What does this mean for you?
As a result of the changes in tenancy rules, more Purpose-Built Student Accommodation (PBSA) operators are likely to switch to licence agreements.
Houses in Multiple Occupation (HMOs) may struggle to make a similar transition, due to the rules surrounding licence agreements. Therefore, HMO properties may become available outside the usual student rental cycle. This could cause rents to rise in the short term as Landlords factor in potential future void periods and increased costs, such as council tax liabilities for empty student properties.
We are in talks with the governing body Propertymark, to guide and advise us on the best strategy moving forwards, including short term solutions. We are in touch with companies such as Airbnb and booking.com to collaborate on short term solutions for student properties which may be vacated early.
If you have any other properties with other agencies, we recommend ensuring that the are also members of Propertymark(or just look for the Propertymark logo!). Propertymark is the leading membership body for the property sector. Their partnership with Move iQ's Phil Spencer is founded on our shared desire to help the general public identify the agents in their local area who are best in class, and to understand the importance both of regulated agencies and qualified professionals. Propertymark Protection is a consumer protection scheme that provides financial protection, an independent redress scheme, and a code of practice for consumers who use the services of members.
More information can be found here
We look forward to bringing you more information in our bitesize bulletins and if you would like to discuss the upcoming changes, please book an appointment with one of the team.
