By Joe Hoppe

Grainger said Thursday that it welcomes the U.K. government's new Renters Reform bill, as it aligns with its business model and ensures rents can still be set in line with the open market.

The property-investment company said the bill has the principal aim of improving and raising standards within the U.K. private rental market. Rent can still be set in-line with the open market, and the abolition of "no fault" evictions, which allows landlords to evict tenants without giving a reason, is welcome.

The company also welcomed the commitment to court reform and strengthening landlord's abilities to swiftly manage problem tenants.

"As today's Rent Reform Bill goes through the parliamentary scrutiny process over the coming year, we look forward to continuing to work with the government and policy makers from all parties, to ensure today's proposals strike the right balance between improving the experience for renters, while maintaining the attractiveness of the sector to long-term, responsible investors like Grainger," the company said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

May 18, 2023 03:12 ET (07:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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