The Renters’ Rights Bill and what it might mean for the Richmond Upon Thames sales market

What comes next is known as the Report Stage, scheduled to begin on 1 July – next Tuesday! Following that, the Bill will return to the House of Commons for consideration of any amendments before proceeding to Royal Assent .

In its current shape, the Renters Rights Bill is causing concern amongst many landlords and letting agents… but, it is not only a lettings market issue. 

In today’s article, let’s quickly recap on the current state of play, run through what it is that is concerning landlords, and break open why non-landlord homeowners should also be keeping half an eye on just what is going on.

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How Far Through the Process has the Renters Rights Bill Progressed?

Let’s recap on the process itself, and where we are right now. Here’s the summary version: 

The Bill has now passed through the Commons and is well on its way through the Lords. Once it clears the Report Stage next week, it moves to its Third Reading, and then back to the Commons – and if there are any further amendments made by either House it goes back and forth – a process they call ‘Ping Pong’, of all things – until agreement is reached on the final text. After that, it’s Royal Assent… and effectively, passed into law.

The key thing here is that no matter what is read out on Tuesday, and then in the Third Reading in the Lords thereafter, there is still time yet for amendments to be made. Nothing is set in stone yet.

And in my view, and in the view of many in the industry, as much as I recognise reform is needed in lettings, it is important that a bit of common sense prevails as these esteemed Lords, Ladies, Peers and our MPs consider this Bill in its crucial final stages.

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Why Should General Sellers, Buyers and Homeowners in Richmond Care?

Much of the national conversation so far has been about landlords. And while the private rented sector here in Richmond is smaller than in many other parts of London – we’re hardly a typical inner-London buy-to-let market, are we? – it’s still a vital part of the local mix, particularly for young professionals, young families and those in transition.

So what is our concern? 

The concern is, if large numbers of landlords decide to exit the sector due to the Bill, we could well see more tenanted properties coming to market for sale – and perhaps in great numbers.

For first-time buyers and second steppers, this could bring opportunity, no doubt about it – a welcome ‘easing’, with greater choice after such tight supply over recent years. However, in saying that, if the volume is too great or too fast, it could put downward pressure on values – particularly those at the lower-to-mid end of the market. Landlord sellers might accept that, if they really want out – but general movers might find their life plans put into some disarray if this scenario bears out.

Is it scaremongering? Anecdotally, I hear it a lot from industry peers, that landlords are selling up in greater numbers than normal, and looking to sell up in greater numbers still. Substantively? A survey carried out by Simply Business reports that 1 in 4 landlords plan to sell a property in the next year, with nearly half citing new legislation as the driver. 

Here in Richmond, Twickenham and Teddington, compared to other markets I feel that things tend to move with their own rhythm – but it would be naïve to think that we’re immune.

In Richmond, private rents now average around £2,200/month, up a hefty 12 % year-on-year as of May 2025 – well above London’s average growth . That signifies a strong rental demand, and for landlords in theory a lucrative, secure lettings market – but nevertheless this changing legislation on top of general rising costs may push marginal landlords to offload. If several dozen should-be-let-homes hit the sales market simultaneously in this area, pockets of price sensitivity could form – especially in the lower-to-mid bracket.

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Local Sales Implications: What the Numbers Say

The Richmond property market is in robust shape at the moment. Government data shows the average home price sits at roughly £790,000, rising 3.5 % since April 2024 – an increase slightly ahead of Greater London .

First-time buyers are paying around £628,000, up 2.5%, while mortgage-backed purchases average £795,000, up 3.6% year-on-year – according to ONS data.

There are variances across the market, naturally. Detached homes in this borough, as you would expect, fetch much more (with averages near £1.75 million), but the real action – especially for lettings-to-sales market – will land in terraced homes and two/three-bed flats, where movement creates upward ripples (or exerts a downward ‘drag’ – which the upper end of the market can be immune to… but, not always).

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No Cause For Panic — But Let’s Get It Right

I’m not forecasting a flood of properties to the market, despite those survey results. The Richmond Upon Thames property market is not built on the back of student lets or high-turnover HMOs. Our landlords tend to be longer-term, with dare I say it higher quality properties (by and large) and a particularly stable tenant base.

That said, we’ve already seen some appetite among local landlords to trim their portfolios. If the Bill is set to pass in its current form, I’d expect that to accelerate, and the last thing anyone wants is a lopsided market.

That’s why I’m adding my voice to those calling for sensible amendments. Not because Richmond’s market is fragile; quite the opposite. 

But because no one benefits from a clumsy implementation of what may at its root be well intentioned legislation change, if such a change sends shockwaves through the wider London market, and even through the UK market as a whole.

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In Summary

For buyers? Keep an eye out; whether landlords sell in droves or not, I do believe more will look to sell up than usual this year – there will be opportunities ahead, even if it is to snap up slightly-lower-than-market-value properties in need of a little TLC to ‘de-rentalise’ them (to coin a phrase…). 

For sellers? No need to panic, at this stage, but I urge you to be aware of the news flashes about this piece of legislation as it rolls through. Pricing and presentation will matter even more in a shifting market (and to that end, I can say, at Bartlett and Partners we have that side of things absolutely nailed down).

As always: if you’re wondering how this might affect your own moving plans, my advice is simple: please get in touch. We’re here to help you stay ahead of the curve.