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Regulation, Social

Prediction: Surveyors and Valuers: The Renters' Rights Bill will impact property managers and valuers

Regulation, Social
Professional Liability
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Prediction

The Renters' Rights Bill will reform the private rented sector, improving rights and conditions for tenants. Abolition of no fault eviction (and revision of the other possession grounds) will make it harder for landlords to obtain possession, which may impact lenders' appetite across the sector, and therefore prices. Valuers will also need to take into account the proposed new minimum safety and maintenance standards, which will affect whether a property can be used for letting purposes. These proposed new home standards will also impact property managers, who will want to avoid exposing landlords to fines and penalties for letting non-compliant property. Risk exposure may be mitigated through appropriate caveats in a property professional's terms and conditions. On a brighter note, it remains to be seen if the Private Rented Sector Landlord Ombudsman scheme results in a decline in litigated claims brought by tenants against agents.

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