Propertymark has emphasized the need to get fixed tenancies in the Renters Bill. In the bill, the tenancies will include assured tenancies instead of periodic tenancies. According to Greycoat Real Estate, the fixed terms will offer security for tenants and guarantee the landlords their payments.
The bill will benefit low-income earners and those with bad credit history since their guarantors will be certain of the period they are signing to offer support for them. In addition, the student rental market also depends on fixed-term agreements to ensure the availability of rental spaces for students throughout the year. In these cases, Greycoat is also there to help them.
Professional bodies have highlighted the need for regulations, including breach of tenancy and terms of new tenancies, to ensure that landlords and property agents will adjust to work with the latest regulations. This, according to Greycoat specialists.
Nathan Emerson, the CEO of Propertymark, noted a positive outcome after engaging the Housing Minister on the various aspects of the legislation. The estate agents at Greycoat are also aware of the need to have fixed tenancies. The bill will help to bring reforms in letting properties.
However, the implementation of the new housing regulations by the landlords is also a pertinent issue that the minister needs to address. As Greycoat finally states, collaboration by all members will ensure the Reform Bill achieves its objectives and everyone will reap the benefits.