The Government has published its rental reform White Paper three years after it was first promised. Within it are changes that affect both renters and landlords, as well as a fair few surprises.
What is the 12-point plan?
The White Paper outlines a 12-point plan with the aim of ensuring that all PRS (private rented sector) homes in the UK meet the Decent Homes Standard. This will also kick start the selective pilot schemes aimed at weeding out bad landlords. Under this bill, it will become illegal in England for landlords to evict tenants ‘without fault’, and landlords will need to provide a reason for reclaiming the property.
Section 21 evictions are already illegal in Scotland, whilst Wales and Northern Ireland are set to extend no-fault-eviction notice periods.
Why is the bill being introduced?
The new Renters Reform Bill for England aims to protect tenants, and ensure all private renters are able to access safe and secure living accommodation.
How will the bill affect landlords?
Removal of Section 21 evictions mean that landlords will no longer be able to evict tenants at short notice. Furthermore, those landlords who do not comply with providing safe and secure accommodation for their tenants will be hit with high fines and increased penalties.
What other changes are proposed in the Renters Reform Bill?
Under the bill, landlords will no longer be able to refuse tenants on benefits without good reason, or tenants who want to live with their pets. Rents will also only be allowed to increase once a year.
It’s more important than ever to work with a reputable agent and ensure you’re charging the correct rent from the beginning. Finding a good tenant in the beginning is also a crucial part of making your life easier as a landlord.
What are your next steps as a landlord?
Although these changes may seem daunting, they’re only being put in place to weed out the rogue landlords. It’s still a fantastic time to invest in property and if you have any concerns or queries, you can speak to a local expert who’ll be able to help. The current shortage of rental homes and increased rents at the moment means it’s well worth seeing how much you could earn from property.
Take 60-seconds to see what you could charge in rent. All we need is a postcode and 60 seconds of your time.