Property investors with an interest in landlord insurance may find themselves weighed down with more regulations in the near future if they own homes in Wales.
A proposal by the ruling Labour Party in Wales will see private landlords come under the microscope more intensely than ever before as they will be required to prove they are “a fit and proper person” to let homes to paying tenants. If the white paper introduced to the Welsh assembly this week is passed then landlords throughout the principality will have to sign up to an accreditation scheme which will demand a code of practice that they will not be allowed to transgress. Letting agents will also have to conform to the new system and strict penalties backed up by the law will come down on those that fall out of compliance.
The move to impose even more regulation on the private sector comes as a result of complaints by tenants in the past, and in anticipation of a major expansion and reliance on private homes in the future.
Huw Lewis, Housing Minister at the Welsh Assembly, said “This is about much more than putting a roof over someone’s head. Housing issues affects people’s health and well-being and their ability to find and keep a job. For children, it is the foundation for the rest of their lives. Housing is fundamental to delivering many of our goals as a progressive government.
“This paper reflects our strong commitment to equality and social justice and our desire to do all we can to help people to meet their housing needs. We will be ambitious, innovative and collaborative to deliver real change to help reduce poverty, tackle the inequalities that exist between some of our communities, increase skills and jobs, tackle climate change and help improve health and well-being.”