Two major pieces of legislation that are due to affect all landlords update.
EPC GRADING OF ‘C’ TO ALL RENTAL PROPERTIES
For a change some good news!
In August 2021, I reported in this column that the government was in consultation to bring all currently rated rental properties of E (F and G had already been banned in 2018) to be changed to a ‘C’ grading. The proposed date was 2025 for new tenancies and remaining tenancies by 2028.
The works involved in upgrading a property to ‘C’, was going to cost thousands to most landlords. Due to the date not being fixed yet in parliament, landlords have been very concerned at looming 2025 date.
In September 2023, Rushi Sunak, the prime minister announced that they are scrapping the proposed plans, which was received with a massive sigh of relief.
LEVELLING UP PAPER – RENTERS REFORM BILL?
The second reading should have taken place by now and in fact, not a lot has been written since the first reading in May 23. In fact, it is highly unlikely to be heard now until after the King’s speech in November.
The proposed white paper published in 2019, has seen landlords very concerned of the major impact it could have on their business.
With the EPC rating of ‘C’ and the Renters Reform Bill, increased mortgage rates and Airbnb offering more attractive returns, we have seen landlords exiting the market, which in turn has reduced the stock in the private sector. With not enough houses being built annually, this will only have a negative impact on renters with rising rents due to the lack of stock.
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