What do prospective and existing property investors and landlords need to be aware of with the long-awaited Renters’ Reform Bill?
For a huge number of property investors in the UK, private rental sector performance is a key consideration, with many opting to rent their properties out to tenants to maximise returns over the long run.
There are numerous rules and regulations to keep up with in the buy-to-let sector, with various changes both planned and upcoming for landlords and investors to know about. One major legislative change that has been in the background since 2019 is the Renters’ Reform Bill.
It is a radical plan that sets out some big changes in the lettings industry, along with new rights for tenants. While many of the proposed adjustments are viewed as positive for the sector, in terms of raising standards, others are less popular among those who feel that landlords are being targeted at a time when they are more essential than ever in providing homes for millions of people.
What’s in the Renters’ Reform Bill?
Back in October, the government confirmed that the Renters’ Reform Bill would be introduced during the current parliamentary session.
However, what will ultimately form the final legislation remains uncertain, with ousted Prime Minister Liz Truss allegedly suggesting that one of the biggest parts of the Bill, the abolishment of Section 21 eviction powers, would not go ahead.
While the current political landscape is uncertain, meaning a date for the Renters’ Reform Bill being introduced is yet to transpire – and which could also see certain parts of the bill tweaked or even scrapped – it is important for landlords to be aware of the potential changes in the industry.
It is hoped that improving standards and fairness across the private rented sector will make it a more appealing situation for tenants, while clearing the way for responsible, law-abiding landlords and property investors to flourish.
Keep up to date with legislation changes with Waterfords
With legislation constantly changing in the lettings industry, it can be a bit of a headache to keep on top of everything and ensure you are being compliant. Waterfords Lettings & Property Management team are proud to offer something for every landlord in terms of property management packages.
Get in touch with our friendly team today to discuss how we can help take the stress out of being a landlord.
Hampshire Lettings: 01252 623330
Surrey Lettings: 01276 903006
Email us at lettings@waterfords.co.uk