FAQs: Renters Reform Bill

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The Renters Reform Bill is a hot topic right now – a lot of conversation and speculation is flying about which we don’t actually find particularly helpful. This is a big deal in the private rental sector and it’s important to make sure you understand the nuts and bolts of it.

Instead of writing a long, very wordy article that discusses different ideas and hypotheses of what’s to come later on this year, we thought we would simply answer a few of the questions we’ve heard coming directly from the local market and hope this serves you better. 

What is the Renters Reform Bill?

The Renters Reform Bill is a piece of legislation that aims to improve the quality of housing for all involved in the UK private rented sector.

Why has it been created?

The Renters Reform Bill aims to tackle the imbalance in the UK’s private rental sector, affecting numerous renters and small-scale landlords. The aim is to find a delicate equilibrium between ensuring fairness for both tenants and landlords. While some renters feel they are left exposed under the current laws, responsible landlords feel they are being unfairly penalised and stereotyped because of a minority of irresponsible and non-compliant landlords. It is clear that one size does not fit all.

When will it take effect?

The aim is to enact the bill into law before the upcoming General Election which we anticipate will take place in the Autumn this year.

Who does it impact?

It directly impacts private landlords and tenants. Currently there are approximately 11 million renters relying on privately rented homes and 2 million landlords earning income from rental properties. The Renters Reform Bill will also impact estate agents and other stakeholders in the UK property market as everyone involved will need to be aware of developments and changes to legislation to ensure they remain compliant. 

What is included in the Renters Reform Bill?

The main points to be aware of are listed below but we recommend that you keep an eye on the Gov.UK website as it is the most reliable source of information to explore each of the different components in depth. 

How do I comply with the Bill once it’s passed?

We recommend that you speak to a reputable lettings expert who can support you with getting to grips with the areas of the Bill that are directly relevant to your individual situation. Also, keep an eye on the Gov.UK website as it is the most reliable source of information to explore each of the different components in depth. 

Where can I find out more about the Renters Reform Bill?

The Gov.UK website is the most reliable source of information to explore each of the different components in depth. Propertymark and MoveIQ also provide reputable information and summarised articles covering key market updates that will include developments about the Renters Reform Bill. 

What does the future look like with the Bill enacted?

There is no definite roadmap for the future of the property market. Although the Bill aims to make improvements, there are key structural issues that must be addressed to truly reform and strengthen the lettings market.

Over the past year, many landlords have withdrawn from the lettings market, leading to a shortage of rental properties. This imbalance between supply and demand has resulted in rising rental prices, posing challenges for tenants in search of new homes.

The government must view the publication of the Bill as a part of a larger context. While it is a positive step, more actions are required to address the underlying structural problems affecting the rental market.

A thriving rental market depends on both protected tenants and motivated landlords. Legislation must consider the needs of both parties to bring about meaningful change. It should introduce measures that benefit tenants and landlords alike for a flourishing rental market.

Sims Williams are estate and letting agents with offices in Arundel, Bognor Regis, Chichester and The Six Villages. For support and guidance you can trust, contact Sims Williams and move with confidence.

 

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