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The results are in! What this means for the lettings market

1

So, the results are in, and whether you are happy or disappointed with the outcome, we now have a Labour government.  And, if their manifesto is anything to go by, there are going to be many changes to the economic landscape, including the private rental sector.

Deputy Leader, Rt Hon Angela Rayner has been appointed the Secretary of State for Housing, Communities & Local Government – dropping ‘Levelling Up’ from the title almost immediately, with Matthew Pennycook appointed Minister of State for the department.  No doubt over the coming weeks/months we will be hearing more from them on their plans for the future.

What we already know

From their manifesto, we know the Labour government plans to make changes to the private rental sector, as well as tax changes that could have an impact on Landlords.  The changes that they have pledged include:

  • Abolition of section 21 notice for tenants to vacate. The previous government had committed to this in their Renters (Reform) Bill which was not passed in time before the dissolution of government, however they had planned to delay the removal of this notice in order to improve the court system which would struggle to cope with this change in its current form. At the moment the new government have no such plans to delay this – whether this changes when in consultation with property industry experts remains to be seen.
  • As part of their commitment to warmer homes, they plan to introduce new energy efficiency standards by 2030 – although no details as yet
  • Extend Awaabs Law to the private rental sector which requires landlords to address dangerous hazards like mould.
  • Introducing a cap on the amount of rent a tenant can pay upfront.
  • Power for tenant to challenge unfair rent increases.

 

What about tax?

We know that Labour have promised not to raise income tax thresholds, and National Insurance and VAT will remain the same.

However, monies need to be raised somehow, and landlords are being advised to prepare for potential increases in capital gains tax.

 

What next?

As members of ARLA Propertmark we are well positioned to receive updates as and when they are available.  Propertymark made invaluable contribution to the previous government legislative changes and are committed to continuing this relationship with Labour to ensure any changes are fair and balanced with both landlords and tenants best interests represented.  Any news that is filtered through to us, will be passed on to our landlords.

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Date Posted

July 18, 2024

Article Category

Latest News

Author

Lucy West

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