King Charles III opened the Parliament on 17 July 2024 with the King’s Speech detailing the new government's policies and the possible changes that could take place in the coming five years. During this Speech, King Charles provided an outline of the draft laws the government plans to introduce in the coming weeks. In addition, it included the possible changes or abolition of rules taking place soon.
What Did the King’s Speech Cover?
The King highlighted the government’s principles of security, fairness, and opportunity for all, while making stability the cornerstone of his government. He claimed that all the tax and spending changes are subject to an independent assessment by the Office of Budget Responsibility (OBR). Economic growth will be the government’s main mission, and they will do so by seeking a partnership with both the business and working people of the country. Also, a major focus will be on the cost-of-living hikes, which will be targeted by prioritising wealth creation for all.
Furthermore, the speech covered the government’s plan to get Britain building. There are plans for local growth that will benefit communities economically. The major plans of the government include planning reform, developing high-quality infrastructure, and boosting the housing market of the country. They will also pursue sustainable growth by encouraging investment in industry, skills and new technologies.
What Changes Can We Expect in the Property Market?
There were several provisional changes regarding the property market of the country that were discussed in the King’s Speech. Here is a detailed breakdown of all those topics covered relating to the property market.
1. Abolition of No-fault Evictions
No-fault eviction was a part of Section 21 of the Housing Act of 1998, under which landlords could evict tenants without a valid reason or any breach of the rental contract. However, now the government has abolished the no-fault evictions provision.
So, without any valid reason, the landlords will not be able to give any eviction notices to their tenants. Landlords claim that due to the abolition of this rule, they might be prompted to increase the rent prices.
2. Awaab’s Law
Awaab’s Law was legislated after a boy passed away in his second year due to respiratory problems caused by the moulds growing in his home. So, this law aims to protect any similar cases in the future. The government is focusing on extending the social housing safety rules into the private rental sector.
3. Building Homes
The government has plans to do more for renters and leaseholders. However, property experts and investors are interested in how the government will deliver its promise to build 1.5 million homes by the end of their term, including more social and affordable homes.
4. Reforming Leasehold law
A freeholder is someone who owns a property, including the land it is built on, while a leaseholder is someone who owns a lease for the right to use the property. Leaseholders often pay expensive amounts to make simple changes to the property and additional service charges to make these changes. Also, they must get the permission of the freeholder or the managing agent.
The UK has more than five million leaseholders, so the government will focus on reforming the leasehold law to make it fair for both the leaseholder and the property owner.
Conclusion
King Charles III outlined the UK government's upcoming plans in his recent speech. The focus is on economic growth, stability, and addressing living costs. Changes in the property market include getting rid of evictions without cause, expanding safety rules to cover private housing, and ambitious plans to build 1.5 million homes, including affordable housing.
The government also wants to improve leasehold laws to make the system fairer for both leaseholders and property owners. These changes show a dedication to security, fairness, and opportunity for everyone.
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