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Letting agency businesses across the UK need to work to a new framework from 14 May 2025 under the Sanctions and Anti-Money Laundering Act 2018, and it is vital that every agent understands the rules and adjusts working practices and systems accordingly. Through our vast network of members, some confusion has been highlighted around the rules, and we have produced resources to navigate the requirements.
Under the Sanctions and Anti-Money Laundering Act 2018, the UK Government introduced a new regime of issuing financial sanctions following the UK’s departure from the European Union. Under the Act, businesses specified in the Act have to report to the OFSI if they suspect they are engaging with a client who is under financial sanctions.
The Renters’ Rights Bill reached a critical milestone on 4 February 2025, with its Second Reading in the House of Lords. Propertymark has been at the forefront of discussions, ensuring that the concerns of property professionals are heard, and the impact of more than 200 letters from members was evident during the debate. We have lobbied against specific aspects of the Bill, particularly limits on rent in advance and the lack of clarity regarding short-term let regulation and court resourcing. We call for a clear implementation timeline and improvements to protect vulnerable tenants while ensuring fair treatment for landlords and agents.
Prominent figures from the property sector gathered in London on 22 January 2025 to deliberate on the future of the Private Rented Sector (PRS) in light of the forthcoming Renters' Rights Bill. The event, hosted by Goodlord, featured a panel including Nathan Emerson, CEO of Propertymark, and Lord Best OBE, a cross-bench peer with a special interest in housing issues. The discussion encompassed a wide range of issues, including the progression of the Bill, ongoing supply and demand challenges, and the necessity for a coherent strategy for the sector.
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