The Renters Reform Bill of 2024 is expected to push landlords to leave the market.
Renters Reform Bill in 2024
The Renters Reform Bill for 2024 may make rents in Britain increase by up to 25% between 2023 and 2026. This is due to the Renters Reform Bill and a combination of long-term supply issues and rising house prices for landlords.
In contrast, house prices are predicted to increase by a more modest 5.5% during the implementation of the Renters Reform Bill. The forecast comes as rent rises in the country are already at their highest levels since 2016 even way before the plans for the Renters Reform Bill.
The Renters Reform Bill, currently going through Parliament, is expected to become law in October 2024 and is likely to result in more landlords leaving the market. The Renters Reform Bill introduces more protection for tenants by setting new rules for landlords and letting agents.
According to a published article by IB Times, the Renters Reform Bill may have negative outcomes. Since the Renters Reform Bill may also reduce the number of available rental properties.
Fixed Rates Are Cut
In a published article by Forbes, Several mortgage lenders in the UK have cut their fixed rates in response to comments made by the Bank of England governor, Andrew Bailey, suggesting that interest rates may be close to their peak.