Your October 2024 newsletter

October aims to set the pace for English legislation for the next 12 months. Once parliament resumes on 7 October, new changes will be discussed that will affect the private rental sector.

From the Autumn budget to the second reading of the Renters’ Rights Bill, here is everything you need to know now to be prepared for any future changes.

Renters’ Rights Bill enters second reading

Labour introduced the Renters’ Rights Bill on 11 September, aiming to reform the private rented sector. The bill will face multiple stages in Parliament before becoming law. On 9 October, it will have its second reading in the House of Commons – where MPs will debate its key elements for the first time.

If passed, it moves to the committee stage for further review.

You should track this and any other key elements of the bill closely. For example, Deputy Prime Minister Angela Rayner announced at the September Labour conference: “. I will clamp down on damp and mouldy homes by bringing in Awaab’s Law in the social rented sector this autumn and extend it to the private rented sector too. “. However, there has been no confirmed date on when this will happen.

Autumn budget

In August, Prime Minister Sir Keir Starmer warned that “October’s Budget will be painful.” The Autumn Budget is due on 30 October, delivered by Chancellor Rachel Reeves.

While details are still under wraps, there is speculation that tax changes could be on the agenda, including potential adjustments to:

Capital Gains Tax (CGT)

Inheritance Tax (IHT)

Fuel Duty

More changes to energy and gas prices

As of 1 October, energy prices in England, Scotland, and Wales will rise by 10% under a new price cap. The cap, set by Ofgem, is reviewed every three months, reflecting shifts in wholesale energy prices, supplier costs, and demand.

The typical annual dual-fuel bill (direct debit) will increase from £1,568 to £1,717. These prices will be capped until the end of the year.

The Revive Property Management Services team.