According to Countrywide’s Monthly Lettings Index for May, the average cost of renting a one-bedroom home in Great Britain accounts for 48% of the post-tax income of an average young full-time worker. This compares to 45% in 2007. Rents have increased 27% since 2007 outpacing a 16% growth in incomes.
Changes implemented under the Energy Efficiency (England & Wales) Regulations 2015, mean that domestic landlords need to be prepared for the new Minimum Energy Efficiency Standards (MEES). These changes come into force on the 1st April 2016.
With the new Right to Rent Scheme launched on 1st February 2016, Landlords are now required by law to check any potential immigration status before granting a tenancy. Failure to do so can result in fines of up to £3000.