Mid-year reflection — 2025

A short note from the team at the mid-point of the year, focused mostly on the regulatory picture and how we are preparing the portfolio for what is now a near-certain set of changes to the private rented sector.

The headline story of 2025 so far has been the continued progress of the Renters' Rights Bill through Parliament. At the time of writing, the Bill has cleared the Commons and is making its way through the Lords, with Royal Assent broadly expected later in the year and the first phase of measures — including the abolition of section 21 — anticipated in 2026.

Rather than wait for the final detail before acting, we have spent much of this year putting our portfolio in a position where, whatever shape the Act ultimately takes, we are comfortable with the outcome. In practice that has meant a careful review of every tenancy across the portfolio, refreshed agreements where appropriate, a closer look at property condition, and conversations with our managing agents about how operational practices may need to evolve. We have also engaged closely with our advisors on the proposed Decent Homes Standard and the new Private Rented Sector database, both of which we expect to follow the abolition of section 21 within the next two to three years.

On the transactional side, the market itself has remained measured. Stock has been steady, pricing has been reasonable, and we have continued to look at opportunities that meet our underwriting framework on existing income alone. Some prospective landlords are clearly choosing to exit the sector ahead of the new regime, and we expect that to provide further opportunities through the second half of the year for those willing to operate professionally and at scale.

We will write a more substantial piece once the Act has received Royal Assent and the implementation timeline is settled. In the meantime, if you would like to talk about how the changes might affect a particular portfolio or opportunity, please do get in touch.