9:33 AM, 25th May 2022, About 3 months ago 18
The Lettings Industry Council (TLIC), formed Theresa Wallace from Savills (UK) Ltd and Kate Faulkner, has released a report which makes recommendations based on the expected changes to be introduced in the Renter’s Reform Bill. The report, released today (25 May 2022), aims to help the Government understand what can work in practice and to encourage a PRS that works for all.
The report considers what changes could be made to smooth the path for the abolition of section 21 notices, improvements to the court process, as well as ways to improve property conditions and help those locked in tenancies and unable to move due to financial constraints.
Some of the report’s key recommendations include:
Theresa Wallace, Chair of The Lettings Industry Council (TLIC), said:
“Each year, in an attempt to combat some of the issues experienced in the private rented sector, including sub-standard properties, rogue and naïve landlords, and untrained agents, more and more legislation has been introduced, confusing even diligent landlords with the complexities in providing a rental home.
“So far, these changes to legislation, which often come at a financial cost to the landlord, have just compounded the problems further and is a core reason given for why landlords are exiting the sector, leaving a shortfall of available rental properties.
“As a result, in 2022 we are experiencing the biggest crisis we have seen surrounding the shortage of rental property. We need to encourage investment into the market and that includes private landlord investment.
“The Renter’s Reform Bill provides a once in a generation opportunity to improve the lives of Renter’s. However, in order to achieve maximum impact and create true strategic change, we believe it is crucial to phase in these significant changes in a considered manner over a period of time, avoiding unexpected unintended consequences which only hurt those we are seeking to protect the most – tenants.
“This report seeks to find a balance between encouraging investment in the sector to increase available homes and ensure they are of consistent good quality through natural supply and demand competition.”
You can read the full report HERE