Landlords are overwhelmingly aware of the forthcoming Renters’ Rights Act but most admit they do not fully understand how it will work in practice, raising concerns over compliance as the reforms take effect.
Research by Paragon Bank, based on responses from more than 500 landlords, found that 98% are aware of the legislation following extensive political, industry and media coverage.
However, 73% say they remain unsure about some or most aspects of the Act, while just 26% believe they fully understand the detail.
Despite three-quarters saying they feel broadly prepared, six in 10 acknowledge they will need additional support to comply effectively.
COMPLIANCE REQUIREMENTS
Landlords are calling for clearer explanations of how the rules will operate on a day-to-day basis, particularly around compliance requirements, eviction processes and energy efficiency standards.
Many also want access to practical tools such as tenancy agreement templates, regular legislative updates and expert-led training.
To support landlords and brokers, Paragon has launched a dedicated Renters’ Rights Act hub offering guidance, insight and podcasts.
PRACTICAL GUIDANCE
Lisa Steele, Lending Director of Mortgages at Paragon Bank, says: “While it is encouraging to see such high awareness of the Renters’ Rights Act, our research shows many landlords are still grappling with how the changes will work on the ground.
“Landlords want to comply and continue providing good quality homes, but achieving this will depend on having clear, consistent and practical guidance.
“This is something Paragon is working to provide, having already set up a RRA hub on our website. Here, brokers and landlords can find a range of resources such as guides, checklists, expert insight and a podcast. This will be updated in line with the implementation of the Act and when more information is published by Government.”
AVOIDING UNINTENDED CONSEQUENCES
She adds: “A well-functioning private rented sector depends on regulation that works for both tenants and landlords.
“Ensuring landlords fully understand their responsibilities will be critical to delivering the intended benefits of the reforms, while avoiding unintended consequences such as reduced supply or uncertainty among responsible investors.”
