This month will (hopefully!) be a quieter one in terms of legislation changes – the main update is the new material information rules coming into play. However, we will be keeping an eye on the Queen’s Speech for updates on the Renters’ Reform Bill. Meanwhile, the rental market continued its buoyant streak in England over the past month, with rents rising again during April. This was matched by another rise in tenant incomes – with the month setting a new record for take home pay. Voids, however, rose slightly during the months, as the pace of new tenancies cooled in some regions.
New material information rules coming into effect in May
The National Trading Standards (NTS) announced changes to rules around the material information that should be included in property listings from May 2022. “Material information” is important information that tenants need to help them make an informed decision about renting a property. From May, this will include “unavoidable costs” that the tenant will pay once they occupy a property – specifically, the council tax band and rent, including any deposits that may need to be paid. Property portals will include fields to ensure agents and landlords can add this information. If they leave any of the three fields empty, it will be flagged on the listing, with links to advice for the tenant on why the information is important and how they can get it.
Will the Renters’ Reform Bill be included in the Queen’s Speech?
The much-delayed Renters’ Reform Bill White Paper is expected to be released this spring and the lettings industry will be watching the upcoming Queen’s Speech closely for any updates. Last year, the government announced its intention to “enhance the rights of those who rent” in the Queen’s Speech, which it then reiterated in its Levelling Up White Paper. The impact on the private rented sector (PRS) when it’s announced is expected to be profound, with the abolition of Section 21, new standards for the PRS, stronger right to redress for tenants, lifetime deposits, and more all on the table.
All the best,
The Revive Property team
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