Key Takeaways from the King's Speech 2024: Essential Information for Landlords

Key Takeaways from the King's Speech 2024: Essential Information for Landlords

Date: 17 July 2024

Overview:
The King's Speech marks the State Opening of Parliament, where the government outlines its priorities for the coming year. This year's speech is significant as it is the first from a Labour Government in 14 years, following the general election in July.

Major Bills Relevant to Letting Agents/Landlords;

1. The Renters' Rights Bill:
- Purpose: To reform the private rental sector and protect renters.
- Key Provisions:
- Abolish Section 21 evictions.
- Strengthen tenant rights to challenge rent increases and end bidding wars.
- Allow tenants to have pets, with certain conditions.
- Introduce the Decent Homes Standard in the private rental sector.
- Apply ‘Awaab’s Law’ with strict timelines for repairs.
- Create a digital database for the private rental sector.
- Establish a new ombudsman service for dispute resolution.
- Make it illegal to discriminate against tenants receiving benefits or with children.
- Enhance local councils' powers to target rogue landlords.

2. English Devolution Bill:
- Purpose: To devolve more powers to local authorities and metro mayors.
- Key Provisions:
- Standardize and legislate devolution frameworks.
- Make devolution the default for local growth plans.
- Accelerate the provision of devolved powers.
- Enable local leaders to have more strategic control over planning and transport.
- Empower communities with the right to buy and revamp local assets.

3. Leasehold and Commonhold Reform Bill (Draft):
- Purpose: To enhance homeowners' rights over their properties.
- Key Provisions:
- Reinvigorate commonholds.
- Address ground rent issues.
- Implement remaining recommendations from the Law Commission.
- Extend reforms to both England and Wales.

4. Planning and Infrastructure Bill:
- Purpose: To improve planning systems and accelerate housing and infrastructure development.
- Key Provisions:
- Modernize local planning committees.
- Increase capacity of local planning authorities.
- Streamline the delivery of critical infrastructure.

Additional Notes:
- Labour's manifesto emphasizes housing growth and development, with significant plans to build 1.5 million new homes.
- Local authorities will receive support for planning, and intervention powers will be used strategically to ensure housing targets are met.
- The government plans to ensure high-quality, sustainable housing that promotes climate resilience.

Conclusion:
The King's Speech outlines an ambitious agenda by the Labour Government to reform the housing and rental sectors, devolve more powers to local authorities, and drive significant improvements in planning and infrastructure. Landlords should prepare for significant changes in legislation affecting their operations and responsibilities in the coming years.