Telegraph request: Do you think the Government's Renters’ Rights Act is a major part of why house prices have fallen?

I would be careful about blaming one monthly house price fall on the Renters’ Rights Act alone. The bigger drivers are still affordability, mortgage rates, confidence and buyers becoming more price-sensitive.

That said, the Act is part of the pressure on landlord sentiment. Buy-to-let has already been squeezed by higher rates, tax changes, tougher stress testing and heavier regulation. If a landlord now feels they have less control, more compliance risk and thinner margins, some will sell or pause buying.

That can affect prices in two ways. More ex-rental stock can increase supply in certain areas, especially flats and smaller houses. At the same time, fewer landlords buying reduces competition for those properties.

But this is not a simple “landlords leave, prices crash” story. If landlords exit, renters still need homes, so rental pressure may get worse. Protecting tenants matters, but if policy makes supply weaker, everyone pays for it somewhere.

I think house prices falling is less a result of the Renters' Rights Act and much more a consequence of increased mortgage rates, tax changes, the cost of living crisis and general uncertainty and concern about the direction this government is taking the UK. Geopolitical uncertainty and domestic policy is proving a toxic combo.

Whilst the RRA only went live in May, Landlords have been preparing for some time beforehand. In particular, the smaller landlords, those with fewer than 4 properties have been hit the hardest, with properties barely covering their costs before the RRA took effect. With the need for social housing at record highs, rental properties have never been more in demand, yet we are determined to penalise landlords who, in the main, support a significant element of the government's needs. The burdens of increased taxation, the cost of acquisition, and now giving tenants more powers than the landlord have been more than enough to tip many landlords over the edge, leaving larger institutions to monopolise. The tenant will eventually lose out.

Trump and stamp duty are the current culprits for the housing market's lack of momentum. It's anaemic but doesn't need iron; it needs oil prices to drop and stamp duty legislation on property to be suspended.

The Renters Rights Act enforcement has certainly sparked a wave of new stock to the market as independent and accidental landlords exit the market.

This could drive a reduction in house prices as supply starts to outpace demand.

I’m having conversations with landlords on a daily basis who are deciding to cash in on their investment and put their money elsewhere which is lower risk and a smaller demand on their time

The Renters Rights has definitely been a contributor but not a sole reason. Supply and demand is usually the driver and there are a combination of other factors such as rising interest rates, the cost of living, job uncertainty all results of the carnage caused by the Labour government. Housing stock is at its highest and first-time buyers/chain free buyers or investors are needed to start the chain- without this the market stalls. The housing market has a significant impact on many other sectors such as construction and removals- without movement less people are transacting. Some landlords have exited the market due to the barrage of regulation and red tape, others are diversifying but not buying traditional housing. More reform is needed with Leasehold and there are still many flats being blocked from being sold due to onerous service charges making some of these properties wholly unsaleable.

Is the Renters' Rights Act a major reason prices have fallen? It is a significant strand. Nationwide points to the Middle East, energy costs, and interest rates, but that misses what began in September 2024, when the Bill was published. Soon after that, the smart money started moving, and is likely to continue, albeit at a slower pace going forward.

The landlords exiting are not only those with non compliant rentals, but also the well-informed risk-averse, often older landlords. They read or were told about the Bill, digested it, and concluded the risk-reward had shifted against them.

Many chose to get out, causing higher than usual supply numbers. With demand being the same (or less - for the reasons highlighted by Nationwide), we are seeing intense downward pressure on prices.

The upshot though, is opportunity: why we launched tenant2owner when we did - every landlord exit is a home, often keenly priced, that a mortgage-ready first-time buyer, usually a tenant could snap up.

Whilst the RRA may have an impact on certain housing sectors that are the general BTL properties, it is not the full story. Higher interest rates, stamp duty, building materials, cost of trades people and generally increases in cost to living are putting people of moving house and increasing their outgoings.