As the Renters (Reform) Bill progresses toward its Second Reading in the House of Lords, Propertymark has issued a series of recommendations aimed at bolstering its efficacy. In the midst of ongoing discussions within Westminster, various proposals have surfaced, each seeking to enhance the framework of rental legislation.

One such recommendation proposes the retention of fixed term tenancies, particularly highlighting their value in student accommodations. Propertymark emphasizes the importance of written tenancy agreements with detailed inventories, aiming to ensure property protection and equitable resolution of deposit disputes.

Additionally, there is a call for the qualification and regulation of property agents, with the aim of ensuring their competence and continuous professional development. This move is seen as a step towards aligning the standards of the private rental sector with those of the social rented sector.

Propertymark also advocates for a review of property taxes affecting investment in the private rented sector. Landlords seek the ability to offset mortgage costs against tax liabilities to mitigate the impact of rising expenses on rental affordability.

Statistics from Propertymark’s research paint a picture of apprehension among industry stakeholders. Concerns include doubts about the judiciary's capacity to handle the removal of 'no fault' evictions and the adverse effects of terminating fixed term tenancies on tenants.

Landlords express concerns about the abolition of Section 21 and the removal of rent review clauses. Timothy Douglas, head of policy and campaigns at Propertymark, emphasizes the significance of the impending legislation: “The legislation once passed will undoubtedly bring about the biggest change to the private rented sector since the 1980s.

“Most agents and their landlords have been reassured by the UK Government’s commitment to court reform and that there will be an effective way to recover possession of their property when things go wrong.

“However, with the removal of fixed term tenancies still a concern and open ended tenancies reducing the certainty for agents and landlords the big question is how do we encourage landlords to stay in the Private Rented Sector?

“Furthermore, tenants need qualified and licensed housing providers to level the playing field and legislators must not miss this opportunity to regulate property agents and bring in additional protection for both landlords and tenants.”