The King’s Speech, marking the State Opening of Parliament on Wednesday 17th July 2024, outlines the government’s priorities for the upcoming year. This year’s speech, the first by a Labour government in 14 years, presents significant legislative initiatives.
Our Landlord Insurance team at Lansdown breaks down the key points that letting agents and landlords should be aware of which could impact your operations and the rental market.
Renters’ Rights Bill
The Renters’ Rights Bill which is Labour’s version of the Renters Reform Bill, aims to overhaul the private rental sector, ensuring a more equitable system for tenants in England. Key points include:
- Awaab’s Law: Establishing legal expectations and timeframes for landlords to address hazardous issues
- Dispute Resolution: Introducing an ombudsman service for fair, binding resolutions
- Digital Database: Creating a comprehensive ‘one stop shop’ resource for landlords, tenants, and councils
- Strengthening Tenant Protections: Empowering tenants to challenge rent increases and banning rental bidding wars
- Pets in Lets: Landlords must reasonably consider allowing pets, with the option to request insurance for potential damages
- Decent Homes Standard: Implementing a quality benchmark for private rentals
- Enhanced Council Powers: Empowering councils to effectively identify and penalise rogue landlords
- Non-Discrimination: Making it illegal for landlords to refuse tenants based on benefits or children
- Abolishing Section 21: Introducing clear, expanded grounds for possession, enabling landlords to reclaim properties when necessary
Leasehold and Commonhold Reform Bill
Building on previous legislation which passed on the last day of the Conservative Government, this bill focuses on enhancing homeowner rights and transitioning away from leasehold systems for England and Wales. Key aspects include:
- Encouraging the adoption of commonhold properties
- Addressing existing ground rent issues
- Implementing outstanding Law Commission recommendations to improve the system
Planning and Infrastructure Bill
This bill aims to streamline planning processes and accelerate infrastructure and housing development in England and Wales, with some aspects relevant to Scotland. Important elements include:
- Local Planning Improvements: Modernising planning committees and increasing capacity
- Infrastructure Delivery: Streamlining processes for critical infrastructure projects
English Devolution Bill
This bill aims to decentralise power, granting more authority to local leaders. Highlights include:
- Devolution as Default: Local authorities can request additional powers within a predefined framework
- Rapid Distribution of Devolved Powers: Establishing new Combined and Combined County Authorities
- Standardised Devolution Framework: Local leaders will gain greater control over strategic planning and transport
- Improved Local Decision-Making: Enhancing governance agreements for effective local administration
- Local Community Granting Power: Introducing a ‘right to buy’ for community assets to improve high streets
The 2024 King’s Speech outlines legislative changes that will significantly impact the lettings and rental sectors. Letting agents must stay informed about these developments to navigate the evolving landscape effectively. With the Labour government prioritising tenant rights, local empowerment, and housing reform, the rental market is set for substantial changes.
About Lansdown Insurance Brokers
Lansdown Insurance Brokers are specialists in Landlords Insurance, Block of Flats Insurance and Home Insurance. We can provide flexible policies to suit individual client needs and provide advice on what cover is needed. For more information call the team on 01242 524498.
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