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Big news for landlords ⚠️⤵️

Back in May I was fortunate enough to be invited to House of Lords to discuss what was then the Renters’ Reform Bill (photo above). On the same day, a General Election was called by Rishi Sunak and as a result of losing the election a few weeks later, the Bill was never passed.

However, yesterday the newly elected Labour government unveiled their plans to introduce the Renters’ Rights Bill - which aims to “level the playing field between landlords and tenants”, according to housing minister Matthew Pennycook.

Here’s some of the key points from Labours Renters’ Rights Bill:

🔺 Remove Section 21 “no- fault evictions” - which means landlords can no longer evict tenants without giving a reason and landlords will now need to serve a 4 month notice period (currently 2 months).

🔺 Remove fixed term tenancies - which means tenants are essentially on ‘rolling contracts’ from month to month and can leave the property at any time with two months notice.

🔺 Rents can only be increased once per year and must be capped at market levels (currently landlords can increase rent mid-tenancy)

🔺 New ombudsman service providing resolutions to landlords and tenants reducing the need to go through lengthy court proceedings

There are further changes being proposed and these changes may come into force by next year.

Tonight I’m hosting a live James Property University masterclass to JPU students, and this is on the agenda for discussion!

What do you think about these changes?

James x

Thank you for the opportunity to attend House of Lords - Ben Beadle, James Kent & Carla Johnson from the National Residential Landlords Association (NRLA).

Subhan Allah

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