What the election results will mean for the York property market

Since the result of the general election in May, David Cameron has announced that there will be some changes to certain legislation within this next Parliament which will have an impact on the York rental and sales markets over the coming years.

Prior to Election Day, the Labour party planned to make a number of changes to the private rental market, including a  guaranteed  three year tenancy agreement for tenants, a cap on rents and a ban on landlord and agency fees. Some landlords felt uneasy with these potential changes and opted to sell their buy to let properties both in York and throughout the UK as a result.

However, the Conservative Government is satisfied with the private rental market and plans are in place for just a few changes which will further regulate the industry.   One such potential change will require landlords or their agent to test the immigration status of their tenant. This scheme is currently being piloted in the West Midlands and if successful, it may be implemented across the whole of the UK. This will obviously be an extra burden to the landlord and the penalties for non-compliance are severe, so it’s essential that these checks are managed well. This is something that we at Letters of Distinction are very well placed to carry out and we will be closely monitoring the results of the pilot scheme to make sure all of our agents are fully compliant when it becomes a requirement.

Other policies that will have an impact on the property market include David Cameron’s pledge to build an extra 200,000 homes within this next Parliament and to also give first time buyers a 20% discount to help of them onto the property ladder. This will no doubt have a positive impact on sales but it will also be beneficial to the rental market. Once more people are able to buy, that will slowly free up more rental properties which is just what this City needs as tenant demand is so high.

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