Renters Rights Bill- what does it mean for landlords?

On 9^th October the Renters’ Rights Bill passed its second reading.  This means that the bill next goes to the Committee Stage, chaired by Florence Eshalomi MP. So what do we know about the bill?

Some of the above is needed and welcomed by the industry. Tenants absolutely should live in well-maintained homes for a reasonable rent payment.

However, within the proposals there is a suggestion of widespread underhand landlord practices, which in our experience isn’t accurate. This anti-landlord rhetoric is resulting in some landlords choosing to exit the PRS. Many landlords are concerned about the potential costs they will incur to get their homes to an EPC rating C, for instance…if they can at all. Furthermore, with interest rates now higher, increased mortgage costs together with increased rates of taxation have now made investment in property not financially viable for some.

Local housing offices are already at breaking point with huge waiting lists. If rental housing supply further diminishes, this will only exacerbate the problem.  Instead of local authorities focusing on enforcement initiatives, how about landlords, letting agents and tenants work together to try and help reduce homelessness! Surely we should be working together, not against each other? The sentiment of the information on the gov.uk website alarmingly, seems to be suggesting otherwise.

So what are Roberts & Co doing to try and help? I have contacted the MPs for both Preston and South Ribble as well as the head of housing at South Ribble Borough Council to raise my concerns about the impact on housing and homelessness this will have in our communities. We are already in a housing crisis and this will only be exacerbated.  I am hoping that by speaking from the ‘frontline’ we can help to articulate the implications.

Finally, as always, at Roberts & Co we have our landlords backs. We have already started to pull together some strategies to help landlords with the transition to the new period of being a landlord. We wholeheartedly think, that whilst the Bill needs a certain amount of polishing and tweaking, property still remains a viable and lucrative investment, if managed correctly, using available resources. There is a need for good quality housing stock in the PRS and an unfortunate consequence of lack of supply is an increase in rentable value.  Whilst this does absolutely nothing to help tenants, this will help assist landlords in making property investment profitable.

If you are a landlord and want to know more about the Renters’ Rights Bill and how it will affect you, we will be covering this in detail at our FREE landlord support evening. We have a variety of speakers covering hot topics, keeping you informed of how to stay on the right side of the legislation changes and protect your investment property.

Click here to book your ticket