Flatshare adverts have surged amidst the looming spectre of the Renters’ Rights Bill, research from flatshare site SpareRoom has found.
Between January and April both the number of landlords using the site, as well as the number of ads placed by landlords, rose by 11% year-on-year.
Half (51%) of landlords have prepared for the Renters’ Rights Bill, of which almost a third (32%) have raised rents in preparation, as only one rental increase per year will be permitted with the legislation, while tenants will be able to challenge increases.
A fifth (19%) of UK landlords and 17% of London landlords say they have improved property standards, reflecting the introduction of the Decent Homes Standard in the bill.
Matt Hutchinson, director of flatshare site SpareRoom, said: “It would seem any impact on rental supply is likely to come after the Renters’ Rights Bill passes, when the changes kick in and landlords react.
“Professional landlords are more proactive than small landlords, but that proactivity is still too low – almost half of all landlords have made absolutely no preparations at all.
“Whatever your views on the Bill, change is coming and with very few alterations to what has been proposed, so now is the time for landlords to get on the front foot, gather knowledge, and get ready. Fortunately, awareness is high, but even 7% of landlords in the dark is too many.”
Landlord confidence is at a low ebb.
In May 76% had no confidence in the market, though this still represents an improvement from 88% in February.
London landlords are most pessimistic, as 82% have no confidence.
Smaller landlords are less likely to be aware of the Renters’ Rights Bill.