Could UPRNs start a real revolution in renting?
Maryanne Bowring 14/10/2020
509
Across the country, dozens of local authorities are clamping down on rogue landlords by setting up licensing schemes to ensure the rental sector is operated within the law. This is costing landlords a small fortune in many cases as licensing fees can run into thousands of pounds for those with multiple properties.
So what if there was a better way to make sure landlords are operating within the law? Well, there is – but it’s not up and running yet. If you’ve never heard of Unique Property Reference Numbers or UPRNs you soon will. They are set to change the way the whole rental market works. And this is how.
Every property in the country now has a UPRN. This means that any house, flat or commercial property can be identified and information related to it kept on record. That’s not happening yet but in future the aim is for everyone involved in the property industry from letting agents and property managers through to Gas Safe engineers and tenant deposit providers all to use the same reference number. This will link all the relevant information about any individual property and means that, in future, anyone who wants to will be able to see instantly the status of a particular property – much like the MOT on your car is logged at the DVLA and available to view online.
Landlord compliance with all the relevant property checks and legal requirements will be available for tenants to see in just a few clicks, effectively putting rogue landlords operating unsafe rental properties out of the market – and (in theory anyway) making the need for licensing schemes redundant. The system is designed to empower tenants but the knock on effects will benefit landlords too.
But don’t hold your breath because this could take some time to be put into practice. The Government is dragging its feet – and Covid-19 isn’t helping. But when UPRNs are made freely available – and they will be eventually – they could genuinely revolutionise the way the rental market operates. Fingers crossed they will make the PRS safer – and cheaper – for both landlords and tenants.
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.