In the news: housing sector reacts to Renters’ Rights Bill

The Renters’ Rights Bill, brought before Parliament on 11 September 2024, is set to introduce a number of significant changes to the private rental sector.

These include abolition of Section 21 ‘no-fault’ evictions and the banning of rental ‘bidding wars’ meaning properties can only be let at their advertised price.

There are also stronger restrictions to prevent rent increases more often than once per year, new rules allowing tenants to have pets in the property, and greater enforcement powers for local councils for breaches of regulations.

Representing some of the most wide-ranging reforms in recent years, the proposals for legislation have received extensive media coverage.

Sky News interviewed Housing Minister Matthew Pennycook who said the bill aims to ‘decisively level the playing field between landlords and tenants’.

And The Guardian reported a warning from the National Residential Landlords Association that landlords might respond with rent rises in high demand areas such as city centres and coastal tourist hotspots.

If you are a landlord, we encourage you to understand the content of the bill and what impact the various measures will have once enacted.

We believe it is vital to stay informed and prepare.

As well as ensuring properties comply fully with legal standards, you may wish to revisit how your tenancy agreements read and look at a new rent-setting approach.

By preparing now, you will stand to achieve a smoother transition to the new rules and responsibilities and be in a better position to continue receiving your rental income in what looks like it will be a more regulated market.

For more information on the private rental sector and lettings market and how Chinneck Shaw can help you as a landlord, visit our ‘Let’ pages or contact us on 02392 826731.

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