What's next for the UK housing market?

Regulation offers the potential to professionalise the industry, stamp out bad practice, create transparency and give consumers more control over who manages their property. Minimum qualification requirements and statutory Code of Practices to be adhered to by all letting and managing agents in England and sales agents across the UK should be introduced.

The Renters Rights Bill represents a significant overhaul of the way that the private rented sector functions. Following its introduction to parliament on 11 September 2024, myths and misconceptions have begun circulating throughout the property sector and amongst consumers about what the proposed legislation means in practice. With so many seeking clarity, Propertymark is here to provide confidence about what is going to change and what will remain the same.

The Renters' Reform Bill was introduced to parliament on 11 September 2024. If passed without amendment, the Bill will significantly overhaul the structure for private rented sector housing and repeal Section 21, alongside a number of other significant measures including the removal of fixed term tenancies, the expansion of Rent Repayment Orders, and a new landlord Ombudsman. There are many hurdles for the Bill to clear as part of the process of parliamentary scrutiny, but as Labour have a majority in the House of Commons the legislation could go through as quickly as next spring, with the reforms being implemented by late summer 2025.

Propertymark met with Housing Minister Matthew Pennycook, MP, and Baroness Taylor, Lords Housing Minister, ahead of the Renters’ Rights Bill being introduced to parliament on 11 September 2024, to hear details of the UK Government’s proposals and provide initial feedback on behalf of members. Key features of the Bill include the abolition of Section 21, a ban on in-tenancy rent increases, and the removal of fixed-term tenancies. Our engagement with Ministers and officials will continue as the Bill progresses, with further meetings already arranged.