Important News - Renters Rights Bill presented in Parliament
Here we go. The government are standing by their word and will push this Bill through as promised relatively quickly.
The Renters Rights Bill was ‘presented’ in Parliament today - no fanfare, just confirmation that the Second Reading will take place tomorrow, 12th September 2024.
The Bill
So what’s included in the Bill. New laws will ban unfair “no-fault evictions” , there will be an end to bad practices, such as bidding wars to drive up rents, and unreasonable mid-tenancy rent increases.
According to the government, more than 11 million people in England live day in, day out with the knowledge that they could be uprooted from their home with little notice and no justification. This is not in fact the case as the majority of landlords (and letting agents) work well with tenants entering into discussion prior to the tenancy coming to an end, following formal processes and procedures to navigate renewal of tenancy or brining the tenancy to an end.
UK - Private Rent - July 2024
Office of National Statistics - 17th July 2024
The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation and given the way in which rents have increased significantly over the last 2 years, it is of paramount importance to see just how rents differ within different parts of the UK.
Average UK private rents increased by 8.6% in the 12 months to June 2024 (provisional estimate), down from 8.7% in the 12 months to May 2024.
Average rents increased to £1,310 (8.6%) in England, £743 (8.2%) in Wales, and £959 (8.4%) in Scotland, in the 12 months to June 2024.
In Northern Ireland, average rents increased by 10.3% in the 12 months to April 2024.
In England, rents inflation was highest in London (9.7%) and lowest in the North East (5.9%), in the 12 months to June 2024.
Average UK house prices increased by 2.2%, to £285,000 in the 12 months to May 2024 (provisional estimate), up from 1.3% (revised estimate) in the 12 months to April 2024.
Average house prices increased in England to £302,000 (2.2%), in Wales to £216,000 (2.4%), and in Scotland to £191,000 (2.5%), in the 12 months to May 2024.
The PRS & the Intentions of a Labour Government
Since 2019, many landlords have been concerned that Section 21 would be abolished, but the call for a General Election six weeks ago, put an end to the Renters Reform Bill, one of the fallen bills, progressing through the House of Lords and reaching a point where it would receive Royal Assent.
Now that a Labour Government is in place and Angela Rayner has been appointed Secretary of State for Levelling up, Housing and Communities, Labour will need to start the process again, and take a new Bill through the House of Commons and the House of Lords which will take time.
Renters Reform Bill moves to next Stage
Renters Reform Bill finally moved to the next stage. After months of waiting, the Bill moves to Report Stage and MPs will have the opportunity to make further amendments.