Landlords forced to sell are new market for iBuyer firm

Upstix founder Giles Mackay told The Neg Government 'attacks' on landlords mean many now have to sell up.

 

Giles Mackay upstix

Landlords forced to sell their properties are now one of the main target categories of vendors identified by iBuyer specialist Upstix.

The firm led by founder Giles Mackay (main picture) sees landlords who are selling up due to government changes which hit their finances.

This week the Government unveiled the Renters’ Reform Bill, which will abolish no-fault Section 21 evictions. There are also requirements looming for all rented homes to achieve a minimum EPC C rating by 2028.

So, now Upstix include landlords in the must-sell category alongside repossessions, divorce and probate cases, as well as new builds.

Mackay told The Neg: “There are 4.7 million landlords who are under constant attack from the Government, [Michael] Gove, the Treasury etc.

“UK housing has been an issue largely forgotten by the Tory government.”

Most potential

He revealed that Upstix plans to target let properties in the North East as the area of the country for the most potential with the least amount of risk.

The company also sees three-bedroom semi-detached houses as its most lucrative market across the UK, and will be looking to buy as many of these as possible.

There is no real purchase market in London now, especially for first time buyers.”

London though is seen as the “most risky” area for the company to operate in, and doesn’t market the business there.

“There is no real purchase market in London now, especially for first time buyers, with 12 times multiple salary [mortgage offers] ruling people out,” he says.

Phil Tennant, Former COO, Upstix

Company COO Phil Tennant left the company earlier this month as he reached the end of a contract, and is set to be replaced in late June, Mackay says.

Upstix uses a database covering every area of the country, built through sister company Outra, that helps it to predict the behaviour of every person active in the property market.


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