‘I’m out now, I’m selling’ – landlords exit PRS, warns portal chief

Adam Pigott of OpenBrix tells The Neg nothing is being done to help landlords and many have had enough.

Landlords are being driven out of the rental market and nothing is being done to help them, a leading property figure told The Neg.

Adam Pigott, CEO of challenger portal OpenBrix, (main picture) claims landlords are saying “I’m out now, I’m selling.”

He says there is a government policy to “target landlords”, and “nothing is working for them at the moment”.

“If you take off just 20% [of lettings], that’s a million properties,” he says. “No-one is going to win here.”

Rents are going to continue rising as less rentals are available, and tenants will suffer as they struggle to find somewhere to live, Pigott says.

Chipping away

Many landlords are reviewing whether property is a good investment to act as a pension when they retire, he says, and the recent hike in mortgage rates has made the situation worse.

Other factors include the move to abolish ‘no fault’ evictions, contained in the Renters Reform White Paper. Prime Minister Liz Truss confirmed recently that the Government will press on with a ban on Section 21 notices, despite reports that it was going to be dropped.

The decision to plough on with a corporation tax increase also affects people who have set up companies to manage their properties, he argues.

“I was an agent since 1989, and from the point where MIRAS (Mortgage Interest Relief At Source) was taken away every bit of legislation is chipping away at landlords,” he says.

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