2024 update on the Renters Reform Bill and its key deliverables 📜
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656
In this 16-page report, Propertymark shares insights into the Renters (Reform) Bill from the perspective of Letting Agents, a key force for change within the sector.
The research
🔸 The research, conducted with a geographically representative sample of Propertymark members, provides valuable evidence, which policy makers can use to help shape the Bill in its final stages and thereafter inform its implementation.
🔸 The report begins with a contextual overview of the English Private Rented Sector (PRS) and the pivotal role of Letting Agents in supporting professionalism and regulation within the sector. Thereafter, there is an overview of the genesis of the Renters (Reform) Bill and a summary of its key deliverables
Overview of the Bill
🔹 The Bill seeks to ‘deliver a fairer, more secure, and higher quality Private Rented Sector for both Tenants and Landlords’
🔹 In many respects, the Bill is an opportunity for the English PRS to catch up with legislation, which in the main, is already in place in other parts of the UK.
🔹 The English PRS has rapidly regrown over the last two decades and is now home to around 4.6 million (19%) of English households
🔹 The PRS plays a critical role in ensuring flexibility within the housing system with average tenancy durations equating to around a third of those in the social rented sector
The importance of letting agent views
🔸 According to the English Landlord Survey, 46% of landlords in England use a Letting Agent for letting services and 18% use an Agent for Management services
🔸 Beyond these headline categories, Letting agents fulfil a myriad of hidden roles as mediators, gatekeepers, market movers and compliance managers
🔸 Letting agents have a deep and longstanding understanding of the sector and the properties and Landlords within it.
🔸 As such, Lettings agents are well positioned to provide a range of material insights into the appropriateness of the Bill and its likely unintended outcomes
📩 Download this very useful PDF report from Propertymark by clicking here 📩
Are you thinking of entering the Private Rented Sector as a Landlord, speak to our excellent team about Lettings and Property Management. You can email Investment Specialist Emma in order to arrange a phone call to discuss your requirements (emma.travers@cavendishproperty.co.uk)
📸 Left to right: Henry, Scott, Lisa, Emma, Sam and Joe from Cavendish Residential 📸
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