<p>Labour’s win was a landslide victory. Historic, even, which should make a good climate to enact a lot of policy change, quickly. However, it should be noted that voter turnout at this election was the lowest in 20 years. A <a href='https://yougov.co.uk/politics/articles/49965-keir-starmer-what-do-britons-think-of-the-new-prime-minister' target='_blank'>YouGov</a> survey, “half of Britons (49%) say they don’t know what Keir Starmer stands for” and the latest <a href='https://natcen.ac.uk/news/trust-and-confidence-britains-system-government-record-low' target='_blank'>British Social Attitudes Survey</a> found trust and confidence in the government is at a record low. Starmer will need to work hard to deliver his campaign promise of change. 

<h3>Starmer’s promise to 'hit the ground running' on house building</h3>

<blockquote class='pullquote_right'>
<a href='https://www.foxtons.co.uk/discover/2023/04/modern-living-in-newbuild-homes' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/07/labour-home-building/480.jpg' alt='new build homebuilding'></a><p><small>NIMBY or YIMBY? See what draws people to <a href='https://www.foxtons.co.uk/discover/2023/04/modern-living-in-newbuild-homes' target='_blank'>new-build homes</a>.</small></p>
</blockquote>

<p>The Labour party pledged to deliver 1.5m new homes, including several large-scale ‘new towns’ and more development of the ‘grey belt.’ The party has already been talking to housing developers, investors and builders to ensure they could get started right away. 
<p>This focus has already begun to prove effective. The day after the election, there has been a UK stock market rally lead by house building companies. 

<h3>What will happen to mortgage rates? </h3>
<p>Richard Merrett, Managing Director of Alexander Hall, said, ‘Whilst we do not expect any sudden impact to mortgage rates what is clear is that markets like stability and certainty. The overwhelming landslide of Labour’s victory gives us exactly that, so we believe positive sentiment and confidence will only grow, which in turn then should have good outcomes on rates for mortgage borrowers. What will remain is that good advice is paramount and this is where a great mortgage broker is needed.’  

<h3>Ready for change?</h3>
<p>According to research on <a href='https://www.foxtons.co.uk/discover/2024/07/the-general-election-will-not-affect-my-property-plans-say-foxtons-landlords' target='_blank'>landlords</a>, <a href='https://www.foxtons.co.uk/discover/2024/05/95-of-homebuyers-are-undeterred-by-general-election-what-about-you' target='_blank'>buyers</a> and <a href='https://www.foxtons.co.uk/discover/2024/05/95-of-homebuyers-are-undeterred-by-general-election-what-about-you' target='_blank'>sellers</a>, news of an election doesn’t have a particularly strong impact on people’s intentions in the property market. So you’re not alone if you’re ready to get started. We'll continue to monitor all housing policies, and ensure our clients have all the information they need to achieve their property goals. Let us help you plan your next move in London property:

<center><p style="background-color: #cce3e0;"><a href='https://www.foxtons.co.uk/valuations' target='_blank'><b>Book a free valuation</b> to let or sell</a> <br><a href='https://www.foxtons.co.uk/landlord/property-management' target='_blank'>Explore Foxtons <b>Property Management</b></a> <br><a href='https://www.foxtons.co.uk/myfoxtons/applicants' target='_blank'><b>Let us know</b> what home you're searching for</a></center>


london-home-study-space

<a id="to-the-top"></a><h2 class='intro_basic'>With less than 24 hours to go before the polls open in the 2024 General Election, all eyes are on the parties’ housing policies and pledges – and it’s not only our clients who want to know what’s going to happen next. According to <a href='https://trends.google.com/trends/story/GB_cu_EpUP848BAACS5M_en?hl=en' target='_blank'>Google Trends</a>, UK searches about on Housing Policy are at a 10-year high so far in July. 

<br>So, if you’re wondering what the major parties have in store in terms of housing policy, and how these plans might affect you, we're sharing expertise from Foxtons Legal & Compliance team in this quick guide.</h2>

<p><b>Jump to:</b></p>
<center><a href="#house-building">House building</a> | <a href="#renters-reform">Renters reform</a> | <a href="#first-time-buyers">First-time buyers</a> | <a href="#energy-efficiency">Energy efficiency</a> | <a href="#leasehold-reform">Leasehold reform</a> | <a href="#stamp-duty">Stamp Duty</a> </center>


<br>


<div id='news_list_holder'><div class='news_list'>

<a id="house-building"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2023/04/construction-nh/1600.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="labour policy on house building" /></a>
<div>
<h3>Building homes and the Green Belt</h3>
<p><b>Labour Party</b>
<p style= "margin-left: 25px">In an <a href='https://www.thetimes.com/uk/politics/article/keir-starmer-rachel-reeves-interview-general-election-mzrkjd5rz' target='_blank'>interview with the Sunday Times</a>, Sir Keir Starmer pledged Labour would <i>‘hit the ground running’</i> on housebuilding and would make at least three major housing announcements in the first two weeks of office.
<p style= "margin-left: 25px">The party has promised to deliver the biggest increase in social and affordable housebuilding in a generation. They have already pledged to build 1.5 million new homes over the next five years, and we’re told to expect the announcement of a major housebuilding programme in week two.
<p style= "margin-left: 25px">To encourage development around already-established regions, the party will begin writing to local councils asking them to review their green belt policies. The aim is to encourage development of brownfield sites and lower quality green belt land – something the party calls the ‘grey belt’ (former industrial sites and car parks). 
<p style= "margin-left: 25px">It’s not only established regions that are the focus of change, as was <a href='https://www.architectsjournal.co.uk/news/labour-to-pledge-post-war-style-drive-to-build-new-towns' target='_blank'>outlined last month</a> by shadow levelling up secretary Angela Rayner at the UKREiiF real estate and infrastructure conference. The <a href='https://labour.org.uk/change/' target='_blank'>party’s manifesto</a> also contains a pledge to build a generation of new towns to provide what it calls a series of large-scale new communities across England.


<p><b>Conservative Party</b> <p style= "margin-left: 25px">Declaring in the <a href='https://public.conservatives.com/static/documents/GE2024/Conservative-Manifesto-GE2024.pdf' target='_blank'>Conservative Manifesto</a> that it has delivered 2.5 million homes since 2010, the party promises to deliver a further 1.6 million homes over the next five years. Their plans too, focus on brownfield land, as well as abolishing the legacy EU ‘nutrient neutrality’ rules, which delay housing projects.  
<p style= "margin-left: 25px">In contast to Labour’s approach, the Conservative Manifesto confirmed they would retain the party’s <i>‘cast-iron commitment to  protect the green belt’</i> by focussing on building in inner cities <i>‘raising the density levels in inner London to those of European cities like Paris and Barcelona’</i>. 
<p style= "margin-left: 25px">They would achieve this by focussing on development on brownfield sites in urban areas, fast-tracking the planning system for new homes in the 20 largest cities and supporting local and smaller builders by requiring councils to set aside land for them, removing burdens on smaller developers to carry out extra works in exchange for securing planning permission. 

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<a id="renters-reform"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2024/03/shot-of-the-week/1600.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="renters reform policy" /></a>
<div>
<h3>Renters Reform</h3>
<p>In both the Labour and Conservative party manifestos, there are plans to re-introduce legislation on Renters Reform, which failed to become law under the last parliament. 

<p>The Conservatives propose a temporary measure so that landlords selling the property to their tenants would pay no Capital Gains tax.

<p>Foxtons Director - Legal & Compliance, Manjit Kataora reviewed both the Labour and Conservative manifestos in a recent article, and summed things up by saying, <i>'Whoever wins will have the benefit of an advanced draft set of reforms with the added advantage of being able to see where the difficulties lay in trying to get it through. We can probably expect a familiar looking draft bill once it emerges but with the party conference season looming during the summer, it remains to seen how quickly this will happen and how the practical issues and difficulties identified in the bill will be addressed.'</i> 

<p>The speed at which we can expect reforms to be passed will partly depend on the size of any majority in the House of Commons once the seats have been counted. A party that romps home with a huge majority will find it considerably easier to get new laws passed more quickly.</p> 

<p>Read the full story here: <a href='https://www.foxtons.co.uk/discover/2024/06/what-party-manifestos-say-about-renters-reform' target='_blank'>What party manifestos say about Renters Reform</a>
</p></div>
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<a id="first-time-buyers"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2023/08/rent-right-now-/1600.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="labour policy on first-time buyers" /></a>
<div>
<h3>First-time buyers</h3>
<p>Both parties have committed to a permanent form of the mortgage guarantee scheme to help first-time buyers with low deposits.
Labour’s <a href='https://labour.org.uk/updates/stories/labour-party-homes-policy-how-we-will-keep-mortgage-rates-low-and-help-first-time-buyers-with-a-new-freedom-to-buy-scheme/' target='_blank'>Freedom to Buy Scheme</a>, would make the mortgage guarantee scheme permanent, and see lenders offer mortgages with a 5% deposit, with the government acting as guarantor for part of the loan. This would increase lenders’ appetite to provide low-deposit mortgages to first-time buyers. The party would also give first-time buyers the chance to buy homes in new developments before investors.</p>
<p>The Tories would enact a new <a href='https://ifs.org.uk/articles/conservatives-pledge-new-help-buy-equity-loan-scheme-what-does-it-mean' target='_blank'>Help to Buy equity loan scheme</a> for first-time buyers to buy new-build homes, similar to previous Help to Buy schemes. It would be worth up to 20% of the property’s value with a 5% deposit.</div>
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<a id="energy-efficiency"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2023/09/heat-pump/1600.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="energy efficiency labour housing policy" /></a>
<div>
<h3>Energy efficiency</h3>
<p><b>Labour</b> has pledged to invest an extra £6.6bn as part of its Warm Homes Plan to upgrade five million homes, which is scaled back from the original pledge to upgrade every home that needs it to EPC rating C. They promise to ensure private rented sector homes meet a minimum energy efficiency standard by 2030, to help make renting more affordable. While the route for landlords to affordably raise energy ratings in their property is unclear, the party promises <i>‘nobody will be forced to rip out their boiler as a result of our plans.’</i>
<p><b>The Tories</b> say they would fund an energy efficiency voucher scheme for homes in England to support insulation and solar panel installations. In their manifesto, they pledged to reduce household energy bills and retain the energy price cap. Despite scrapping the plan for all privately rented homes meet the EPC rating C by 2028, the Conservative Manifesto pledges <i>‘we will invest £6 billion in energy efficiency over the next three years to make around a million homes warmer.’</i></div>
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<a id="leasehold-reform"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2024/07/leasehold-reform/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="leasehold reform policy" /></a>
<div>
<h3>Leasehold reform</h3>
<p>The Conservatives pushed through a Leasehold Reform bill in the wash-up period before Parliament was dissolved. Labour have pledged to take reform further with a Leasehold ban, <i>'finally bring the feudal leasehold system to an end,'</i>  however its previous pledge to introduce this ban in the first 100 days was not mentioned in the manifesto. 
<p>See the latest legislation on Leasehold Reform in: <a href='https://www.foxtons.co.uk/discover/2024/06/awash-upa-round-up-leasehold-reform-and-renters-reform' target='_blank'>‘Wash up’ round up: Leasehold Reform and Renters Reform</a></p></div>
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<a id="stamp-duty"></a><div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2024/07/stamp-duty/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="stamp duty policy" /></a>
<div>
<h3>Stamp duty</h3>
<p>The stamp duty threshold was raised temporarily in 2022, from £300,000 to £425,000, and is due to revert in March 2025. Labour would not commit to extending it, while Conservatives would make it permanent, easing pressure for (particularly in London) first-time buyers and more widely across the nation, second-steppers.</p>

<p>Learn more about temporary measure in our article: <a href='https://www.foxtons.co.uk/discover/2022/09/what-the-stamp-duty-tax-cut-means-for-you' target='_blank'>What the Stamp Duty Tax Cut means for you</a>.</div>
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<h3>What tomorrow brings...</h3>
<p>There have been a lot of promises when it comes to housing policy. Whatever a new government brings, Foxtons is here to help you navigate the London property market. We'll continue to monitor all housing policies, and ensure our clients have all the information they need to achieve their property goals. So get started with us and we'll help you plan your next move:</p>

<center><p style="background-color: #cce3e0;"><a href='https://www.foxtons.co.uk/valuations' target='_blank'><b>Book a free valuation</b> to let or sell</a> <br><a href='https://www.foxtons.co.uk/landlord/property-management' target='_blank'>Explore Foxtons <b>Property Management</b></a> <br><a href='https://www.foxtons.co.uk/myfoxtons/applicants' target='_blank'><b>Let us know</b> what home you're searching for</a></center>


<p><b>How does a general election affect the London house market?</b> <p style= "margin-left: 25px">As far as elections go, the London property market is resilient. <a href='https://www.foxtons.co.uk/discover/2024/05/95-of-homebuyers-are-undeterred-by-general-election-what-about-you' target='_blank'>Industry research</a> reveals the election announcement <b>did not put buyers and sellers off their plans in the housing market.</b> In fact, <a href='https://www.foxtons.co.uk/discover/2024/05/95-of-homebuyers-are-undeterred-by-general-election-what-about-you#foxtons-analysis' target='_blank'>our own analysis</a> found that the majority of UK General Elections in the last 30 years <b>took place during a growing house market, which continued to grow post-election</b>. 



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