A lifeline for tenants with low credit rating?

Tenants with a poor credit rating could receive a boost to help them find a rental property, if a proposal by the Royal Institution of Chartered Surveyors (RICS) is taken up by the government.

In a new policy paper, RICS has proposed that the UK government should set up a central database of upto 10 million tenants, with landlord feedback and payment history going back over several tenancies. This is instead of the current, tenant-funded credit checks that the government has pledged to axe next year.

According to the RICS, the information carried by the database would allow prospective landlords to look beyond the usual measures of suitability. If a tenant's history showed an otherwise unblemished record, landlords might be more prepared to overlook a temporary issue with credit. RICS head of policy Jeremy Blackburn says "an ever-increasing proportion of the population is looking to rent. By 2025, we know that there will be a 1.8 million shortfall in rental properties and that could mean a rise in homelessness."

At Daniel Cobb we are in favour of transparency and we feel that this system will help both landlords and tenants, by providing information about the tenant's history that might otherwise be passed over. If you are looking for properties to rent in London, we will be delighted to help. Just call one of our offices  to view a range of great rental properties in some of the capital's most sought after areas.

To know more about finding the perfect London rental property, read Top tips to find the perfect London property to rent. If you are a landlord, requiring bespoke property management services, drop by to discuss our offering. You might also like to read Why a landlord's 31 house rules were 30 too many.

"The proposed database would hold landlord references and past rental payment histories for up to 10 million house holders currently living in private and social rented properties across the country."

http://www.propertywire.com/news/europe/call-rental-housing-database-uk/