After 14 very long months, the ban on bailiff-led evictions came to an end (on 31 May), and the notice period that landlords need to give tenants has now been reduced from six to four months.While many have little sympathy for landlords, who are seen as the “rich” beneficiaries of the private rented sector, it is important to remember that many landlords’ finances, as well as tenants, have been severely strained during the pandemic. Despite this, the government has expected private landlords the bear the cost when tenants could no longer pay rent, with little or no chance of recouping their losses.
For well-capitalised landlords with more than one property, the hit has perhaps been easier to take. But more than half of landlords in the UK are said to have just a single home for rent. For those smaller landlords who rely on rental income to pay for their retirement, for example, or who have mortgages, the consequences of this have been catastrophic and could well be the impetus to sell up for good.
According to a survey by the NRLA, one-third of landlords are now more likely to leave the market altogether or sell some of their properties…and let’s be honest, who could blame them?
Landlords have been treated as villains for far too long now, when in fact the vast majority are providing lovely homes with an excellent service that is supporting the growing demand for rental properties.
It is a short-sighted view to be pushing private landlords out of the market, which will ultimately result in higher rents for tenants. The alternative for those that can’t afford the already astronomical cost of renting will be to resort to the social housing sector, which successive governments have run down in size and funding.
House prices, whilst currently at record highs, are predicted to fall as the stamp duty holiday comes to an end. Landlords are already facing higher tax bills so now seems like the best time for many to sell up and get the best price they can for their properties.
Despite the eviction ban having ended, some landlords do not want to wait any longer to regain possession of their properties and are looking to sell with their tenants in situ. Whilst this can mean that landlords may take a slight hit financially, in the long run this is likely to be negligible owing to the current market conditions and avoiding eviction fees.
If you have a rental property or portfolio that you would like to sell quickly, WeBuyProperty can discuss your options, provide a no-obligation valuation/cash offer and, if you decide to go ahead, transact within a matter of weeks, without ever having the hassle of putting your property on the market.
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