Originally published at: Renters Reform Bill 2024: What Landlords Need to Know
The Renters (Reform) Bill was first introduced in parliament in May 2023, proposing significant reforms for the private rented sector. However, didn’t make it through the legislative process in time, meaning it will not become law. This was due to Rishi Sunak’s surprise call for a general election on 22nd May, which left no time…
Looks like using the Ombudsman would be free for tenants. What will be the cost for landlords?
What will prevent SHORT TERM holiday makers to the UK (or their families in the UK) renting a property and then giving 2 months notice to quit immediately after moving in?
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Nothing. A point I made when the bill was announced. No short stay renter or extended holiday maker need ever pay higher prices again.
“Calling all retirees. Why settle for a fortnight in Scarborough at that holiday cottage when for the same price you can rent the place next door for the whole Summer”
It feels like a road crash coming.
Landlords will be bailing out of the market either by converting to holiday lets because it is now the less hassell route or selling up and investing elsewhere. Most of the private landlords just want a quiet life. The number of properties coming on the market, as a result, will be a small increase to the total available, making little impact on the housing crisis. Those who think otherwise are deluded.
19% of properties are Private rentals, if that is reduced by half, the overall impact on availability to buy will only be 10%
However, the properties available for long-term rent will dramatically decrease by 50%, and there will be mass homelessness and/or sink landlords/councils mopping up, forcing the unfortunate into dangerous blocks and poverty areas of concentrated accommodation in prison-like environments.
There will be demonstrations, revolts and mass dissatisfaction and the people blamed wont be the ones who caused it, rather it will be the poor sods left still trying to do the right thing - only using more people out of the landlord arena.
God help us all. This is going to be an earthquake. Be careful about what you wish for.
Lessons could be learned from Berlin. Berlin's failed rental revolution - Exberliner
You don’t seem optimistic about this.
There are 4mn rental voters and a lot less landlord voters so guess what they’ll do.
It will happen for the simple reason that the government can’t afford the cost of the Homelessness Reduction Act and the pressures it puts on councils. Talk today about Hastings Council going under due to the cost of temporary housing. With rising rents, you get a churn where those who have issues with affordability / credit worthiness get dumped on the council. The cost is too much so someone has to pay and the government has decided its the PRS.
You will just need to hug your T and hope it will all pan out - or make sure you check you have reliable T’s right at the start of the tenancy - and be able to withstand voids if you have to wait for the renter profile you want.
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