PRS Reform Plans Move Forward as Industry Body Attends Govt Talks
As the UK government attempts to look ahead to life without restrictions, it is once again moving forward with discussion on reforms to the country's Private Rental Sector (PRS).
To help ensure that landlords have their say on what changes might be introduced, the National Residential Landlords Association's (NRLA) chief executive has been invited to a meeting to discuss the topic ahead of the release of a White Paper on it. The invitation has been welcomed as it will allow some real representation for the landlords who are actively operating in the important PRS.
As the government works towards reforming the country's PRS, the UK's Build-to-Rent (BTR) sector continues to grow, offering more options for tenants and property investors. A BTR scheme deal has been agreed in the north eastern city of Newcastle, underscoring the ongoing growth in the UK's rental sector to ensure more rental homes are available for the still growing industry.
Government’s Rental Reform White Paper
After being mentioned in the Queen’s Speech two years ago, the government’s Renters Reform Bill has yet to materialise, however in the 2021 speech it was back on the agenda with the promise of a White Paper on planned reforms. To that end, PRS industry leaders from the NRLA have been invited by the government to put their views on how different possible reforms might work for landlords.
NRLA chief executive Ben Beadle will attend the first in a series of round-table discussions on potential rental reforms, chaired by UK Minister for Rough Sleeping and Housing, Eddie Hughes. Beadle is pleased to be invited at the high-level talks on future rental reforms and said it's important the government has recognised that PRS landlords need representation before any decisions on reform are made.
“The original proposals included a commitment to strengthen landlords’ rights to repossess, with valid reason, and we will make it clear we expect them to honour this,” Beadle said. He added that new legislation must also include clear and detailed grounds for legitimate landlord repossession, while other services to support good relations between tenants and landlords along with court reforms would also be expected.
“It is…vital the Government ensures reforms are fair and workable for both landlords and tenants and we will be working with Ministers to make sure that is the case,” Beadle said.
The discussions take place ahead of a White Paper on rental reform that the government has committed to publish as it moves forward with the Bill.
Meanwhile, as more steps are taken towards changing the UK’s PRS, rental options for tenants across the country continue to expand.
Almost 300 Rental Units Acquired by Grainger
As renting continues to be a popular option for a large number of Britons, tenants in north east England will enjoy more choice from UK institutional landlord Grainger. The sector continues to grow with investors and renters enjoying the opportunity to be involved and live in a home purposely created for the lettings industry, with a 283-unit scheme in Newcastle recently purchased by the business.
While The Forge has already been providing rental homes since completion in 2019, the addition of the property to the Grainger portfolio helps support the firm’s intentions to grow and provide even more BTR homes across the UK.
Indeed, increased interest in the BTR sector is inline with growing institutional investor interest for the broader PRS market and bodes well for tenants in the future. That’s because BTR homes offer more choice along with the security that the property they rent is purpose-built and managed as a residential rental home that won’t be sold and no longer available as a property to let at short notice.
With more investment into the PRS from different types of investors and more interest in the way the industry is managed from the government, the future of the UK’s PRS is positive for tenants, landlords and investors, alike.
