Rental Market Left in “Limbo” Following Queen’s Speech

The rental market has been left in a state of “limbo” after yesterday’s Queen’s Speech, believes the Residential Landlords Association (RLA).

Responding to the Government’s plans to publish a draft bill on its ban on letting agent fees charged to tenants, the Chairman of the RLA, Alan Ward, says: “A draft bill serves neither tenants nor landlords and leaves the market in a state of unhelpful limbo.”

He continues: “Rather than proceeding with draft plans that will be eclipsed by battles over Brexit, ministers could instead use powers they already have to introduce a fixed menu of fees, which letting agents would have to publish. This would enable tenants to immediately understand fee structures and enable them to more easily shop around.”

The Founder and CEO of online estate agent eMoov.co.uk, Russell Quirk, is also disappointed in yesterday’s Queen’s Speech.

He reacts: “So we reach another political juncture punctuated by excessive Autumn Statements, Budget announcements and Queen’s Speeches. The Government yet again are setting out to revitalise their approach to housing, only for us to look back come the next occasion and realise that the previous hype and hot air has evaporated with no tangible action whatsoever.”

Quirk continues: “Where housing is concerned at least, these events have become little less than soothing platitudes for the masses, akin to a Marie Antoinette-type approach. But the cake never comes. Promises to address unfair tenant fees and promote fairness, transparency and prosperity in the housing market while building more homes are worthy intentions indeed, but ones that are all too familiar yet remain unresolved.”

Responding to the Government’s plans to build the second phase of the HS2 high-speed railway line, he says: “The announcement on the HS2 railway is a significant one where the UK property market is concerned. Although it will negatively impact house prices in the path of the route itself, the areas due to benefit as destinations will see positive growth, as it opens up accessibility to more of the country in terms of commuting to major cities from more affordable areas.”

What did you think of the announcements included in the Queen’s Speech?