Oli Sherlock, managing director of insurance at Goodlord, said: “The stuttering, broken-record loop the industry has been stuck in over this legislation may finally be coming to an end from today. It won’t necessarily all be music to the sector’s ears, but we will at least have some clarity.

"The biggest change between the previous Renters (Reform) Bill and the new Renters' Rights Bill will be around section 21; the Conservative Government offered the industry something of a fudge around the scrapping of no fault evictions, with vague promises to introduce it once the courts were ‘ready’.

"While we agreed with the sentiment of this, there was no timeline or action plan announced alongside. In contrast, it looks like the Labour government will scrap S21 outright and the courts will need to find a way to cope.”

Timothy Douglas, head of policy and campaigns at Propertymark, commented: “Having met with the housing minister, it is clear his intention is for these reforms to overhaul private renting in England. They are a long-held manifesto commitment from Labour, with the new government at Westminster using their mandate for reform.

“While Propertymark acknowledges the drive towards improved standards, the UK government must fully understand and recognise the impact that these changes will have with agents up and down the country left wondering how this legislation will help meet the much-needed demand for homes for people to rent.

“With such significant changes to the current tenancy regime there must be a commitment to ensure the court system and grounds for possession are robust and fit for purpose. Furthermore, without an enhanced, effective and well-resourced enforcement regime from local authorities it is unlikely that any benefits from the reforms will be realised.

“Propertymark will continue to make the case for evidenced based policies that support a flexible and fair PRS for all.”

Ben Beadle, chief executive at the NRLA, said: “Plans to reform the PRS have been on the table for over five years now; above all, renters and landlords need certainty about what the future looks like."

"While we await the precise details of the bill, it is vital that it works, and is fair, to both tenants and landlords.

“Once the bill is passed, it is vital that sufficient time is provided to enable the sector to properly prepare. Over 4.5 million households will need tenancy agreements updating, letting agent staff and landlords will need to undertake training and insurance and mortgage providers will need to adjust policies and rates.

“None of this will happen overnight and the government needs to publish guidance."

Ian Fletcher, director of policy (real estate) at the British Property Federation, said: “Rental reform has been long promised, and like the new government, we want to see it done; much of the provisions of the Renters’ Rights Bill we will support, because they will lead to a better rental sector.

"Our primary concern remains the ability of the courts to deal with the increased workload that will come their way without section 21, which is why we had taken a hard line with the previous government to secure court improvements ahead of the legislation being passed.

"We can see why the new government wants to inject new pace into reform, and it has made some reassuring commitments to continue to improve the courts.

"Without court reform and improvement, the new system won’t work well and deliver fair access to justice. It remains therefore our number one priority to ensure the courts are working well, and we hope it is a priority of the government’s too.

"As representatives of responsible landlords, however, we are pleased to see other commitments continue to be taken forward. A landlord register is something we have campaigned for since 2007. Responsible landlords will also welcome the continued commitment to a PRS Ombudsman, and the appreciation that the student accommodation market must be able to operate on an annual basis to facilitate student access to higher education.

"Overall, we believe the rented sectors can make an important contribution to the expansion of housing supply, it is therefore reassuring to see the bill contains nothing that resembles rent controls, and an appreciation that stability, certainty, and clarity are the cornerstones of increased investment in the sector."

“Renters have been let down for too long and too many are stuck in disgraceful conditions, powerless to act because of the threat of a retaliatory eviction hanging over them,” said deputy prime minister Angela Rayner.

“Most landlords act in a responsible way but a small number of unscrupulous ones are tarnishing the reputation of the whole sector by making the most of the housing crisis and forcing tenants into bidding wars.

“There can be no more dither and delay — we must overhaul renting and rebalance the relationship between tenant and landlord.

“This bill will do just that and tenants can be reassured this government will protect them.”