Changes to the rental sector have long been expected, but following the failure to pass the Renters’ Reform Bill, the new Labour government is now set to introduce their own Bill.
Here we’ll take a look at what the new Renters’ Rights Bill could mean for you as a landlord.
The Renters’ Rights Bill aims to give greater rights and protections to the people renting the properties that you own.
Its draft proposals, published in briefing notes by 10 Downing Street, include:
The most relevant part of the Bill for you as a landlord will be the removal of Section 21 evictions. Landlords will be prevented from asking tenants to leave unless they have broken a specific rule, boosting security for tenants while allowing them to reclaim their properties when they need to.
Although this also formed part of the previous Renters’ Reform Bill, it was made clear it would only get rid of Section 21 when ‘sufficient progress had been made on reforming the courts’.
While the proposed plans might seem daunting for landlords, the long term purpose of the Bill is to see improvements to the rental sector that will benefit everyone. The vast majority of landlords work hard to provide decent quality, safe and secure homes for their tenants and want to ensure that they are treated fairly.
A thriving private rental sector is better for all, and here at Aldermore, we welcome improvements that are fair to landlords too.
We will likely know more on any changes when the Bill is published in the Autumn. Aldermore will be engaging with the government during the process of this legislation, ensuring that the voice of our customers is represented.
For more landlord insights and guidance, take a look at the Aldermore blog.