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What does the Renters Reform Bill mean for landlords and tenants?

BY Ross Harvey

OB Property

What does the Renters Reform Bill mean for landlords and tenants?

Curated by Oliver Bernard, Crafted for You

BY Ross Harvey

14th October 2024

The Renters (Reform) Bill, introduced to Parliament, proposes significant changes to Assured Short Tenancies (ASTs) by replacing them with a unified system of Periodic Tenancies. This reform applies specifically to Assured Shorthold Tenancies with annual rents up to £100,000 (approximately £1,923 per week).

What are the key aspects of the new bill?

The bill’s key aspects include repealing the current Section 21 notice and allowing landlords to regain possession of their properties only if tenants are at fault, such as in cases of rent arrears. Tenants will no longer be locked into fixed terms; instead, they can provide two months’ notice to terminate their tenancy at any point if their circumstances change. Additionally, a 12-month protection period will be established at the beginning of a tenancy, during which landlords cannot reclaim possession for personal use or sale.

While the bill faces several hurdles before receiving royal assent, Labour’s majority in the House of Commons suggests it could be passed swiftly, potentially by next spring, with the reforms implemented by late summer 2025.

We will keep updating this article with the latest updates, however, if you require more information on the bill and the latest market updates, please contact Oliver Bernard’s Head of Lettings ross@obprivate.co.uk

 

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