Rental rules shake-up

Landlords have six months to prepare for a new statutory code of practice.

The regulations, set up to improve standards and empower customers, start from January 31, 2018, and require letting agents to be aware of the changes and their new responsibilities.

Housing Minister Kevin Stewart is writing to all commercial agents to highlight changes about the new code which sets out standards that must be met in letting property.

The new rules include on how clients’ money should be handled and also makes it compulsory to have Client Money Protection and Professional Indemnity Insurance.

Mr Stewart said: “We are committed to ensuring the highest quality private rented sector, which empowers tenants.

“Our framework for regulation, and the need for the sector to meet key standards and expectations through the code is an important step in achieving our ambitions.

“Many letting agents already do a great deal to continuously improve standards and inspire confidence amongst landlords and tenants.

“The introduction of the code means a level playing field for all and ensures clarity on rights, responsibilities and expectations.

“For many people, private renting provides a place to call home, and they deserve the necessary standards and protections to find and keep that home.

“With six months until the code comes into force, letting agents must take steps now to be ready for these new ways of working.”