The renewal required status simply means that the current tag holder needs to renew the domain as per Nominet's positive renewals proceedure. There's a bit of a grace period on renewals - if and when the domain is renewed, the status will change to renewal request being processed.
Keep an eye on things though - if the WHOIS changes to domain suspended then there's a very good chance that a couple of months down the line, the domain will be made available for sale by Nominet again.
R.