Renters’ Rights Bill: Are you prepared for what’s coming?

In our recent survey of 942 landlords, two-thirds of you told us you’re considering either leaving the rental sector altogether, reducing your property portfolios, or moving into short-term/holiday lets.

At the top of your concerns list is the Renters’ Rights Bill (88%) which – at the time of writing – is progressing through the House of Lords. Once passed later this year, it will spell the end of Section 21 evictions and there will be new rules around rent increases, tenancies, pet ownership and more.

Of course, not all landlords will follow through and quit the market – but some will. Patricia Ogunfeibo has been a landlord for 39 years and, while she agrees the private rented sector needs to be reformed, she’s reducing her property portfolio by up to 50%.

In an interview with the Big Issue, she said: “Right now, the risk is way too high and I’m not willing to risk my future on what is going on at the moment.”

And, speaking to The i Paper, Patricia – who put her pension savings into buy-to-let – predicts that when the Government strips landlords of their property rights, yields will fall.

And it isn't just Patricia who feels this way. In our recent survey, other landlords have said -

"The government is making it very hard to be a landlord. There is too much red tape, and it will seriously reduce the number of available rental properties."

"The Renters’ Reform Bill has caused a lot of anxiety. We've had to rethink our retirement. Our future has been negatively impacted. After years of complying with increasing legislation, now we’re completely stressed about the future. This will also negatively impact tenants. Enough is enough."

Patricia, a former solicitor, has written Be Prepared: Renters’ Rights & Residential Landlords (Amazon, £2.50, all book proceeds to youth homelessness charity Centrepoint) to help other landlords prepare for the forthcoming changes.

We’ll be updating our landlord advice section as the new rules come into play, but do make sure you’re fully clued up about the changes and your new responsibilities by reading the Government’s Guide to the Renter’s Rights Bill.