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Report maintenance Bristol Rental market 2024
What does this year hold for the Bristol rental market?
For the rental market in 2024 we must start with the big-ticket item – The Renters Reform. We’ve written about its slow progress on quite a few occasions, but this year is likely to see it passed through Parliament. What does it mean for Bristol landlords? Well, we don’t expect to see huge immediate changes, the headliner remains the abolishment of section 21s, but this isn’t anticipated to be implemented until after rental-related court reforms – read our previous article here.
Right to Rent code of practice
A new Right to Rent code of practice comes into effect shortly (22nd January) which is being implemented alongside a big hike in non-compliance fines. It could cost up to £10,000 per occupier for a first breach, and up to £20,000 for repeat breaches. We take our responsibilities seriously and make sure the checks are in place to help landlords fulfil their legal obligations when finding tenants (and the ongoing responsibilities for those we manage).
New licensing requirements
Bristol landlords may also see the roll-out of new licensing requirements. There was a public consultation that closed on the 7th of November, we’re still waiting to hear the results of this, but it’s likely to mean more landlords will need a licence for their rentals. Read our article on the proposals here.
General election
A general election must be held before the end of January 2025, so with that likely to be this year we would expect further manifesto pledges around housing, and the rental market is likely to be included in this. We will bring the latest news on rental manifesto pledges to you.
Pace of the market
The pace of the tenant market slowed across the last quarter of 2023. However, we still expect to see tenant demand increase again from spring into another busy summer. Ultimately mortgage rates are still high, so many will continue to remain in or join the rental market.
We expect rental prices to continue to rise but at a slightly slower rate than seen over the last couple of years. With the challenging cost of living, many renters would struggle with significant increases to their rent – that said, we review our landlord’s rents each year and discuss increases where appropriate.
