The King's Speech 2024 - What will impact property agents?
The UK Government's ambitious legislative agenda to rebuild Britain covers their manifesto commitments to provide better transport, more jobs, and turbocharge building houses and infrastructure.
With over 40 Bills announced in the King's Speech today, 17 July 2024, more debates following on, and the first House of Lords debates tomorrow, 18 July, with one on energy, the environment and housing at 11am, what does this all mean for the housing sector? Propertymark, the professional membership organisation that promotes professionalism and transparency in the property industry, which Samuel Wood are members of, has looked into it:
Renters Rights' Bill
- Abolish Section 21 to remove the threat of ‘no fault evictions’
- Give renters greater rights and protections and the ability to request a pet in their property
- Make sure private rented homes are safe and secure with a Decent Homes Standard and ‘Awaab’s Law’
- Create a digital database for the private rented sector
- Create a new ombudsman service for the private rented sector
- Prevent discrimination against tenants with children.
Draft Leasehold and Commonhold Reform Bill
- Enacting remaining Law Commission recommendations to bolster leaseholders’ fundamental rights
- Reinvigorating commonhold by modernising the legal framework
- Restricting the sale of new leasehold flats
- Regulating ground rents for existing leaseholders
- Bringing the injustice of ‘fleecehold’ private estates and unfair costs to an end
- Implementing the Leasehold and Freehold Reform Act 2024 so that leaseholders can benefit from more rights, power and protections over their homes.
Planning and Infrastructure Bill
- Speed up upgrades to the national grid and strengthen renewable energy, in a streamlined delivery process for critical infrastructure. The consenting process for major infrastructure projects will be simplified and a review process for National Policy Statements introduced to allow them to be updated every five years
- Modernise planning committees
- Strengthen the capacity of local planning authorities
- Reform compulsory purchase compensation rules to ensure compensation paid is fair
- Use development to fund nature recovery.
Next steps for the legislation
More information on all the draft legislation is now available and Propertymark has been cited relating to our research and survey input from members on Ground Rent issues.
Draft Bills are issued for consultation before being formally introduced to Parliament. This allows proposed changes to be made before the Bill's formal introduction.
Propertymark is meeting with officials to understand the proposals in more detail and provide feedback from members. It have also written to all relevant Ministers now that they are in post, to press forward Propertymark’s priorities and how they fit into the UK Government’s plans.
It will be a busy few months ahead but Propertymark will be championing its members and the sector to ensure these reforms are evidence-based and fit for purpose.
Timothy Douglas, Head of Policy and Campaigns at Propertymark, said: "We have long called for an effective planning system, ensuring supply targets are linked to tenure, which includes the need for more social housing, and an infrastructure-first approach to housing development.
"The reforms to the rental market are long expected and we will ensure that rent controls are avoided, new grounds are effective, and the court system is fit for purpose to coincide with any removal of Section 21.
"Our influential campaigning on leasehold reform will continue and we will push for reforms that make it easier and cheaper for people to buy and sell leasehold property."
Samuel Wood is an experienced industry leader of over 30 years, renowned for their award-winning service and commitment to professionalism.
As proud members of Propertymark, the sector professional body, Samuel Wood consistently upholds, their high standards and ethics to ensure their clients receive nothing less than exceptional service.
For more information or to arrange a free market appraisal contact Samuel Wood on 01743 272710 or email shrewsbury@samuelwood.co.uk
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