In this issue we update on the Renters Reform Bill
One of the major issues with the proposed Renters Reform Bill is the end of fixed term tenancies. This would dramatically affect the student letting market as Landlords and Students would no longer have the certainty of tenancies following the academic year. In Scotland, where similar legislation has been in place for several years, this has caused a major contraction in the market after many landlords left the sector which has caused a scramble for accommodation.
However, according to a post from the National Residential Landlords Association (NRLA), the Housing Minister Rachel Maclean MP has confirmed the Government is considering developing a ground that would guarantee vacant possession to let to students at the start of each academic year.
This would remove one of the key stumbling blocks for student landlords in the new Bill although there is still the issue of tenants being able to give 2 months’ notice to leave at any point.
We will continue to keep landlords updated as the Bill makes its way through Parliament.