A fifth of all Millennial renters have experienced being forced out of their home by landlords seeking to sell their buy-to-let properties, it has been claimed.
Research by online buy-to-let property marketplace Vesta also documents how nearly 40% of tenants aged 36 to 44 years old have little or no idea of their rights during ‘no fault’ evictions and that a third were unaware it could happen.
But discontent is brewing – three quarters of those questioned in the survey said tenants should have greater rights when a property is sold by a landlord and should have greater security of tenancy.
No-fault evictions caused mental health issues for 9% of those canvassed by Vesta, and triggered financial problems for 14%.
“The current buying and selling system, where good tenants are evicted for no reason other than to sell a property, makes life harder for everyone,” says Vesta’s CEO Russell Gould (left).
“The sector needs to move with the times and mould the system into something that works for both landlords and tenants alike.
“Specifically, the practice of advising a landlord to evict tenants in order to sell a property is outdated. The sector needs new models such as Vesta that offers tenants-in-place during the sale process thereby satisfying tenants who want to keep their home and landlords who wish to sell.”
Despite calling for greater security of tenure for tenants, the government has so far refused to reform the current ‘no fault’ eviction legislation, which enables landlords to remove a tenant after the fixed-term has ended.