Looking Back, Looking Forward

2019 has not been that straightforward as far as the PRS is concerned, yet most letting agents & property managers have held their nerve, with clear business objectives and focus.
The start of the year was filled with apprehension about what the Tenant Fees Act 2019 would look like; how would business plans and models change? How would the legislation impact the bottom line? Would businesses thrive and survive or flounder? The key elements that came out of the guidance put in place a “transitionary period” that allowed fees to be charged for pre-existing tenancies until 31st May 2020, ensuring the holding deposit is enshrined in law, removing references to “professional” cleaning of any kind, higher deposits for pets, caps on security deposits and therefore, the need to refund surplus amounts. Not only did letting agents need to consider the financial elements, there was also processes which needed to change. Ensuring that these changes are implemented correctly sits with the agent, and this has been done with a great deal of professionalism and expertise.
The Housing (Fitness for Human) Habitation Act 2018 seemed to have slipped by the way side given the emphasis on the fee ban. It is important to note that the act also has a transitionary period which ends on 19th March 2020 - this means all tenancies regardless of start will be affected.
April 1st, 2019 saw the introduction of Mandatory Client Money Protection (CMP), one of the very few Regulations put in place solely for letting agents. 
The Consumer Rights Act 2015, always a bit of an anomaly due to lack of enforcement, was given a reboot within the Tenant Fees Act and a remit from the new Trading Standards Enforcement team to ensure that letting agents are fined.

So what does 2020 hold? Pre-election, Boris Johnson confirmed that there is an intention to abolish the Section 21 notice and the “No Fault Eviction”, supported and confirmed in the various political party mandates, will be interesting as we watch this unfold. Hopefully the Government lawyers will treat this change with kid gloves, paying particular attention to the recommendations of those working in the sector.
We may be presented with a syllabus or outline of what the ROPA report recommends when it comes to regulation of the housing sector. Growth of the Build to Rent market and an ever flourishing HMO sector will continue to develop. Landlords will have to deal with changes in Tax Relief and the mandatory electrical testing
Case law will feature heavily - read Anthony Gold’s synopsis of some key cases which will be pivotal in 2020.
There have been a lot of obstacles to overcome, yet, the housing sector remains be resilient, so let’s see what a new Government, a New Year and decade brings.