Everything you need to know about the renters' reform bill
ShareIf you keep up to date with property news, then you may already be aware that a new bill called the Renter’s Reform Bill has been introduced into parliament recently. Estate agents Chelmsford branches and their associated letting divisions are currently keeping track of the news surrounding this bill, as are many new and experienced landlords.
This bill is currently the subject of much talk and speculation with both landlords and tenants and it seems to offer some solutions that could benefit tenants in the UK. But what else do we need to know about the renters’ reform bill and what are some of the finer details involved in this?
Why is the renters’ reform being introduced now?
The renters’ reform bill is being introduced to protect the rights of private rental tenants. This was first introduced in 2022 by the government to ensure that tenants are not being taken advantage of and that their needs and requirements are being consistently met. With the rental market currently being quite a volatile place for tenants, this is widely being seen as a welcome move. The bill will aim to look at 12 points, including protecting tenants from being unfairly evicted, to a cap on rent price increases per year.
When is the bill likely to be passed?
The renters’ reform bill will have a lengthy time in Parliament before it is likely to be passed. This makes predicting an exact date impossible to do. However, landlords and tenants can start to protect or equip themselves with as much knowledge as possible during these early stages.
Pros and cons of the renters’ reform bill
There are many potential advantages and disadvantages to the bill, and if it is passed it could see a change in how the buy-to-let industry runs.
Pros and cons for tenants - tenants will likely receive more protection when it comes to how much their rent can be increased by each year. This will assist with the rising cost of living and prevent long-term issues, which is the main reason for the creation of the bill. There will also likely be improvements made to the health and safety of properties as well as an extension to the amount of time tenants must be given to vacate a property. This will prevent tenants from being evicted without a justified reason and allow families sufficient time to locate new accommodation in these uncertain times.
Pros and cons for landlords - landlords would potentially receive more guidance and support but there will also be some changes that may give them cold feet about remaining in the industry. The renters’ reform bill should continue to be monitored before any rash decisions are made by landlords as some many different changes and updates could arise.