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On October 9, 2024, Deputy Prime Minister Angela Rayner led the second reading of the Renters’ Rights Bill in Parliament, marking the first time the bill has been debated since its introduction in September. Rayner emphasized the Bill’s primary goal: to ensure that every tenant has access to “a decent, safe, and affordable home.” She assured responsible landlords they need not worry, as the legislation targets only “bad apples” in the sector.
Despite Kemi Badenoch, Conservative Shadow Secretary of State for Housing, urging an amendment to halt the Bill, citing “unintended consequences” for the sector, her proposal was not accepted. With the second reading complete, the Bill will advance to the Committee Stage, chaired by MP Florence Eshalomi, for further scrutiny.
Here are the key points from the second reading:
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On 11 September 2024, the new Labour Government introduced the Renters' Rights Bill, a landmark piece of legislation impacting the UK property sector. Aimed at offering tenants greater security and protection, the Bill brings significant changes to the private rental market. While these reforms enhance tenant rights, they also raise concerns for landlords. This guide highlights the key changes and their potential implications for landlords.
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Leasehold Reforms Become Law
The UK government has enacted major leasehold reforms to empower homeowners and improve transparency. These changes are designed to make buying freeholds and extending leases more straightforward and affordable.
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The real estate market is exhibiting signs of stability as the year comes to a close, with average new seller asking prices dropping by 1.9% this month to £355,177. While it's common for prices to decrease in December due to seasonal factors, this year's drop is larger than the previous 20-year average of 1.5%, signalling increased competitiveness among sellers. Despite initial concerns, the 2023 market demonstrated more resilience than anticipated, transitioning from a frenzy to a more normal state. New seller average asking prices ended the year just 1.1% below the previous year, showcasing the market's ability to weather challenges.
