Most commentary on the new Decent Homes Standard has focused on what landlords must do, but fewer people have asked what it will cost, and fewer still have asked what happens to those who have not planned the financing in advance. That question is, in my view, where the real problems arise.

The government published its policy statement on 28 January. For the private rented sector, it is a landmark moment. The first time a single quality benchmark has been applied equally to social and private rental homes. The enforcement date is 2035, and that number has a “sedative” quality, encouraging landlords to read the headline, nod, and park it. The problem is that the conditions shaping how affordable and accessible improvement finance will be in 2033 or 2034 are being set now, not then.

The detail carries financing implications that the broad-brush coverage has largely missed, so it is worth being specific about what the standard requires.

Five criteria sit at the heart of it, and the financing implications differ across each one.

The first is the most familiar. Homes must be free from category one hazards under the Housing Health and Safety Rating System, the most serious structural, electrical and fire risks that put occupants in genuine danger. This has always been a legal obligation, but the standard strengthens the enforcement machinery around it considerably.