Explanations of words and terms used in London rental business

ADJACENT Contiguous, adjoining, neighboring
BOROUGH An area of the town with local government
COUNCIL TAX A local tax, set by councils, to help pay for local services like policing and refuse collection; applies to all properties
COUNCIL TAX BAND Determines how much Council Tax you pay
DECENT HOMES By 2010, 95% of all social housing in the UK will need to be of a minimum standard
DSS Tenant A tenant, who gets benefits from the government, specifically from the Department of Social Security
EPC Energy Performance Certificate - shows how energy efficient the property is on a scale of A-G, with A being the most efficient.
HMO Houses in Multiple Occupation
HOLDING DEPOSIT This is held till you get your paperwork and finances ready. Usually 1 weeks rent. The normal holding period is 1 week. Make sure to get a written note of the received sum, date, property address, payee name and signature. Not to be returned should you decide to back out of the deal. If the deal is off because of the landlord or estate agent - ask your money back. Write a formal letter if necessary or write a claim HERE.
LETTING Renting
PCM Rent Per Commencing Month
POWER SHOWER A shower using a pump to boost the flow of water to give a powerful shower spray (diydata.com).
PW Per Week
REFURBISHMENT repairing or remodeling the property
RENTAL an apartment or a house offered or given for rent
RENT A ROOM SCHEME Optional exemption scheme that lets you receive a certain amount of tax-free ‘gross’ income (receipts before expenses) from renting furnished accommodation in your only or main home.
SALE AND RENT BACK Property transaction whereby firms buy homes from individuals, usually at a discount, and then allow those individuals to stay on in the property as tenants.
SOCIAL RENTED HOUSING The role of social rented housing has been, and remains, to provide good quality housing at below market rents for those otherwise unable to afford decent housing.
TENANCY DEPOSIT SCHEME From 6 April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a tenancy deposit protection scheme.

SOURCES USED:
Directgov
The Supply of Rented Housing 2007-08 House of Commons