Our experts respond to the King’s Speech 2023

On Tuesday 7 November 2023, King Charles III outlined the government’s priorities for the year ahead in his first King’s Speech since becoming monarch.

The speech highlighted 21 laws that ministers intend to pass, including a ‘Renters (Reform) Bill’ and ‘Leasehold and Freehold Bill’.

John Stephenson, Partner in our private real estate team and Tristan Ward, Partner in our landed estates and agriculture team, comment on these developments.

Renters (Reform) Bill

Tristan Ward stated that the legislation will be ‘welcome news’ for tenants in the private rental sector, adding:

‘We think the bill will be passed with few amendments; and it remains to be seen whether and how many private sector landlords will exit the market, with consequent effects on availability of stock and levels of rent in a country chronically short of housing.’

Tristan’s full comments can be read on the FT Advisor, Mortgage Strategy, Mortgage Finance Gazette and PBC Today websites.

Leasehold and Freehold Bill

Commenting on the change in legislation relating to leaseholds, John Stephenson explains that it will affect only new-build houses, having fewer benefits for the existing owners of leasehold flats.

‘Flat owners – who make up 70% of the new homes market – can be forgiven for feeling short-changed. Whilst legislation will make it possible to extend their lease from the 90 years as now to 990 years and without having to wait for two years after purchase, they will see no other changes to their leasehold arrangements and many of the Law Commission’s recommendations, such as the abolition of marriage value, have been shelved, perhaps on Human Rights Act grounds.’

John’s full comments can be read on the Estate Agent Today, FT Advisor, Housing Digital, Inside Housing, PBC Today, Property Industry Eye, Property Reporter, and Property Week websites.

To learn more about the services mentioned on this page, please visit the residential property, residential landlord and tenant and leasehold enfranchisement homepages.