Data commissioned by Propertymark has found that 50% of agents are concerned about the Renters’ Rights Bill that tomorrow reaches Report Stage in the Commons.
Some worry is that once the Bill becomes law it will add more administrative burdens to letting agents, including ensuring landlords are aware of these upcoming changes, and the wider impact on the sector.
Some 12% were also concerned about Stamp Duty changes taking place from April 2025, another 12% worried about Energy Performance Certificate reforms, and 7% about landlords exiting the market.
Some 3% of agents were anxious about each of: the Budget; leasehold and commonhold reform; decreases in homebuying and selling; decreases in tenants; and interest rate changes.
Finally, 1% of agents were concerned about: a possible Spring Budget; the Planning and Infrastructure Bill; surges in homebuying and selling; and surges in tenant numbers.
Details in the Renters’ Rights Bill include ending perceived ‘bidding wars’ by landlords and agents and consists of measures to stop Section 21 ‘no fault’ evictions with a fresh set of possession grounds. Tenants will be allowed to retain pets, but landlords will be guarded from any damage inflicted by animals via pet suitable insurance policies for tenants.
Furthermore, fixed-term tenancies will be abolished. Also, the private rental sector will have to abide by a Decent Homes Standard and Awaab’s Law.
There will be a fresh ombudsman service for private rented sector landlords, and essential information for landlords, tenants, and councils will be kept on a digital private rented sector database.
Finally, an enlargement on local authorities’ enforcement powers will happen via enhanced Rent Repayment Orders, and no discrimination against tenants receiving benefits or with children will be allowed.
Nathan Emerson, chief executive at Propertymark, comments: “It is vital that as this legislation passes through Parliament that the UK Government listens to the many concerns that agents still have about this legislation in the new year. There are other issues in the private rental sector that the UK Government must concentrate on, such as a shortage of supply and the taxes and regulations that are weighing heavily on landlords.
“The UK Government must ensure that it gets its priorities right so that both tenants and landlords can benefit from a stable and affordable private rental market.”