It's been another month full of announcements from the government, even with restrictions beginning to ease: the evictions ban, as well the requirement for landlords to provide 6-month notice periods to tenants, has been extended until 31 May 2021; the stamp duty holiday has been extended until 30 June 2021; and the Coronavirus Job Retention Scheme and Self Employment Income Support Scheme have been extended until 30 September 2021. See below for more detail on each of these announcements and, as always, please get in touch if you have any questions.

Our rental market performance over the past month

Here’s a snapshot of how our agency performed in March:

• We achieved an average rent of £774
• Our deal turnaround times were 13 days on average
• On average the tenants we rent to have an income of £18,371
• The average age of our tenants is 40

Evictions ban extended until 31 May 2021

The evictions ban in England, as well the requirement for landlords to provide 6-month notice periods to tenants, has been extended until 31 May 2021. Exceptions remain in place for the most "egregious cases", including illegal occupation, anti-social behaviour and arrears of six months’ rent or more. The extension to the Coronavirus Job Support Scheme (also known as the furlough scheme) and the Self Employment Income Support Scheme until the end of September 2021, announced in the Budget, however, should help to ease the financial pressure on tenants.

We're still keeping in touch with our tenants to ensure that we're up to date on their current situation. If you have any questions or concerns, please feel free to get in touch.

Stamp duty holiday extended

The Budget also included the announcement that the temporary cut in Stamp Duty Land Tax in England and Northern Ireland on properties up to £500,000 has been extended until the end of June 2021. The holiday will continue on properties up to £250,000 until the end of September 2021. The government also announced plans to introduce a new mortgage guarantee scheme, which will enable "all UK homebuyers to secure a mortgage up to £600,000 with a 5% deposit".

Electrical safety regulations apply to all existing tenancies from 1 April 2021

The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 came into force on 1 June 2020 and will apply to all tenancies - both new and existing - from 1 April 2021. Under the regulations, landlords must have the electrical installations in their properties inspected and tested by a person who is “qualified and competent”, at least every five years. Landlords have to provide a copy of the electrical safety report to their tenants, and to their local authority if requested. Breaches of the regulations could result in financial penalties of up to £30,000.

We're managing electrical safety checks for all our properties, but if you have any questions regarding this legislation, feel free to get in touch.