October is certainly shaping up to be a busy month for political announcements, with the Renters' Rights Bill passing its second reading in the House of Commons on the 9th October. At the end of the month – the 30th to be precise – Chancellor Rachel Reeves will deliver her first Autumn Budget, and speculation is rife that inheritance tax and capital gains tax thresholds will be altered.
What links these two events is the lettings market. If Labour makes it increasingly inclement to be a small, private landlord, more will look to give notice and exit the market. The contents of both the Renters’ Rights Bill and the Autumn Budget will be hugely influential when decision making and landlords will have a narrow window of opportunity to decide their fate.
Much of the pressure is coming from the Secretary of State for Housing, Communities and Local Government, and Deputy Prime Minister, Angela Rayner. Although her wish to ban Section 21 notices as soon as Labour came to power was unfulfilled, she has said the party won’t wait for a court system reform to outlaw ‘no fault’ evictions.
In terms of timescales, the Government would like the contents of the Renters' Rights Bill passed into law by the summer of 2025. Behind much of the consternation are the changes to possession and the Bill’s second reading has given us more clarity on the proposals.
The Renters’ Rights Bill Explanatory Notes document offers full clarification of what will be debated and scrutinised during the Bill’s committee stage but at 180 A4 pages long, not every landlord will have the stamina to plough through the small print.
Instead, Open Property Group is staying abreast of the Bill’s progress. Feel free to contact us with your questions, and for advice about exiting the private rental market before the Bill – or the contents of the Autumn Budget - become law. We offer quick cash sales for all buy-to-lets, including those with short leases, tenants in-situ and issues that qualify them as problem properties.
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