Labour vows to end 'bidding wars' between renters with new law in King's Speech

A new rule could see bidding wars between renters put to an end as part of Labour's upcoming plans. A set of new laws were announced in Parliament today (July 17) as part of the King Charles second King's Speech of his reign.

The speech, which set out Labour's legislative agenda after winning the general election, laid out 40 bills that Keir Starmer and his party want to pass now that they are in power.

Amongst these was the Renters’ Rights Bill, which addresses Labour's commitment to improving private renting for 11 million tenants, with laws such as ending Section 21 ‘no fault’ evictions, empowering tenants to challenge rent increases and allowing pets in rental properties.

READ MORE: The key property laws in the King's Speech set to affect millions of homeowners and renters

The bill is also set to introduce new laws to end rental bidding wars brought on by landlords and letting agents. Renters are often pitted against each other when trying to find a home, with tenants so desperate to secure a property that they will then end up paying more than the asking price to outbid their competitors.

Addressing the issue, Prime Minister Sir Keir Starmer said: "Too many people currently live with the threat of insecurity and injustice, and so we will make sure everyone can grow up in the secure housing they deserve. We will introduce tough new protections for renters, end no fault evictions and raise standards to make sure homes are safe for people to live in."

The final details of the Renters’ Rights Bill states: "We value the contribution made by responsible landlords who provide quality homes to their tenants and believe they must enjoy robust grounds for possession where there is good reason to take their property