Renters reform bill. Whats the latest?
On the renters reform bill that is being debated, at this stage we can only speculate. However, the few thoughts I just want to share from the headlines:
1. Somewhere along the line a Landlord will likely need to give a Tenant 4 months notice to end the lease. I don't think this is a big deal. The property rental is a slow game. It's not the financial markets. If a Landlord is planning to do something with their property - adding on an additional 2 months to the usual current normal 2 months notice period is not going to make a huge impact.
2. Bidding wars being banned. Not an issue. We as a Letting agent don't encourage it and therefore its not going to make any difference to our business and our Landlords.
3. Ban on in-tenancy rent increases written in to contracts. This one is confusing. Yes we presently offer these in our tenancy agreements but the yearly rent increase clause is very much constructed around RPI (Retail Price Index). However, whilst in-tenancy rent increases written in to contracts would be banned, the government will allow once a year rent increases inline with the rental market. Well...its kind of the same thing. How will the government decide what the market is communicating? Surely they will keep it simple and likely attach the rent increase inline with CPI (Consumer Price Inflation) or RPI (Retail Price Index).
On the above there is nothing sensational going on.
It's early stages but I think what this will ultimately resort to letting agents getting advertising pricing accurate and also referencing a Tenant perhaps more scrupulously than ever before. This may irritate Tenants but they will have to deal with it. Landlords and agents can happily run with the new changes but avoiding bad apple Tenants will be no doubt tightened. What it does potentially mean is that in another way, the government may create some new issues for Tenants getting an opportunity to rent in the first place.
1. Somewhere along the line a Landlord will likely need to give a Tenant 4 months notice to end the lease. I don't think this is a big deal. The property rental is a slow game. It's not the financial markets. If a Landlord is planning to do something with their property - adding on an additional 2 months to the usual current normal 2 months notice period is not going to make a huge impact.
2. Bidding wars being banned. Not an issue. We as a Letting agent don't encourage it and therefore its not going to make any difference to our business and our Landlords.
3. Ban on in-tenancy rent increases written in to contracts. This one is confusing. Yes we presently offer these in our tenancy agreements but the yearly rent increase clause is very much constructed around RPI (Retail Price Index). However, whilst in-tenancy rent increases written in to contracts would be banned, the government will allow once a year rent increases inline with the rental market. Well...its kind of the same thing. How will the government decide what the market is communicating? Surely they will keep it simple and likely attach the rent increase inline with CPI (Consumer Price Inflation) or RPI (Retail Price Index).
On the above there is nothing sensational going on.
It's early stages but I think what this will ultimately resort to letting agents getting advertising pricing accurate and also referencing a Tenant perhaps more scrupulously than ever before. This may irritate Tenants but they will have to deal with it. Landlords and agents can happily run with the new changes but avoiding bad apple Tenants will be no doubt tightened. What it does potentially mean is that in another way, the government may create some new issues for Tenants getting an opportunity to rent in the first place.
13/09/24
Renters reform bill. Whats the latest?
by Jay White
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