The demand for property in London’s private rental sector is now sky high as it is estimated that more than a quarter of London’s residents are renting from private landlords. This is expected to rise to a third by the mid 2020s. To help safeguard the wellbeing of tenants, London’s Mayor Boris Johnson has published his final version of his London Rental Standard, which outlines regulations for landlords to raise the standards in the capital’s booming private rented sector.

The London Rental Standard is a voluntary accreditation scheme designed to improve standards in London’s private rental market. Reforms introduced by this accreditation scheme will aim to reduce the numbers of London’s rogue landlords, which has been welcomed by the Landlord Knowledge Association (RLA).

Proposals implemented by the London Rental Standard will impose several regulations on London landlords. Some of these regulations include:

• A written rental agreement – this must always be provided and must be agreed upon by both parties. This will outline details such as rent terms and frequency of payment.
• Deposit – The tenant must be provided with details on how this will be protected.
• Contact details – Landlords must provide their contact details to their tenants and this must include their address and two contact telephone numbers.

These regulations will include higher penalties for landlords caught breaching property rules. However, landlords signed up to the scheme will have access to low cost loans in a bid to improve the standard of private rental property.

With the wellbeing of London tenants at the core of the London Rental Standard, tenants will be encouraged to only choose landlords signed up to the standard to guarantee quality service and accommodation, stabilising rents and longer tenancies.

The London Rental Standard came into effect as of July 2013, and by 2016, a target set by the Mayor is to have 100,000 accredited landlords.

There are alternative options open to London landlords to help them maintain their legal responsibilities. Many reputable estate agents across London offer professional and qualified landlord services to help landlords manage their rental properties. These services are designed to help landlords ensure that their rental properties meet all legal requirements, and that the interests of both parties are maintained.

Many London estate agents offer comprehensive landlord services which are designed to make letting property as easy as possible for landlords. Many landlord services will include finding tenants for the rental property, the administration involved with renting out a property and property management.

For more information on landlord services, visit Stirling Ackroyd.

Many London estate agents offer comprehensive landlord services which are designed to make letting property as easy as possible for landlords. Many landlord services will include finding tenants for the rental property, the administration involved with renting out a property and property management.

For more information on landlord services, visit Stirling Ackroyd.