Paying a year’s rent up front? Like giving £15,000 or more to someone you’ve barely met? Or ,even worse, to an estate agent? That’s absolutely insane. Half the estate agents on the high street are dodgy enough to close up shop and take your £15,000 to Cuba the day after you give it to them.
A massive risk. If the landlord hasn't asked his mortgage lender's permission if he can let the property and then falls into arrears with their mortgage payments (doesn't use the rent received to pay the mortgage); or the landlord already has a repossession order when they let it to a new tenant; or they don't even own the property they claim is theirs, then the tenant has lost their money and their home.
There’s pretty strict rules, written and unwritten for real estate and nobody is going to do anything different because that represents risk.
Strict rules? In the UK, any person can set themselves up as a letting agent or estate agent. It's why councils employ staff to to take the bad letting agents and bad landlords to court. With a new law just come in to tackle bad landords who fail to carrying out their repairs.
Americans understand the concept of being flexible and doing something unusual to make more money. British people do not and will react with suspicion and even hostility.
Has it ever occurred to you that the landlord demands are to do with supply and demand? Rents rise as do demands by landlords, because of high demand (people arriving in the UK and looking for somewhere to live) and low supply (number of houses available).
It's one of the reasons the Swiss voted to limit the EU's free movement to their country, because high numbers of unlimited immigration always causes a massive strain on housing, plus schools, national healthcare systems, jobs, services, roads, benefits etc The EU were going to take them to court over this limit they were going to impose on free movement, until Breixt happened. To try to stop the Swiss following the Brits out of the door, the EU have now allowed the Swiss to try to relieve that pressure, by making sure that a job is offered to a Swiss citizen first now (something free movement didn’t allow). However the Swiss have now withdrawn their long standing application to be a full member of the EU and will only remain in the EEA, with these new rules of Swiss workers first.
Liechtenstein too will not tolerate unlimited immigration to their country for the same reasons. i.e. they will only allow 66 EU permits a year for those using free movement to their country
and these few must have a job before they apply for an EU permit..
Supply and demand drives the market and the housing market is no different.
i.e.
Many landlords are worried that a Brexit vote will cause a fall in the rents because of supply and demand.
The financial crisis caused mortgage interest rates to be very low for a long time, yet the historic average mortgage interest rate in the UK is 8%., with the BBC calculator also warning what their monthly repayment will be on a 10% rate. Yet how many can afford to pay their mortgage on an 8% rate or higher, as rates will now start to rise again. As the rates rise and numbers of buyers decrease compared to the numbers trying to sell their homes, then supply and demand kicks in again. History repeats itself and the UK housing market is always boom and bust.