Renters’ Rights Bill – When landlords want to sell
The Renters’ Rights Bill, which is scheduled to move into Report Stage, in The House of Lords, from 1st to 15th July, is just one parliamentary vote away from becoming law. We have been focussing on some of the individual clauses of the draft Bill over the past weeks and months, and, in this week’s blog article, we look at a clause designed to stop landlords who put their homes on the market for sale, from relisting properties as rentals, for up to a year, in the event that their sale falls through.
This is important to note, because Agents can vary wildly when it comes to valuing a property and some listings remain on the market for long periods, due to unrealistic valuations.
With as many as a third of house sales falling through, it could leave thousands of potential rental properties locked out of the market, resulting in costly void periods for landlords, less stock in the private rental sector and the potential for higher rents.
