2016 has got off to a flying start at central London estate agency, Manors, who has reported a 20% increase in the number of tenancies agreed compared to the same period last year.According to Ross Harvey, Residential Lettings Manager at Manors, “There is currently a good level of demand for rental properties in Marylebone, particularly one and two bedroom apartments. Interest is predominantly coming from professional tenants who work for large corporates in the area, with many relocating to London from overseas.
“The length of tenancies is tending to vary from fixed term Tenancies of twelve months to two years, along with twelve-month tenancies with a six-month break clause.”
Break clauses remain a popular option with tenants in London, a fact that flies in the face of Labour Party proposals to introduce three-year tenancy agreements. Tenants in central London tend to want flexibility and the freedom that comes with renting and in fact many choose to rent rather than buy for this very reason.
This year new legislation has been introduced which impacts on the lettings market. As of 1st February 2016, private landlords in England became legally responsible for checking that all prospective tenants aged 18 and over have the right to be in the UK before renting. Under the new rules, landlords who fail to check a potential tenant’s ‘Right to Rent’ will face penalties of up to £3,000 per tenant.
“Landlords are now responsible for viewing and taking copies of the original documents that allow tenants to live in the UK with the tenant present, but to make compliance easy for landlords, if Manors are carrying out reference checks on a landlord’s behalf, we will also check a tenant’s right to live in the UK and keep copies of the relevant documents to ensure compliance,” adds Ross.