Reform Bill for fair treatment of renters targeted by Building Resilient Households Group
Writing for the Income Protection Task Force (IPTF) website, Building Resilient Households Group's Richard Walsh has claimed that the "better deal" promised to families renting privately by the Conservative manifesto bodes well for income protection (IP) sales.
The government has made four key promises, including abolishing no fault evictions, a lifetime deposit for tenants, protections against dodgy landlords and strengthened rights of possession for good landlords.
"One of the barriers to purchase of IP in the private rental sector has been the inability to insure yourself against reasons other than sickness for being evicted from your home," he said. "These commitments are therefore extremely welcome and provide an added incentive to purchase IP."
Walsh also explored the mention of a ‘Renters' Reform Bill in the Queen's speech to deliver a "fairer and more effective" rental market. This is something he said the Building Resilient Households Group will be engaging with at government level to get the "best possible deal from an IP perspective".
Regarding Universal Credit and protection for renters, Walsh wrote: "There are some technical issues with IP and UC interactions which the BRHG will be working on but in practice, given the growing gap between rent paid and UC housing allowances, the only way private tenants can be sure all their rent will be paid is through IP. Although the government have promised to end the benefits freeze so far there has been no similar commitment on Local Housing Allowance Rates."
Read the full article here.
Main reason MSK
Cirencester Friendly research reveals
4.5m UK households rent
65% of first £60,000