The Renters’ Rights Bill is moving rapidly through Parliament and is expected to achieve Royal Assent this month (writes Yasmin Ulhaq). Widely billed as the most sweeping reform of the private rented sector in decades, the Bill has sparked concern across the market. Yet for those operating in the prime lettings arena, I believe it also represents a rare opportunity: a chance to elevate standards, sharpen service and reinforce landlord and tenant confidence.
The shift from fixed-term to periodic-only
For years, fixed-term agreements have been the foundation of prime lettings – offering certainty for landlords and tenants alike. Under the new framework, all short assured tenancies will become periodic. This represents not just an administrative change but a cultural one. Agreements will need rewriting, possession processes will lengthen and landlords will be required to evidence intent when regaining properties to sell or reoccupy.
While some fear this will undermine landlord confidence, I see it differently. In a sector defined by long-term wealth preservation and lifestyle considerations, professional operators who provide certainty, discretion and clarity will become more valuable than ever.
Compliance, reimagined
The prime lettings sector thrives on trust, service and reputation. Onboarding protocols, enhanced tenant vetting and greater regulatory oversight are often framed as burdens. But woven into a ‘concierge-style’ management model, compliance is not a drag – it is an assurance. It communicates professionalism, transparency and alignment with best practice.
Costs will inevitably rise, but the government’s estimates – around £25 per property per year – fall far short of the likely reality. In prime lettings, particularly where portfolios are diverse and legal challenges more complex, I anticipate additional compliance and legal costs could reach up to 10 per cent of annual rent. The crucial question is not whether these costs can be avoided, but how they can be managed while preserving the high-touch client experience.
Rents and restricted bidding
The Bill’s measures to curb bidding wars – requiring landlords to set and publish a fixed asking rent, and capping advance payments at one month – are designed to protect tenants. In the constrained prime market, however, this could squeeze supply further. Landlords unable to adjust to a more rigid framework may withdraw, reducing choice for tenants and intensifying competition for the most desirable properties.
Professionalising for the new era
In prime lettings, every property is both a lifestyle asset and a financial instrument. The Renters’ Rights Bill redraws the rules, but it does not diminish the role of skilled property managers. On the contrary, the sector’s ability to adapt will separate those who merely survive from those who thrive.
The pathway forward is clear:
- Recast tenancy agreements in line with the new framework.
- Embed compliance as a hallmark of professional service.
- Work with landlords to design long-term strategies that preserve yields and protect asset value.
For those prepared to embrace reform, the Bill is not the ‘end of prime lettings’ but a catalyst for evolution. It is an invitation to professionalise further, to raise standards and to reinforce the central role of property management in safeguarding both landlord interests and tenant experience.
Prime lettings has always been a sector of resilience, discretion and expertise. The Renters’ Rights Bill, far from undermining it, provides a platform to demonstrate precisely why.
Connect with Yasmin https://www.linkedin.com/in/yasminulhaq
