Now that we have a new Labour government, tenants can finally look forward to some changes that will, in the main, help ensure they can rent more safely and securely in the private rented sector (PRS).
That said, tenants renting from good landlords and qualified agents like us are unlikely to see any major difference, as there are already over 400 rules and regulations governing the lettings industry, and reputable landlords and agent already abide by these. The problem is, many of these legal requirements aren’t currently enforced in practice.
According to our latest lettings survey, the top three challenges tenants believe they face are:
Our survey also reveals that poor quality housing is another issue that needs tackling.
The good news is that many of Labour’s plans, as stated in their election manifesto, should address and positively impact these key issues. If the new government moves forward on them, tenants can look forward to:
Although Labour’s plans to stabilise rents are helpful to some extent, they’re not going to be easy to implement or monitor. The reality is that with a chronic shortage of homes to rent in many areas, competing on price is the natural and most obvious way to whittle down the applicant pool. If rent controls are applied, agents and landlords will have to find another means to help them narrow down the list of prospective tenants – and that could present a challenge.
Overall, our hope is that the rental sector can finally secure clarity on what changes we can expect over the next five years. Then good landlords, tenants and agents can focus on adapting to the new policies, and support each other in growing the market with more decent homes to rent.
If you have any questions about the proposed changes, we’re here to help. Just get in touch with your nearest branch and have a chat with one of our lettings experts.
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