Newcastle-headquartered Grainger plc — the UK’s largest listed residential landlord — has welcomed the UK government’s Renters Reform Bill “and its principal aim of improving and raising standards within the UK private rental market.”
Grainger said many of the proposals in the Bill “align to Grainger’s business model.”
The UK government has laid out a series of extra protections for tenants in the biggest shake-up of the private rental market for a generation.
Under the Renters Reform Bill introduced to the UK Parliament, the UK government would abolish the existing “section 21” provision allowing landlords to remove tenants via so-called no-fault evictions.
It would also give renters more power to challenge living standards without fear of losing a home.
Grainger said in a stock exchange statement: “Earlier this week in Parliament, the Housing Minister stated that these reforms are intended to ‘support a buoyant private rented sector and continued investment, including from institutional investors.’
“As a leading, responsible landlord in the Build to Rent sector, Grainger provides high quality, good value rental homes and excellent service to our residents across the country, and in doing so, raises market standards and improves the overall experience for renters, enabling them to put down roots, join communities and call their rental property their home.
“The many challenges which face renters today are a result of undersupply and a fragmented landlord market.
“A better supplied rental market, with more professional, long-term and institutional-investor landlords, providing better quality, mid-market priced homes is what is needed.
“Today’s Bill ensures that rents can still be set in line with the open market.
“The Housing Minister has specifically stated that ‘Nothing in these proposals will prevent landlords being able to increase rents to market prices.’
“The abolition of ‘no fault’ evictions is welcome alongside the commitment to court reform and strengthening landlord’s ability to swiftly manage problem tenants for the benefit of the wider community.
“A key focus for Grainger is retaining our customers, which these proposals align with …
“… we look forward to continuing to work with the Government and policy makers from all parties, to ensure today’s proposals strike the right balance between improving the experience for renters, while maintaining the attractiveness of the sector to long-term, responsible investors like Grainger.”