Fenway Community Development Corporation’s Post

A helpful round up of key Real Estate legislation following the dissolution of Parliament last week (which sadly due to poor health I was unable to share earlier!) 1. The #RentalReformBill did not make into law which means the Conservative government commitment to end #Section 21 "no-fault" evictions by the end of the parliament has not occurred disappointing many in the rental sector and tenants alike. 2. The #LeaseholdandFreeholdReformBill has been passed and will therefore receive Royal Assent this week to become law. However, the long awaited plans to remove ground rent for existing leaseholders or cap ground rents at £250 have been dropped which is disappointing. 3. Calls from the #BuildToRent sector to Parliament urging them to reconsider the abolition of #MultipleDwellingsRelief (which was given effect by the Finance (Number 2) Bill) and allow is to be utilised for larger residential schemes was not fruitful. Again disappointing. I doubt however that we have seen the last of these and so I suspect discussions will continue with the new Government post the General Election on the 4th July. #BuildToRent #Housing #MultipleDwellingRelief #UKRealEstate

**Understanding the Realities of Proposed Housing Reforms: A Balanced Perspective** As the Director at Empowerment Training & Consultancy and a property investor, I feel it's essential to keep our community well-informed with accurate and reliable information, especially on matters that significantly impact the property sector. Recently, people have raised concerns about a rumoured "hardship test" for landlords within Labour's housing proposals. However, my colleague and industry expert Julie Ford CCPM has responded to one such post and correctly pointed out that this claim is unfounded. The misinformation seems to have originated from misinterpretations that spread quickly through various media channels. Julie clarified that Matthew Pennycook has not introduced any such amendment to the Renters Reform Bill. Moreover, the claim that France has a hardship test for evictions and that Labour plans to adopt similar measures is simply not true. Julie also explained that councils are not legally required to provide temporary accommodation to all evicted tenants—only under specific circumstances as defined by the Housing Act and the Homelessness Reduction Act. It's also important to address the ongoing concerns regarding EPCs. Julie rightly noted that while reaching an EPC rating of C by 2030 has always been on the agenda, the introduction of the Home Energy Model and potential updates to exemptions—such as increasing the high-cost exemption to £10,000—may provide some relief to landlords. Furthermore, the issue of Section 21 is crucial. Angela Rayner has been clear that Section 21 will not be scrapped until the court system is adequately prepared and additional possession grounds have been introduced. This commitment ensures that the legal framework will be ready to handle the changes without causing undue harm to landlords or tenants. In these times, it’s crucial to approach such discussions with a clear understanding of the facts. I encourage all landlords, tenants, and stakeholders to stay informed and engage with verified sources. The 'rumour mills' are running at full speed at the moment, so it is easy to get misled, do your due diligence. #PropertyLaw #HousingReform #LegalInsight #EmpowermentTrainingConsultancy #LandlordAdvice #TenantRights #Section21

The Renters Reform Bill is back in Parliament next week with the report stage and third reading happening on 24th April. As we approach the 5th anniversary of the Renters Reform Bill first being announced, it will be interesting to see how things progress next week. Below is a summary of the proposed changes in case you missed it 👇. If you need advice on how the Renters Reform could impact you, don’t hesitate to get in contact with myself or Alice Harris ☕️📝 Birketts LLP #housinglaw #s21 #possessionproceeeings #evictions #propertylitigation #propertydisputes

Policy matters. All of my bills focus on better access to education, jobs (includes employment and small business support) and housing because these three areas bring uplift and stability to our communities. Bill #3 H4015 - everyone is aware of how tough the housing market is right now and I was made aware of terrible practice by Ma'ta Crawford. Many landlords and property managers were charging unbelievable application fees. Fees upwards to $300 per applicant (everyone 18 and older who would live there would be charged a separate fee) were being charged with no proof of use or reimbursement if you were declined. After some research, I discovered that there are typically three reports averaging $25 each that are pulled when applying for a rental. With that, I proposed that we: (1.) cap application fees at $75, (2.) the landlord must provide an itemized list showing how the fee was spent and (3.) provide a refund of funds that aren’t used. This bill makes is more affordable for everyone to seek housing and it generates more “movement” which ultimately improves the overall housing market.

People are debating will this work? They are missing the point. The main point here is this ! It doesn’t need to work! This is not about solving a problem. It’s about an ideology of “eating the rich” where the greens feel private landlords have too much wealth. It’s also about power. That’s why the Bute house agreement has been mentioned, “the Greens have power we can do these things “ and they are absolutely right on that one. The country should be asking why a party with less than 0.1% of the vote should have this power. Simple, the SNP gave them it to gain their majority. By the time decent landlords pay interest, factoring, insurance, management, repair and maintenance costs. And now redecoration every time a rental becomes vacant as the tenant will have decorated in their personal stye. There will be no margin left in it. So watch the rental market decline even further. These properties will no longer go to those who cannot afford a deposit, a mortgage or require the flexibility to move every year or so. They will go to the highest bidder where the bank of mum and dad provide a deposit and a building society lend 4 times income. Great news if your a bank or a lawyer. Dreadful news if you need a rental. Who votes for these people? In this case almost no one.

Really interesting read about Andy Hill. Noted this too "But doing all this will be a strain on the exchequer, Hill warns. "It's going to cost a lot of money, too, because you still need the public subsidy to deal with affordable housing. There's more and more private organisations coming into it, but they still rely on getting grants through Homes England [the government's housing and regeneration agency]." In other words, it is not just a case of "build them and they will come" Substantial handouts will be needed from taxpayers to stimulate demand for the extra homes." The fact that the value on the balance sheet of a social rent home is less than the total costs to build that home (even if the land is at zero) is seemingly just not understood. It is the Elephant in Room that needs talking about now! https://lnkd.in/eiUbGRDz

Last week, we raised serious concerns with the current Housing (Scotland) Bill. The proposed rent control regime fails to address the real issue—demand. There’s a missed opportunity to enhance the sector through professional management and large-scale investment. We urge the government to reconsider its approach to avoid long-term damage to Scotland's housing market. The series from The Herald can be found below: Part One: SNP housing law 'open to potential legal challenge': https://lnkd.in/e4UXxwYu Part Two: Rent controls exemplar was an ‘unmitigated disaster’: https://lnkd.in/eeaGdmTq. Part Three: Rent controls 'killed off all interest' in building homes: https://lnkd.in/eQK3TnMh

Alongside all of the recent focus on local Authority finances and those who have issued 114 notices because they can't balance the revenue accounts (the elements paid for by Council Tax), there is also a significant more silent issue around housing services. As a direct provider of over 5,500 properties Central Bedfordshire has managed it's Housing Revenue Account well (paid for by rental income from our housing stock), but we like the other authorities who are quoted in the Guardian article today (link below) face an unprecedented challenge, and one which we need to overcome with the help of Government. Council housing is a critical part of societal housing structure that is often overlooked. https://lnkd.in/eGJySWKS

There is a wave of New Housing legislation across the United States 2x in 2024 what was in 2023 which was much more than previous years. This needs to be tied to improved Federal financing strategies but also to well defined place strategies combining wealth, health and purpose.

🗳️ Navigating the UK Constituencies: Impact on Landlords & Business Owners 🏠💼 In the UK, 650 constituencies shape the political and economic landscape, each represented by an MP (Member of Parliament). Their decisions can significantly affect both landlords and business owners. Here’s how your local constituency might impact you: Local Advocacy and Influence: MPs are crucial advocates for their constituencies, pushing for policies that address local needs. Their stance on key issues like property taxation, rental regulations, and business support can influence local economic conditions. Understanding your MP's priorities can help you anticipate policy changes and adapt your strategies accordingly. Housing Policies: Different areas have varying needs when it comes to housing. MPs play a role in shaping policies on housing development, rental controls, and tenant rights. For landlords, this could mean changes in rental yields, property values, and compliance requirements. Staying informed about local debates and policy shifts is essential for making informed decisions. Business Environment: Local business landscapes are also shaped by constituency-specific policies. MPs influence decisions on business rates, grants, and economic initiatives. Supportive policies can lead to growth opportunities, while increased regulations or higher taxes can present challenges. Engaging with your MP can provide insights and influence policies that support local businesses. Economic and Infrastructure Development: Economic initiatives and infrastructure projects often originate from constituency-level advocacy. MPs push for investment in their areas, which can create opportunities for businesses and increase property values. Keeping track of these developments can help you align your business or property investment with local trends. Community Engagement: Being active in your constituency, participating in consultations, and engaging with your MP can amplify your voice in local decision-making. This involvement is key to ensuring that policies reflect the needs and interests of landlords and business owners. #politics #nigelfarage #reformuk #labour #conservative