The time being taken to review legislation which could overhaul the private rented sector is creating anxiety and uncertainty among landlords and further triggering some to leave the market. We asked Divisional Lettings Coordinator, Joanne Millward, her thoughts on the current rental market.
The Government’s white paper, ‘A Fairer Rented Private Sector’, aims to reform the rules around the rental sector in the UK and improve the balance between tenants’ and landlords’ rights and responsibilities. It includes a commitment to replace Section 21 ‘no fault’ evictions for tenants, the adoption of a ‘Decent Homes Standard’ and the establishment of a new Ombudsman to settle disputes.
The associated legislation - known as the Renters’ Reform Bill - has still not even entered Parliament, meaning the details of the reforms are still unknown. This uncertainty is making some landlords nervous, with many who were considering their future as residential landlords to leave the market entirely.
We work with landlords all over the country and are urging the government to press ahead with putting the Bill through Parliament. The industry is essentially stuck in limbo and the uncertainty in the meantime is causing much more harm when we are not sure of the final details in the legislation.
While the white paper improves rights for tenants, some of the proposals in it will make becoming a landlord more difficult and will give current landlords more problems to deal with. Many are taking things into their own hands as a result and it is yet another reason for many to sell up, reducing rental stock across the country. The supply of rental housing is already under strain in the UK, and this delay is only making it worse by discouraging landlords to keep going.
