A figure in the specialist buy to let lending sector has made a plea for MPs to create a ‘balanced’ lettings sector through the Renters Rights Bill.
The Bill will return to the House of Commons for its Report Stage and Third Reading in the House of Commons on Tuesday, before moving to the House of Lords for further scrutiny.
Ahead of that Ryan Etchells, chief commercial officer at Together, says: “Hopes are for a more balanced system between the rights of renters and landlords including a new ombudsman to better settle disputes and possible eviction cases.
“The appetite for buy-to-let (BTL) overall remains robust with UK Finance predicting lending will rise above last year’s sum of £32billion* and Together’s BTL lending increasing by 16% to 2.2billion by the end of 2024.
“However, there are still, rightly, some major concerns as individual, private landlords reassess their property plans this year for fear of a tougher climate. For example, while promises have been made to strengthen Section 8 evictions for landlords – the complete removal of Section 21 or ‘no fault’ evictions could see unjust cases overlooked or ignored – causing costly and time draining situations for legitimate landlords.
“And, while the creation of a new Private Rented Sector Database to provide more tenancy information to both landlords and tenants on their rights sounds promising – in truth how many will actually stop to read the fine print?
“Renters’ finances must always be carefully considered so there is no undue pressure exacted on any tenancy agreement. That is vital. However, it is only fair that this new bill also includes a strengthening of rent repayment orders as well to ensure repeat offenders repay the maximum amount.
“It’s important that the Bill addresses the concerns of both parties. A failure to do so could mean another dead duck of legislation being passed.”
