The number of landlords selling up has hit record levels, leading property buying firm National Residential has reported.
The company says this has been prompted to a significant degree by the long-standing uncertainty within the private rented sector created by the Government’s ongoing regulatory changes and the withdrawal of tax relief on mortgage interest payments.
TV star and PRS figure Paul Shamplina will be discussing these headwinds during a free webinar on 30th May at 10am alongside David Coughlin, Director of National Residential.
They will also discuss how many landlords are worried by the recently-revealed Renters (Reform) Bill, which will significantly increase the level of compliance required to operate rented properties.
This includes registering with a national property portal, joining a redress scheme, complying with a new Decent Homes Standard, facing more expense and admin when evicting tenants and dealing with the introduction of open-ended periodic tenancies.
Exodus
As LandlordZONE has reported, despite many campaign groups accusing landlords and letting agents of scaremongering or exaggerating the exodus, several housing ministers and the Home Office have admitted their policies are softening the appetites of buy to let investors and leading to higher rents.
This all comes on top of the ongoing debate over EPC upgrade costs, which are likely to be a financial stretch for landlords with big mortgages or those in areas where property values are low.
Shamplina and Coughlin will also discuss how these challenges are affecting different kinds of landlords depending on their portfolio size, age and where their properties are located, and the likely consequences of this all further down the line.
To register for free to watch the webinar LIVE.
How can anyone be an expert in this field. The catastrophic Welsh legislation has hardly had time to warm up, and Gove’s disasterous policies have not gone through parliament yet!! How on earth can anyone claim to be an expert in these fields?
Some years ago in a blog, with my tongue firmly in my cheek, I predicted that the government was planning to introduce mandatory 5 yearly Mental Health Fit-To-Let Assessments for all landlords, costing landlords £500 each time. Non-compliant landlords would be run through the streets, tarred and feathered and beaten with wet copies of The Guardian. Well it seemed just funny at the time…
Love it, proper howler. Thankyou
Solely but surely LL are selling up or moving away from long-term lettings.
They aren’t advertising this as they DONT wish to be prevented from doing so.
They DONT want the PTB to recognise how many LL are leaving the long-term letting sector as Govt might start to prevent them.
So they are keeping very quiet about their exodus.
But in a couple of years time it will be found that another couple of hundred thousands of LL have escaped the sector
Govt will be very annoyed that so many LL have escaped the sector.
Govt will then make it nigh on unviable to leave long-term lettings.
Shrewd LL will be long gone by then!
Isn’t that the intention to get all landlords to leave the PRS to the corporates?
How would it stop a LL leaving if they really wanted to?
Paul. I think they have done a pretty good job on that already otherwise hundreds of thousands more landlords would have been gone by now.
Cut C/gains tax allowance + a 28% C/gains tax for landlords and for older landlords 40% inheritance tax awaits not much of a lifetimes Estate left then despite having paid hundreds of thousands to the Revenue down the years, nice one so landlords are held to ransom or you would really see an exodus.
Absolutely agree with your statements.
However despite the onerous existing impediments to leaving which you have highlighted I consider it is scheduled to become even worse with a Labour Govt
So even with the horror of leaving now it will become even more horrific when Labour is the next Govt.
Better to get out now even if you have to leave your legs behind!
At least you will still be alive!!