Latest news with #RentersReformBill
Telegraph
6 days ago
- Business
- Telegraph
I'm not surprised a Labour MP kicked out her tenants and raised the rent by £700
Waking up to the news that Rushanara Ali, the minister for homelessness and rough sleeping, evicted her tenants and increased the rent by £700, a wry smile spread across my face. Yes, it's morally outrageous for Britain's homelessness minister to make her tenants, well, homeless. But technically, she didn't actually do anything wrong. If you look at the facts, Ali, the Labour MP for Bethnal Green and Stepney, was renting her house in East London for £3,300 per month. The tenants were informed that the contract wouldn't be renewed as the property was going to be sold. Having failed to find a buyer, the property was then relisted at the new market price of £4,000 per month. This all happened within a period of less than six months, which – at the moment – is not against the law. The big problem with this situation is the optics and the never-ending blatant hypocrisy of our Labour Government. Ali, who has previously been vocal about renters' rights and 'private renters being exploited' has obviously shown herself to be the true capitalist that she is – and who can blame her for making the most of the market conditions? The fact is: this is the reality of renting in broken Britain. Labour with their 'private landlords are evil' rhetoric have forced thousands of landlords to sell up. Admittedly, they didn't put a gun to their heads, but when you're going to make it law with the Renters Reform Bill that you can't evict a tenant with a Section 21 notice, have to stomach three months' rent arrears before you can take action, and jump over a huge range of expensive net zero hoops to meet new EPC criteria, it's just about the equivalent. I know myself how broken this system is – it took 514 days to regain possession of one of my properties (after my tenants asked me to evict them in their attempt to get a council house). I've now listed it for sale. If it doesn't sell (I'll give it a month), it too will be re-listed to let for hundreds of pounds more per month than it was previously. Going forward, Labour will ban this – I will have to wait six months before relisting the property to let. This is insane because the council tax every month is almost as much as the mortgage. But again, these are the punitive and hidden taxes landlords are rightly fleeing from. And that is the reason why rents are so expensive. The simple law of supply and demand means that when there is high demand and low supply, prices go up. Labour obviously can't do the maths. What I find even more worrying is the dangerous crisis the Government is pushing the housing market to. Their hypocrisy may know no bounds, but the public has had enough. Not only do we have a homelessness minister who makes tenants homeless, we have a Government that pits asylum seekers against cash-strapped tenants to vie for barely existent housing. They really do think we are fools. Starmer may stand and preach in his freebie glasses about how he's stopping illegal immigration, but the fact is they're offering sweet deals to landlords. Given how broken the rental market is, and how in fear landlords are that they won't be able to regain their properties, it's no wonder they're taking up the offer of five-year tenancies, all bills paid, in return for housing asylum seekers. It's a complete farce given Labour's Renters' Reform bill will mean landlords won't be able to offer six-month tenancies any more. For all Labour's claims that they're protecting renters, they've done a good job of driving up their rent.
Business News Wales
05-07-2025
- Business
- Business News Wales
Proper Brokering Means More Than Just the Right Rate
In the buy-to-let sector, landlords need tailored advice, a steady hand, and a broker who is fully up to speed with a fast-changing market. That means one thing above all: keeping your broker pencil sharp. At Needham Financial, which operates within the Cornerstone Network, we've built our approach around this idea. The role of the broker isn't just about accessing lenders or comparing rates – it's about being ready with solutions, whatever the client's circumstances. That means knowing which lenders will consider a quirky property, or a landlord with a slightly unusual financial history. It means having more in your toolkit than the same five mainstream options. The recent arrival of new lenders like Moda Mortgages, for example, has given us extra choice and with it, more flexibility for clients. That's essential in a buy-to-let market where so many borrowers are coming to the end of ultra-low fixed rates and are understandably anxious about what happens next. Many landlords are facing a significant step up from sub-2% deals to something much higher. And while interest rates have started to ease, for those on a variable rate deal the question of whether to remortgage or wait it out is one that needs careful consideration. This is where brokers really can add value by planning ahead, reviewing portfolios well before expiry dates, and helping clients understand the wider implications of their decisions. It's never a one-size-fits-all scenario. For some, a product transfer might make sense. For others, it could be better to move lender or even reassess the structure of their portfolio altogether. But that advice can only be meaningful if we, as brokers, have done our homework – and that includes staying on top of legislation, regulation, lender criteria, and emerging products. The Renters Reform Bill is just one example of how quickly the landscape can shift. These changes may not impact the mortgage itself, but they do influence landlord decision-making. And if we want to give credible advice, we need to understand the broader context. There's also the matter of protection – something that's often overlooked in buy-to-let conversations, but just as important. Landlords face a range of risks, from missed rental payments to damage to their properties. We should be helping them think about how best to manage those risks. That includes looking at income protection, landlord insurance, and, in some cases, life cover – particularly where the portfolio supports dependents or carries significant borrowing. Framing this as part of a financial resilience plan, rather than just another product to sell, makes a real difference. Because while the worst-case scenarios might not be pleasant to think about, the reality is they can and do happen to ordinary people all the time. The foundation for all of this is simple: stay informed. Brokers need to invest time in their own knowledge, whether that's through training, lender updates, or keeping an eye on policy developments. It's about being proactive – not reactive – and giving landlords confidence that their advisor is on the front foot. That's what I like to call 'proper brokering'- the kind of service that goes far beyond just securing a mortgage deal. Jonathan talks about this and more in the Cornerstone Finance Group podcast episode Understanding the Buy-to-Let Landscape. Listen to the podcast here.
Yahoo
24-02-2025
- Business
- Yahoo
Landlord home purchases fall to record low ahead of Labour rent reforms
The proportion of homes purchased by landlords has fallen to a record low ahead of radical rent reforms brought in by Labour, data shows. Landlords were behind 9.6pc of house sales in January, according to a new report by estate agents Hamptons. It is the first time the proportion has dropped out of double digits since Hamptons' records began in 2009 – beating the previous low of 10.6pc in January 2020. The data comes as the Government aims to ban so-called no-fault evictions next year as part of its Renters' Rights Bill, which will also make it harder for landlords to increase rents. There are 39pc fewer homes available for rent than there were in January 2019, with London seeing a decrease of nearly half, Hamptons said. The capital has also seen the biggest fall in the proportion of homes being bought by landlords, making up 7pc of purchases in January. But Scotland recorded the lowest total, with 4.6pc of homes bought by landlords. The Renters' Rights Bill, which is being spearheaded by Angela Rayner, the Housing Secretary, is set to become law by next summer. It was designed in response to the Conservative government's Renters Reform Bill which did not pass into law before Parliament was dissolved. Both pieces of legislature sought to ban Section 21 notices – also known as no-fault evictions – which will make it harder for landlords to take their properties back from tenants. Campaigners previously warned that the 'war on landlords' would cause investors to sell up, reducing the supply of rental homes and pushing up prices for renters. Over the last five years, rents on newly let homes have jumped by a third, Hamptons said, with an average 26.5pc increase for those renewing contracts. Aneisha Beveridge, of Hamptons, said: 'The pace of rental growth nationally has likely bottomed out. New purchases by landlords have been depressed by increases in stamp duty rates towards the end of last year and the prospect of tighter regulation in the form of the Renters' Rights Bill. 'While purchases by landlords haven't completely dried up, it's looking like higher stamp duty rates have reduced the share of homes sold to landlords by between 10pc and 20pc.' Private rents increased by 8.7pc in the 12 months to January 2025, according to the Office for National Statistics, a slight drop from the 9pc increase in the year to December 2024. Nathan Emerson, chief executive of Propertymark, said: 'It is concerning that more is not being done to make the private rental sector more attractive for current and future landlords. 'The dwindling supply of properties against a backdrop of ever-increasing demand from tenants is making it difficult for aspiring renters to find a home.' Mr Emerson said: 'This is all in response to the continuous bombardment of costs placed on landlords, including rising taxes and regulations.' Data from the HM Courts & Tribunals Service showed that evictions were at their highest level since records began in 2009, as landlords rushed to get rid of tenants before the new rules were introduced. During Labour's first three months in power, 7,781 tenants were evicted. The number of successful no-fault evictions soared 20.3pc in England between 2023 and 2024 to their highest tally since 2017. Possession claims also jumped in 2024, ahead of the passing of the Renters' Rights Bill, hitting more than 30,000 for the first time. The Ministry of Housing spokesman said: 'The private rented sector has doubled in size since the early 2000s and our Renters' Rights Bill will support both tenants and good landlords who provide an important and high-quality service. It will set clear, fair standards and give these landlords the confidence and certainty to continue operating. 'This is alongside our major plans to get Britain building again by overhauling the planning system and delivering 1.5 million homes, including the biggest boost in affordable housing in a generation - bringing the dream of home ownership closer to a reality for working people and families across the country.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
24-02-2025
- Business
- Telegraph
Landlord home purchases fall to record low ahead of Labour rent reforms
The proportion of homes purchased by landlords has fallen to a record low ahead of radical rent reforms brought in by Labour, data shows. Landlords were behind 9.6pc of house sales in January, according to a new report by estate agents Hamptons. It is the first time the proportion has dropped out of double digits since Hamptons' records began in 2009 – beating the previous low of 10.6pc in January 2020. The data comes as the Government aims to ban so-called no-fault evictions next year as part of its Renters' Rights Bill, which will also make it harder for landlords to increase rents. There are 39pc fewer homes available for rent than there were in January 2019, with London seeing a decrease of nearly half, Hamptons said. The capital has also seen the biggest fall in the proportion of homes being bought by landlords, making up 7pc of purchases in January. But Scotland recorded the lowest total, with 4.6pc of homes bought by landlords. The Renters' Rights Bill, which is being spearheaded by Angela Rayner, the Housing Secretary, is set to become law by next summer. It was designed in response to the Conservative government's Renters Reform Bill which did not pass into law before Parliament was dissolved. Both pieces of legislature sought to ban Section 21 notices – also known as no-fault evictions – which will make it harder for landlords to take their properties back from tenants. Campaigners previously warned that the 'war on landlords' would cause investors to sell up, reducing the supply of rental homes and pushing up prices for renters. Over the last five years, rents on newly let homes have jumped by a third, Hamptons said, with an average 26.5pc increase for those renewing contracts. Aneisha Beveridge, of Hamptons, said: 'The pace of rental growth nationally has likely bottomed out. New purchases by landlords have been depressed by increases in stamp duty rates towards the end of last year and the prospect of tighter regulation in the form of the Renters' Rights Bill. 'While purchases by landlords haven't completely dried up, it's looking like higher stamp duty rates have reduced the share of homes sold to landlords by between 10pc and 20pc.' Private rents increased by 8.7pc in the 12 months to January 2025, according to the Office for National Statistics, a slight drop from the 9pc increase in the year to December 2024. Nathan Emerson, chief executive of Propertymark, said: 'It is concerning that more is not being done to make the private rental sector more attractive for current and future landlords. 'The dwindling supply of properties against a backdrop of ever-increasing demand from tenants is making it difficult for aspiring renters to find a home.' Mr Emerson said: 'This is all in response to the continuous bombardment of costs placed on landlords, including rising taxes and regulations.' Data from the HM Courts & Tribunals Service showed that evictions were at their highest level since records began in 2009, as landlords rushed to get rid of tenants before the new rules were introduced. During Labour's first three months in power, 7,781 tenants were evicted. The number of successful no-fault evictions soared 20.3pc in England between 2023 and 2024 to their highest tally since 2017. Possession claims also jumped in 2024, ahead of the passing of the Renters' Rights Bill, hitting more than 30,000 for the first time. The Ministry of Housing was contacted for comment.
Yahoo
14-02-2025
- Politics
- Yahoo
'Housing crisis means I can't use my own bathroom'
A woman with arthritis says demand for housing in the private rental sector is so high she has no option but to live in a flat with a bath she cannot use. Karen Bray said she had to downsize from a house to a small flat in North Shields after a no-fault eviction, and had struggled to find a more accessible home she could afford. She is urging the government to deal with the rising cost of private rents and a lack of choice for people with mobility issues. The government declined to comment on Ms Bray's case but said its Affordable Homes Programme aimed to create 5,000 affordable and social homes in North Tyneside. Ms Bray said the bath was not big enough. "I have to pay to use showers at leisure centres because I can't use the bath here." She added the flat was affecting her mental health. "It's a bit like a game," she said. "You have to move one thing to get to another." Ms Bray said her bedroom was like a "glorified passage to the back door", with her living room being part of her kitchen. She said she was grateful she did not have to share a room with her teenager or sleep in the living room, but added: "There's no doubt that there are more suitable properties out there that are empty." Housing charity Shelter said Ms Bray's case was not unusual. North East strategic lead Tracy Guy said: "We're seeing an 8.9% increase in rents in the last year, coupled with huge waiting lists for social housing." Mrs Guy said people on benefits or low incomes could not get a private rent in Newcastle. "It's just inaccessible, the rents are too high," she said. Shelter hopes the Renters Reform Bill, which is currently going through Parliament, will be a "once-in-a-generation opportunity to overhaul the private renting sector". The bill proposes scrapping section 21 'no fault' evictions and introducing more fairness to the system. A government spokesperson said: "We are urgently using all levers available to build the homes we need so more families can get on the housing ladder. "We're sweeping aside the blockers to get houses built, and paving the way for the next generation of new towns." They added the government was spending an extra £800m on the existing Affordable Homes Programme to help deliver tens of thousands of new affordable and social homes across the country. Follow BBC North East on X, Facebook, Nextdoor and Instagram. Send your story ideas here. Work on new towns to begin by 2029, minister says How empty homes could help tackle housing shortage Shelter Crisis
