Your November 2024 newsletter

Significant changes will impact letting agents this November, potentially reshaping their daily operations and the rental sector overall.

With the Renters’ Rights Bill progressing through Parliament and inflation rates possibly declining, staying informed is essential to thrive within the sector.

Renters’ Rights Bill enters the report stage

The Renters’ Rights Bill is advancing quickly through Parliament, with its final committee debate on 31 October.

November is expected to bring the Bill to the Report Stage, a key step closer to becoming law, potentially by summer 2025.

We recommend monitoring the Bill’s progress to prepare for sector changes to thrive in the sector.

Wales reconsiders HMO council tax policy

The Welsh Government is consulting on council tax rules for Houses in Multiple Occupation (HMOs), where each unit is charged individual council tax charges, often increasing costs for landlords.

The consultation, closing on 26 November, explores options, including aligning with England’s approach, which treats some HMOs as single dwellings for tax purposes.

Rebecca Evans MS, Welsh Cabinet Secretary for Finance, invites feedback from taxpayers, councils, landlords, HMO owners, and tenants on the proposals.

Potential decline in inflation rates

On 7 November, the Bank of England is expected to lower the base interest rate from 5% to 4.75%, which may ease inflation and reduce operational costs for landlords.

Understanding this change will help us adjust their budgets and plan for long-term savings.

Staying informed on these changes will help effectively through economic and regulatory shifts expected in the coming months.

The Revive Property Management Services team.