Impact of General Election: Renters Reform Bill axed🪓
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UPDATED 25TH MAY 2024: Since writing this article, we can confirm the Renters Reform Bill has now been axed 🪓
Remember the Renters Reform Bill from May 2023?:
🔸 Wednesday 17th May 2023: the Renters Reform Bill (RRB) was published by the Government (which was first promised all the way back in 2019)
🔸 The wide-reaching reforms have been described by the Government as a 'once-in-a-generation overhaul' of housing law
🔸 Central to the bill is how Landlords will be able to evict Tenants by abolishing no-fault evictions (known as Section 21 evictions)
🔸 Currently under Section 21, Landlords can evict Tenants without providing a reason - under the new bill, Landlords will have to provide a valid reason for eviction
🔸 For more information on the bill itself, please read here
🔸 Ultimately, the bill seeks to deliver a fairer, more secure, and higher quality Private Rented Sector for both Tenants and Landlords
And a year on... Most likely, it'll all end up in the bin and a new bill will be proposed 🗑️🚮
🔸 As things stand today, the RRB is going through Parliament awaiting Royal Assent (currently being scrutinised in the House of Lords)
🔸 Parliament will be dissolved (ended) on 30th May 2024, so any unfinished bills by then will essentially go into the dustbin
🔸 It's likely that some bills will be rushed through before this date, likely to be the Finance Bill (from the budget) and the Criminal Justice Bill (related to compensation for the Post Office Masters)
🔸 As for the Renters Reform Bill, it's unlikely to be pushed through, as Labour does not support the bill in its current form
🔸 The Government could agree to some Labour proposals to get it pushed through quickly, but that's unlikely to happen
Yes, but what if it is rushed in and becomes an Act? 🤔
Highly unlikely, but if it did... we would estimate any commencement date for new Tenancies would be around 1st October 2024.
📢 We will of course keep you updated with any developments and as always, we are fully up to speed and are ready to cover all aspects of the RRB throughout our portfolio for our Landlords and Tenants ✅
UPDATED 25TH MAY 2024: Since writing this article, we can confirm the Renters Reform Bill has now been axed 🪓
Source: Thank you to Darrel Kwong of DWK Consultancy for the information provided within this post
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