The Great British Landlord Sell-off continues apace despite booming demand
As 33% of private landlords in England and Wales said they planned to cut the number of properties they rent out, NRLA chief Ben Beadle says renters are bearing the brunt of the supply crisis.
The number of landlords planning to sell rented properties has reached its highest rate on record according to new data, commissioned by the NRLA (National Residential Landlords Association).
Polling by research consultancy BVA-BDRC found that in Q1 2023, 33% of private landlords in England and Wales said they planned to cut the number of properties they rent out.
This is an all-time high recorded by BVA-BDRC and is up from the 20% who said they planned to cut the number of properties they let in Q1 2022.
INCREASE
Just 10% of landlords now say they plan to increase the number of properties they rent out.
The great sell off comes despite demand being at a record high. According to the research, 67% of landlords said demand for properties from prospective tenants was increasing.
The Neg reported yesterday how the long-anticipated publication of the Renters Reform Bill has been postponed due to “procedural issues” and we also revealed how Capital Gains Tax receipts are rocketing as buy-to-let landlords sell off swathes of property.
IMPACT
The NRLA is calling for the Government to undertake a full review of the impact of tax rises on the sector and develop new, pro-growth policies.
The NRLA says that when Section 21 repossessions do come to an end, landlords need confidence that where they have good reason to end a tenancy – such as for tenant anti-social behaviour or rent arrears – the courts will consider and process such cases swiftly.
The Government needs to reverse its damaging tax hikes on the sector.”
Ben Beadle (main picture), Chief Executive of the National Residential Landlords Association, says: “Renters are bearing the brunt of the supply crisis. Without change, matters will only worsen over the coming year.
“The Government needs to reverse its damaging tax hikes on the sector, which have discouraged the provision of the homes tenants desperately need. Moreover, responsible landlords need to have confidence that they can take back possession of their properties swiftly and effectively when they have good reason to when Section 21 ends.”
The Government knows exactly what the consequences of policies are going to be (industry experts have been telling them for months).
The real question is “what is the actual Government agenda?”
Are tenants just COLLATERAL damage?
Are they just following the WEF orders!