Fines and falling rents to hit new forced landlords

The influx into the rental market of would be vendors who can’t sell has lead to a surge in the number of rental properties on the market.

Not only are these new forced landlords depressing the lettings market but they may also be in breach of landlord legislation like tenants deposit protection legislation.

The head of the Deposit Protection Service has warned that these new landlords may be open to fines for falling foul of the legislation introduced in April 2007.

Landlords can no longer keep their tenants deposit in their back pocket as it were, but have to ensure that it is protected by a third party.

This is just one of many regulations that new landlords will have to comply with such as gas safety, electrical equipment safety and have a HIPS done to name a few.

They are also entering into a lettings market that has started to see a dip in rental income as the market is flooded with new properties for let.

August 27^th 2008

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