New UK regulations could be underway to give renters a more fair deal. The new deal could allow renters to get three-year minimum leases, allowing for a much greater sense of security for the renters. Landlords will still have the six month break clause, whereby they can break the lease. The clause serves the tenant in the same way. The proposal’s proponents note that encouraging renters to put down roots is good for communities. It also fits in with government stats that suggest residents tend to stay put for up to four years, despite the usual agreements being for much shorter stays. The proposal is under consideration through late August.
Key Takeaways:
- Despite stats that show UK renters often stay in place for a minimum of four years, the present leases are not reflective of that.
- New policies could allow renters longer leases, without getting rid of the break-away clause that allows both renters and landlords to opt out at six months.
- The proposal should remain under consideration through July and most of August.
“Tenants could be given minimum three-year letting agreements to increase security for those who rent a home.”
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