Law Commission's plans to regulate buy-to-let market

Posted: 14 Aug 2008 17:26:47 GMT

            Property News - Law Commission's plans to regulate buy-to-let market

The Law Commission has announced plans to tighten the regulation of the buy-to-let and private rented market which it hopes will improve standards.

It is proposing the creation of a housing standards monitor which it hopes will help to guarantee only quality properties are rented out and will force tighter self-regulation amongst landlords.

According to the Financial Times, the report, titled Housing: Encouraging Responsible Letting, included other proposals such as having a single code of housing management practice for landlords.

It also suggested having landlord accreditation schemes available in every local authority area, making provision to test home condition certificates and creating a stakeholder board.

A recent survey conducted by YouGov on behalf of insurance experts AXA showed that buy-to-let investors were hoping to increase the rent on their property to offset higher mortgage costs resulting from the credit-crunch.

Mike Keating, managing director of personal lines intermediary at AXA, said the survey revealed the rising demand for rental properties.

He explained: "Our research shows that over a third of people privately renting are doing so because they can't get a mortgage at the moment."

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