As we edge closer to a General Election there are many interesting (as well as controversial) housing ideas being thrown around, as the UK’s political parties try to attract the attention of the ever-increasing amount of generation renters.
In particular, the Labour Party have claimed that they will provide “a better deal for renters” by introducing standard three-year tenancies, if they were to get into power on May 7th.
With over eight million households in the UK now renting from a private landlord, this proposal aims to give tenants greater protection against rogue landlords within the sector; primarily protecting against retaliatory eviction and giving families “security and peace of mind” by preventing the uprooting of children from their school and their friends.
However, research from The Residential Landlords Association (RLA) shows us that less than 20% of tenants actually rent a home for more than five years, and over a third of tenants stay in rented accommodation for less than a year.
At Yellow Oak Inventories we completely understand the need for tenants to feel secure in their home, and that longer tenancies could benefit many PRS landlords. However we do worry that longer tenancies will mean more tenant deposit disputes. As it stands to reason that the longer a tenant resides within a property, the more likely it is that the property will be subjected to damages and more complex wear and tear issues.
Even more worryingly, it could deter new landlords from entering the buy to let market altogether.
So if standard three year tenancies were introduced, the need for a thorough independent inventory and mid-term inspections would increase dramatically; in order to avoid unnecessary stress and costs further down the line.
This could also become a major issue, what with the tax concession allowing landlords of unfurnished properties to claim for the replacement of white goods, carpets and curtains being withdrawn by HMRC, back in April 2013.
Other than finding an independent, impartial and professional inventory provider, here are some other key points that will help prevent damage and excessive wear and tear in your property:
- Take a deposit
- Keep the properties maintenance and decoration up-to-date
e.g. expect to re-paint walls and ceilings every 3-5 years.
- Regular inspections
- For furnished rentals expect to renew items approximately every 3 years
e.g. furniture, kitchen wear, etc.
- Certain items should be treated as ‘expendable’ if they are missing or damaged at the end of a long tenancy
- e.g. mattress protectors, kitchen utensils, toilet brushes, etc.
How do you feel about standard three year tenancies?
Were you aware of the tax concession for unfurnished properties being removed?
Whatever your views are on these issues pleases share them with us!
Discover why Yellow Oak Inventories is a great accompaniment to anyone involved in the UK rental market, by calling us today on 020 3713 4933 or emailing us at email@example.com.