The long-awaited Renters Reform Bill was published last week, which SHOULD mean by Summer 2025 there will be no fixed term contracts or Section 21 (no fault) evictions. This could mean difficulties for landlords and might end up leading to a shortage of rental properties for tenants!
The Tories kicked this bill into touch (twice) but Labour seem very keen to push it through.
🏚 Landlords – our advice is to do thorough background checks when receiving tenancy applications and keep rent levels in line with the market rate. It will still be possible to seek possession due to rent arrears or in case you need to sell the property using Section 8
🗝 Tenants – whilst this Bill looks great on paper, it could seriously affect the level of available rental properties in the years to come. Our advise is to keep a great relationship with your landlord and, if you are thinking of moving, make sure you have an application agreed for an onwards move before handing in your notice!
The 226 page document is summed up beautifully in this NRLA article https://lnkd.in/eCAqjYEb
