Top agency says landlords are being forced to quit
One of the UK’s leading letting agents says the government is forcing more
landlords to quit the rental sector because of punitive tax policies and
increasing legislation.
Belvoir says growing numbers of landlords are now selling up and fewer
landlords are looking to invest in the private rental sector.
The franchise firm says the government needs to take urgent action in their
Autumn Budget to help incentivise landlords who are providing quality
accommodation for a growing tenant population.
Belvoir’s chief executive, Dorian Gonsalves, said: “Tenant demand and
property supply is something we’ve been tracking ever since the government
embarked on its flawed policies to reduce the number of investment
landlords so there are more first-time buyers entering the market.
“We have warned the policy would not work and the UK’s rising population
needs more homes across all tenures, including people wanting to buy and
those wanting to rent privately.”
Growing numbers of landlords selling up
He says the firm publishes a rental index which reveals that more agents
than ever before are seeing growing numbers of landlords selling up.
He says that 48% of offices report landlords are selling up to three
properties, a rise from last month’s figure of 46%, and a rise from 7% to
17% of landlords wanting to sell between six and 10 of their rental homes.
Belvoir says that one of its offices currently has 17 families that have
been put on notice because of landlords putting their rental properties up
for sale.
Mr Gonsalves added: “Though government policies such as increased stamp
duty and the loss of mortgage tax relief is hurting landlords, they still
have a choice in how to invest money, whereas tenants have no little choice
of where to rent because of a drop in supply.”
The London council prosecuting the most landlords revealed
Meanwhile, it’s been revealed that Camden is the local authority in London
prosecuting the most landlords and letting agents.
An analysis of the Mayor of London’s rogue agents and landlords register,
which was unveiled last December, reveals that Camden has put 35 names on
the Mayor’s blacklist and carried out 59 prosecutions.
In second place is Southwark council with 51 prosecutions and Newham is in
third place with 44 prosecutions.
One of the prosecutions carried out by Camden was for a property management
firm accommodating 26 tenants in overcrowded conditions located above a
former pub.
