Properties in the PRS are in short supply while demand remains incredibly high. The prospect of rises to Capital Gains and Inheritance Tax appears to have sparked a flurry of selling activity among some landlords as new figures from Rightmove reveals that the proportion of former rental homes moving into the sales market is the highest on record – at 18%.
Benham and Reeves’ Marc Grundherr has said that if the Labour government imposed a significant tax increase on landlords, this would be another blow to those who provide vital housing stock.
Furthermore, Labour have already announced their plans to introduce higher standards, warmer homes and to regulate the sector thoroughly.
But increased regulation doesn't have to result in an increased workload for agents and landlords.
Cue flatfair Deposits
Through integrations, flatfair Deposits utilises open banking technology and partners with the major UK deposit schemes to automatically register traditional deposits into the agent’s preferred scheme.
Deposit registration, if not done correctly, carries the risk of hefty fines, reputational damage and sometimes worse. flatfair Deposits removes the potential of missed deadlines and human errors while saving agents and landlords approximately 60 minutes of admin time per tenancy.
It also provides tenants with the important choice of a deposit alternative, to reduce their move-in costs by an average of £1000, while landlords double the protection on their property for potential damages or unpaid rent.
flatfair Deposits also integrates with leading referencing providers, HomeLet and Homeppl, and we cross-reference these results against our own criteria to ensure the highest quality tenants are occupying the property.
Businesses in the lettings industry need to work smarter, not harder, when it comes to compliance and free-to-use technology like flatfair Deposits is the solution and way forward for the PRS.
Looking to improve your compliance and efficiency? Book a no-obligation demo for flatfair Deposits today.