Today’s vote in the House of Commons on Theresa May’s Brexit withdrawal deal may be dominating the headlines but it’s the vote in the Lords on the Tenant Fees Bill that may be of most interest to the lettings industry.
The Bill this afternoon has its Third Reading - this is the final chance for the Lords to amend the measure.
Shortly before Christmas, at its Report Stage in the House of Lords, the government laid amendments that lowered the deposit cap to no more than five weeks’ rent for properties with an annual rent of less than £50,000.
“We believe these amendments strike a fair balance between improving affordability for tenants whilst ensuring that landlords and agents have the financial security they need” says a statement from from Ministry of Housing, Communities and Local Government.
After it leaves the Lords this evening, the Bill returns very briefly to the Commons, after which it will receive the Royal Assent meaning it will definitely become law.
However, the government says it will not reveal its implementation date until after Royal Assent, leading some observers to suggest it may be later than the April date originally expected.
A lead local authority to police the new measure will be announced next month.