Many would be first time buyers are renting for longer periods due to the need to save up large deposits, this is unusual in the UK, however, in most of Europe renting is quite normal. With the added complexities of rapidly fluctuating interest rates and difficulties in obtaining mortgages against the freedom of being able to move with no more than a months notice, then maybe the UK’s housing market is starting to change. If you are thinking about renting a flat, read our hints and tips first:

1. More people are doing it….

ARLA (the Association of Residential Letting Agents) has reported that the demand for rental properties is at its highest for five years.

Over 50 per cent of letting agents in London and the South East have a shortage of rental properties and have more tenants than properties – which of course will lead to increasing rental prices.

Unfortunately its not the same in the North and Midlands. Developers have enjoyed the benefit of lower land prices in these areas and the proportion of new build apartments has risen from 21 per cent in 2000 to 49 percent a the
start of 2008. For renters in the North this means you can haggle with the rental price.

2. How much does renting cost?

Recent figures have suggested that the average monthly rental costs are starting to fall, however on different scales dependent on the property type, with studio flats out performing the rest of the market. The actual cost of renting fluctuates completely through out the UK, usually dependent on the employment market in the town and city and if there is a local student population.

3. The Waiting Game

The latest research suggests that larger properties are being required for families who may have sold their property, but are waiting to see how the housing market settles before buying their next property.

4. Tenancy Deposit Protection

In April 2007 Tenancy Deposit Scheme was introduced to protect tenants from unscrupulous landlords. Where a deposit is collected from a tenant the deposit is held in a Tenancy Deposit Scheme and protects the tenant against losing their deposit. Your landlord should now join a statutory Tenant Deposit Scheme and as long as you keep the rented property in good order, you receive all or part of your deposit back when you leave the property.

5. Rights to Privacy

Your landlord or letting agent has a right to inspect their property at reasonable times of day; however, you have a right to privacy in your own home. Your landlord must give you at least 24 hours notice, in writing, before a visit, unless it is an emergency.

The Tenancy Deposit Scheme offers a mediation facility where if a dispute occurs between you and your landlords Alternative Dispute Resolution (ADR) can be used to negotiate between landlord and tenant.

6. Assured Shorthold tenancy

The Assured Shorthold Tenancy (AST) was introduced under the 1988 Housing Act (amended 1996) to allow flexibility to landlords and tenants and to provide straightforward procedures for bringing tenancies to an end. An AST typically lasts for six months during which neither side may terminate. If your landlord insists on a fixed term contract then you should ensure that a break clause is inserted into a fixed term tenancy of a year or more to both landlord or tenant two months’ written notice, after an agreed date, to terminate the tenancy earlier than the original fixed term.

When a flat is rented by two or more adults, the tenancy will usually state that they are “jointly and severally” responsible. This means that they are jointly liable for the payment of all rents and liabilities during the tenancy, and for any breach of the tenancy agreement.

Useful websites

www.landlordzone.co.uk - a free access web portal for landlords, agents & tenants

www.nalscheme.co.uk - National Approved Lettings Scheme accredits reputable letting agents –

www.arla.co.uk – The Association of Residential Letting Agents is the profession’s regulatory body – check your letting agent is a member

DISCLAIMER

Any external products and services listed do not necessarily carry the endorsement of flat-living or imply a recommendation. flat-living.co.uk does not recommend any of the advertisers and cannot be held responsible for any work undertaken by or purchased from any advertiser on this site.

Whilst flat-living makes every effort to ensure that the articles included in the web site are accurate at the time of publication it is inevitable that, as time goes by and circumstances change, the articles may contain out of date information. Readers are strongly urged to check the content of these articles before taking any action that could have legal or financial consequences. flat-living shall not be liable for any loss, damage or inconvenience arising from inaccuracies.