As the impending enactment of the Renters Reform Bill draws nearer, a recent survey conducted by Confused.com mortgages unveils significant apprehension among landlords regarding the forthcoming legislative alterations and their potential impact on the rental industry.
The survey, delving into the current landscape of the buy-to-let sector, highlights concerns among over half of landlords, with 52.2% expressing worries about the imminent changes brought forth by the Renters Reform Bill.
Among the key findings, over 44% of landlords indicated their reluctance to lease properties to tenants with pets. However, the bill obligates landlords to consider requests for pet accommodation, disallowing unreasonable refusals in this regard.
Additionally, more than 43% of landlords conveyed their unwillingness to rent properties to individuals receiving Housing Benefit or Universal Credit, while over 15% expressed a similar stance concerning tenants with children. Notably, the proposed legislation aims to abolish blanket bans on benefit claimants or families with children, intending to promote fairer access to housing.
The survey unveiled that the impending legislative changes are the primary concern for landlords, overshadowing other worries related to the future of the private rented sector.
Regarding their future plans within the sector, a significant proportion of landlords (47.7%) intend to maintain their current property portfolio over the next two years, while nearly one-fifth (19.7%) are yet to solidify any plans.
Conversely, a smaller fraction of landlords (9.6%) expressed intentions to liquidate their entire property holdings and exit the rental business, signalling potential shifts in the landscape of property ownership in the wake of the impending reforms.
The survey findings underscore the palpable unease and uncertainty prevalent among landlords as the Renters Reform Bill looms closer, heralding potential transformations within the rental market and provoking varied reactions within the landlord community.