The Progressive Property Podcast Renters Reform Bill | Debunking Myths, Assessing Impacts, and Landlord Concerns
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The renters' reform bill was entered into parliament in May 2023, in this episode Kev, Mark and Kieran discuss their thoughts, including the upsides and downsides as well as how landlords and developers can make it work for them.
KEY TAKEAWAYS
- The new bill will get rid of section 21, which is a 2-month eviction notice that can be served without grounds.
- The announcement of this bill is accelerating the mass exodus of landlords.
- It’s important to read into the bill yourself and not just look at headlines and rumours.
- There will always be tenants and therefore opportunities for landlords to make money but it might mean an increase in rent for many.
- Whilst changes by government are often called reforms, Kieran believes there are a whole host of things in the past that have made things worse for both tenants and landlords including epc criteria and the inability to offset interest.
- If legitimate landlords are having to charge more because of new legislation then those who can’t afford rent will instead look to rogue landlords.
- The bill talks about changes to allowing pets but it actually may put landlords in a better position as it states that insurance by the tenant will need to be bought to cover damage.
- It’s not just landlords that ask tenants to leave, tenants often want to leave after shorts amount of time too.
- Ultimately cost will be going up for both landlords and tenants as a result of this bill.
BEST MOMENTS
“None of this is set in stone there are potentially things that could be changed”
“There are laws in this country that protect tenants”
“Landlords will just have to get better at using the section 8”
“A buy to let landlord will only be there if they can make money”
“All of this stuff can be used as an opportunity”
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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