Rent arrears at their lowest for a decade
Despite a turbulent 16 months, which has seen furlough and shaky personal finances, there is positive news when it comes to rent arrears. The number of tenants in arrears during Q2 of 2021 is at …
Money making initiative or a great way of raising standards in lettings? Whatever your opinion, the number of landlords and letting agents in London being hit with fines is increasing.
New analysis of the Mayor of London’s Rogue Landlord and Letting Agent Checker revealed fines totalling £6.5 million have been issued since the scheme was set up in 2018, with a new trend appearing in 2021.
Proptech firm Kamma noticed that fines in May 2021 totalled £22,000 but this figure jumped to £139,146 in July 2021 – that’s a combined increase of 532% when tracked over the last three months.
The analysis also revealed that while landlords are fined more frequently, it is letting agents that are fined more heavily. To illustrate, the largest fine levied at a letting agent was £167,000, while it was £100,000 for a landlord.
It is thought enforcement practices have picked up pace as lockdown has eased, with some councils pursuing compliance breaches more vigorously in order to plug gaps in their overall budgets. Letting agents who manage HMOs and who are involved in eviction proceedings need to pay particular attention to compliance matters, ensuring they do not leave themselves open to Rent Repayment Orders and/or breach-related fines.
If you’d like to discuss tightening your compliance procedures or for any help with interpreting new lettings legislation, contact ARPM.Back to knowledge hub