New regulations for the housing market will be hugely beneficial for tenants, putting them in a far better position than they currently are, without damaging investment prospects and sentiments for landlords, according to a new government announcement.
In plans revealed by housing minister Brandon Lewis, it was revealed that tenants will be able to have better choices, better information about privately renting a home and confidence that they will be fairly treated, thanks to new regulations.
However, this will be done without putting any unnecessary red tape around the private rented sector, meaning landlords will not be discouraged from investing in buy-to-let properties, he added.
"The private rented sector plays a vital role in our housing market, providing a flexible option for millions of people across the country. The last thing we want to do is strangle it in red tape but tenants and landlords should have confidence that they will be treated fairly," the minister explained.
The regulations all come as a part of a new tenancy package, a code of practice that should allow for more of a uniform approach across the sector, which can only be a positive for tenants, who will be less likely to be confused when moving home.
Among the new measures in this package will be a model tenancy agreement, designed to help tenants to arrange and negotiate longer tenancies with their landlords. The minister said this is a benefit to landlords, because it means fewer void periods and removes the need to look for new tenants as often.
The rules are written up by the Royal Institute of Chartered Surveyors, and clearly outline the responsibilities that every landlord and letting agent has to their tenant on a legal front.
Any landlord or agent will also be required to be a member of one of the three approved redress schemes, designed to deal with any grievances or disputes between tenants and owners, with either party able to raise concerns.
The moves are all part of a new plan from the government that is designed to create a bigger and better private rented sector which is able to cope with demand from tenants, whether current or members of new households, thousands of which are formed each year.