The Renters (Reform) Bill was introduced into Parliament on 17 May 2023 and will deliver a fairer, more secure, and higher quality private rented sector for both tenants and landlords.
It is a proposed piece of legislation that has the potential to transform renting for good. The main proposals in the bill are to:
- Scrap section 21 ‘no fault' evictions.
- Create a register of landlords.
- Introduce a private rented ombudsman to help enforce renters' rights.
The Renters (Reform) Bill is expected to bring about many changes for tenants and landlords alike. While the exact extent of these changes is not yet known, landlords can expect there to be wide-ranging changes to eviction practices that will affect how they can regain possession of rented properties.
However, a potential unintended consequence of the Renters’ Reform Bill could be more landlords leaving the buy-to-let market due to an increased legislative burden and rising costs. This may also discourage new landlords from entering the sector.
According to the National Residential Landlords Association, around a third of landlords in England and Wales were already planning to cut the number of properties they rent out at the beginning of this year, up by 20% from 2021.
One solution to the typical BTL strategy is the supported living and social housing models where landlords have a lease arrangement rather than an AST which means greater control for landlords.
If you would like to know more about how this strategy could work for you and your existing portfolio simply go to our website, or for more details email us at firstname.lastname@example.org.
If you would like to read more about the bill, then please follow the link below.