Predictions for 2023 - What’s Coming Up

Renters’ Reform Bill

The Renters’ Reform Bill will dominate the PRS policy agenda in 2023. Signs are encouraging that DLUHC is considering all involved; quality and security of tenure must come with flexibility for landlords and clarity about how new regulations will be enforced. 

A new Decent Homes Standard in the PRS is coming forward, but the current proposals fall short. They don’t account for some recent updates to building safety legislation and also suggest stricter enforcement measures than existing requirements in social housing. This disparity needs to be addressed or we risk creating a two tier system of housing standards.

A new property portal will also be introduced. This will make the existing rogue landlord and letting agent database public, helping renters to choose from the vast majority in the sector who do their job properly. It’s important this database paints a complete picture – in earlier proposals, the Government omitted failure to belong to an approved CMP scheme as an offence. This has been a legal obligation for agents since 2019 and is a vital layer of protection and assurance for consumers. 

In delivering reform, we must also avoid overburdening landlords and creating a market exodus. This would spell bad news for tenants, as well as those in other parts of the housing sector. A shrinking supply of decent rented homes is only going to put more pressure on costs and waiting lists for affordable housing. 

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Cost of living

The economic outlook and immense financial challenges that families face will be the backdrop to policy and politics in 2023, and the ways that agents can help tenants and landlords navigate this should be at the forefront of discussions. With landlords already under pressure amid legislative changes on top of increased costs, it’s imperative that we use the empathy and collective spirit that were on show during the pandemic.

Wales

The Renting Home Wales Act is now law and its true implications will become clear in 2023. Landlords’ compliance responsibilities have changed overnight, with a whole new host of processes around rental home provision to follow. It’s vital that the changes don’t push landlords away from the sector, so more direction from the Welsh Government on support initiatives for landlords is needed. Either way, policymakers in Westminster working on the Renters Reform Bill will be watching closely to see how the new model works in practice.

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Short term lets

Mr Gove has refocused on short terms lets in recent weeks, in part as a means to appease his backbenchers on the Levelling Up Bill. It makes sense to better regulate this part of the sector in the context of the housing affordability crisis and lack of supply, but it is not only about registration of properties – what requirements should short let and holiday letting firms meet?

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Energy efficiency

Driving energy efficiency standards are already a major focus in the PRS – and even more so in the current energy crisis. This is an investment that landlords can make to help tenants with the cost of living – but, like owner occupiers, landlords are under acute financial pressure and need to be supported. It’s good to see Government funding starting to filter through for local authorities to help drive awareness of this – agents will play a key part in encouraging that.

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* Isobel Thomson is chief executive of SafeAgent *

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