Catherine Hunt, an associate in the lettings department at Arnolds Keys, speaks about changes in the air to the rental sector following the election.
Change is a word that we have heard a lot of over the past six weeks, and even as the dust is settling on the election itself, we should expect to hear a great deal more of that word over the coming weeks and months.
The Labour manifesto was very clear on its priorities when it comes to the private rental sector, promising an overhaul of the regulation of the private rented sector, stating: “We will immediately abolish Section 21 ‘no fault’ evictions, prevent private renters being exploited and discriminated against, empower them to challenge unreasonable rent increases, and take steps to decisively raise standards, including extending ‘Awaab’s Law’ to the private sector.”
So, should landlords be panicking? Certainly not, because much of what was in Keir Starmer’s manifesto is very similar to what was promised by the Conservatives in 2019.
Clearly after five years of procrastinating, the abolition of Section 21 is pretty much certain to happen, but there is no mention in any of the Labour promises of more radical measures such as rent controls.
Responsible landlords who maintain their properties to a decent standard have little to fear from legislation aimed at the minority who don’t.
However, there is still a considerable mismatch between supply and demand in the sector. Just this week we advertised two properties for rent – both viewing slots were fully booked within 25 minutes of the properties going live online.
Rachel Reeves’ speech on Monday about the measures she proposes to bring in to increase housing supply is probably the most relevant when it comes to the private rental market.
A better balance of supply and demand will create a more sustainable and stable market, which is good news for everybody.
Landlords should avoid any kneejerk reactions to last week’s political events.
‘Protecting renters from arbitrary eviction’, as the Labour manifesto put it, was likely to be a feature of whatever party held the keys to 10 Downing Street.
But it is clear that the private rental sector needs to be, and will be, an integral part of solving Britain’s housing crisis; no government can afford to risk driving landlords away.
For more information, visit arnoldskeys.com
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