Happy new year! After one of the most challenging years in living memory, we're all hoping for a return to normalcy this year. We've rounded up the key dates and legislation changes that landlords should be aware of over the coming months. As always, we will be managing these legislation changes on your behalf, but if you have any questions about these - or anything else - feel free to get in touch.

Our rental market performance over the past month

The latest Goodlord Rental Index shows that the rental market held steady in December in the regions monitored, despite pandemic fears heightening during the traditionally slow month for our sector, with improved void periods in most regions and only small shifts in rental prices. Here’s a snapshot of how our agency performed in December:

• We achieved an average rent of £739
• Our deal turnaround times were 15 days on average
• On average the tenants we rent to have an income of £27487
• The average age of our tenants is 35

Key dates for 2021

31 March 2021: Six-month notice periods, furlough scheme, and stamp duty holiday set to end
The emergency legislation which increased minimum notice periods to six months - except in the most egregious cases - is set to end on 31 March 2021. The extended Coronavirus Job Protection Scheme - better known as the furlough scheme - and the stamp duty holiday are also scheduled to end on the same date, and it is yet to be determined what impact the end of these schemes will have on the lettings industry.

1 April 2021: Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 and stamp duty changes
The beginning of April brings with it multiple legislation changes. Electrical Safety Standards will apply to all tenancies - both new and existing - from 1 April 2021, requiring landlords to have the electrical installations in their properties inspected and tested by a person who is “qualified and competent”, at least every five years and provide a copy of the electrical safety report to their tenants. Additionally, all non-UK residents purchasing property in this country will have to pay an additional two per cent stamp duty surcharge from 1 April - though they will be eligible for a refund if they become a UK resident within 12 months of the purchase.

30 June 2021: Changes to right to rent checks for EU, EEA, and Swiss citizens
The government confirmed that right to rent checks will not change for citizens of the EU, Switzerland, Norway, Iceland and Liechtenstein until 30 June 2021, but is yet to confirm what the process will look like after this date.

TBC: Renters' Reform Bill and the end of Section 21
Prior to the pandemic, work had already begun on the Renters' Reform Bill, which set out the government's plans to abolish Section 21 and so-called "no fault" evictions, while improving the grounds for landlords to regain possession of their properties under Section 8. Landlord Action's Legal Director Tim Frome thinks the bill is likely to be a priority for the government next year: “It’s been pushed into the long grass a little bit, but I know it's still on the government's agenda.”

We look forward to working with you this year!

The Torbay Property Management team