Last Wednesday, Rishi Sunak called the General Election for 4th July. What does this mean for the progress of the Renters’ Reform Bill, and what do Labour have planned for the PRS?
Rishi Sunak surprised us all last week by calling for the General Election to take place on July 4th.
The government just about made some headway on pushing the Renters’ Reform Bill through to the House of Lords. Given the latest news, what happens to the controversial Bill that’s been a cause for contention for years?
What happens to the Renters’ Reform Bill?
Parliament ends on the 30th May, so any incomplete legislation will be abandoned after this point. Due to the time pressure, ministers have confirmed that the Renters’ Reform Bill will not be passed before the general election.
If the Conservative Party returns to power, the Bill will have to go through the whole process again, as it cannot be carried over to a ‘new’ Government. Likewise, if a new Government is voted in, the legislation cannot be transferred to them, even if they supported it.
As a result, it’s essential to stay up to date on what the other Parties have planned for the Private Rental Sector (PRS) and to see whether the Conservatives make any amendments or further announcements to the Bill as part of their election campaign manifesto.
The Conservative vs Labour Policies: What to expect
At this stage, we only have key policies for the Private Rental Sector from the Conservatives and the Labour Party. The Conservative Renters’ Reform Bill and Labour’s Renters’ Charter are similar, but there are a few differences to be aware of.
To help, we’ve put the below guide together to show what each Party could introduce:
Again, at this stage, it’s not very clear how other key Parties would approach this. We will let you know when we hear more from their manifestos, so make sure you subscribe to our free weekly newsletter.
Buy to Let Under the General Election
While many landlords will be relieved by this Renters’ Reform Bill news, it is nonetheless frustrating that so much time (and resources) went into creating it, only to be shelved at the last moment. It also prolongs the uncertainty around what legislation is coming to help professionalise the PRS, good and bad.
A joint survey from NRLA and Goodlord shows that almost half of landlords (45%) have already decided how they will vote, and 73% are looking at the specific policies relating to the PRS to help them decide.
The prospect of a new government and new legislation means that it’s essential to be confident in the performance of your property investments.
Our free portfolio review service can look at your current mortgage deals, explore ways to save you money, and help arrange your next mortgage in time to ensure you never fall onto your lender’s more expensive SVR.
To get started, call our experts on 0345 345 6788 or submit an enquiry here.
