The good news is that the new housing minister is Matthew Pennycook which means that Labour do have an experienced team already in place. Pennycook had very detailed knowledge of the sector and where the Bill was left as he carried out some very detailed work as shadow minister on the late Renters (Reform) Bill and the Leasehold and Freehold Reform Act. This hopefully means that things can get done, rather than have the constant drip feed of information coming out of government since 2019.

One of Pennycooks early tasks will be proposing the Labour version of the Renters Reform Bill.

Bit of history: you may be surprised to note that we had 16 housing ministers (five in the last two years!) between 2010 and 2024, so to be honest we now have someone who has been with the brief since 2012!

The majority of us have accepted that Section 21 will be going, and Pennycook has stated in respect of the abolition that: “we all want the court processes to be quicker”.

Have we seen landlords running for the hills? Unlike our politicians I can give a straight answer – NO.

The market is still buoyant, but the profile of landlords is changing, as younger owners replace older owners.

Zoopla’s rental market report recently showed that tenant demand is double that of before the pandemic, yet rental stock availability is down by a third.

The result? Rental inflation, as simple supply-demand economics dictates. As the report states, “Only by boosting supply can we improve choice for renters and increase the chances that consumer demand will start to exert more influence over landlord decisions and the quality of rented homes.”

Recently analysed industry data, showed that the average age of buy-to-let landlords purchasing with a mortgage is falling, down to 42.9 last year from 46.4 a decade ago.

Purchases by landlords in their 30s increased from 21% of properties in 2014 to 31% last year. Overall, three quarters of mortgaged buy-to-let purchases last year were made by somebody under the age of 50.

That is positive as it shows that property is still seen as an attractive investment proposition. However, these investors like certainty and a stable regulatory and fiscal environment.

This is why it is so important that the new version of the Renters Reform Bill is carefully considered and reflects the needs of all participants in the PRS.

The new government has only been in place for a short time and the main push initially seems to be directed to planning. Announcing an immediate review of the National Planning Policy Framework (NPPF), they have got a task force in place to unblock stalled developments, and are making it clear that Ministers will take an “interventionist approach” to get Britain building. One of these being in Northstowe.

A review of the NPPF will be completed before the end of July 2024, with a loosening of red tape that has held back construction, infrastructure, and the energy grid, as part of broader plans to encourage billions of pounds of private investment into housebuilding.

Take out

Overall, Labour’s housing agenda is focused on addressing fundamental issues in the housing sector, with a strong emphasis on tenant rights, increasing housing supply, and reducing bureaucratic hurdles to stimulate growth and investment. We wait and see!