Vanessa Carter, Head of Butler Sherborn Lettings, casts her eyes over Labour’s Renters’ Rights Bill announced this week in the King’s Speech.
Within the King’s Speech earlier this week, Labour confirmed they will be introducing their version of the Renters (Reform) Bill – now being presented as the Renters’ Rights Bill.
This is the most divisive piece of legislation announced within His Majesty’s speech.
His Majesty highlighted the importance of protecting renters rights, fair treatment, security and transparency within the rental market.
INSECURITY AND INJUSTICE
A comment published subsequently by Labour states: “The Government is determined to address the insecurity and injustice that far too many renters experience by fundamentally reforming the private rented sector and improving the quality of housing in it.”
The finer details of the Bill have not yet been announced, however it is widely thought that it will include many of the main points of the Renters (Reform) Bill and will most certainly look to abolish the Section 21 No Fault Notice of possession.
TENANTS AND LANDLORDS
In what ever form the bill is passed, the measures are to be designed to balance the needs of both tenants and landlords to include the strengthening of tenants rights to prevent unfair eviction practices, rent control measures byimplementation of rent increase caps to prevent exploitation and ensure affordability, and Improving living standards to ensure rental properties meet the highest standards of safety and quality for tenants.
Having worked in the industry for many years, it is fair to say that the rental sector in this country does need brought into the 21st Century.
However, with all of the advantages for tenants being highlighted, is the bill going to positively benefit landlords in the future, or will we see landlords walking away from the industry and choosing to sell instead?
It is vital that the reforms do not create a supply crisis in the private rented sector in the future.
