The National Association of Property Buyers says soaring numbers of landlords are looking to sell homes - slashing stock and therefore increasing rents just as some tenants are hit by the cost of living squeeze.
The group says many landlords are quitting as a result of government clampdowns on private renting, including the scrapping of Section 21 eviction powers.
Although the NAPB expresses sympathy with critics of Section 21 it says the timing of the scrapping of the measure risks creating turmoil for people to look to find a rental property.
Spokesperson Jonathan Rolande says: "Our association has seen a sharp rise in the number of landlords now looking to sell, because very often they can get a better price for selling an empty property, than by letting it.
“It’s very important tenants renting a property have protection in place, but by imposing sweeping new powers at this juncture the government also runs the risk of driving out large swathes of landlords in one go.
"The net impact will mean less and less [sic] affordable homes for people to rent. Rental prices in all parts of the UK are already sky high. But we are now facing a crisis for those looking to enter the rental market during the second half of this year.”
The average annual UK rental growth has reached a 13 year high, with rents increasing by 8.3 per cent at the end of 2021, according to Zoopla. The portal says renters now pay on average £969 per month – which is £62 more than at the start of the pandemic.
Meanwhile, the overall increase in rents over the last five years totals 12 per cent, thanks to the decline in rents seen in some areas during the pandemic.
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Well who would thought (not the Government obviously) that if you drive Landlords out of the market that there'd be a shortage of properties to rent & those that are left become much more expensive to rent.
There's plenty of property, it's just being hoarded.
James where is your evidence, please cite the source.
Unfortunately our policy makers are only interested in vote winning headlines and are unable to joint the dots that show they are destroying the PRS.
If you think its bad now with the removal of S21, just what until EPC C hits - 2nd reading of the bill going ahead on Friday.
"They ain't seen nuffin yet" when section 21 is outlawed, houses or flats to let will be as rare as rockin horse droppings as per 1970/80s when a previous government set about crucifying landlords.
Tricia - as usual you have read my mind, I do feel for the renters, they are in a world with which they have no control, and force’s around them are causing them harm…. But think they are helping them.
Too late the damage has already been done, many landlords have already sold and many others are in the process of selling, on the plus side for those of us that are left more tenants after each property that comes available means we have a better choice of tenants to chose from which is more important than ever now, rogue tenants and the workshy need not apply, we don't want you at any money
"workshy need not apply" Excellent text for my next advertisement.
It is very sad for decent tenants who just need a place to live. It's also a tragedy that landlords seem to be the only people who recognise this problem, and that those who could make a difference ie Govt are totally taken in by the nonsense from Shelter and other anti-landlord groups. I have nice tenants and I will be very sad when I have to give them notice and they have nowhere to go.
If they have been good tenants then give them a good written reference, it could help a lot when they look for somewhere to go
I agree with Andrew in regards a good reference, but there will be so many with excellent references that it won’t matter, It will be akin to the Roman Colosseum, back to AD80 where instead of gladiators fighting to the death, it will be tenants trying to out bid each other to win the prize…. A home :(
I expect you could well be right there, however rogue tenants won't stand a chance, and that couldn't happen to nicer people, good reddens
No matter how nice/pleasant tenants are or seem to be, opportunity seldom knocks twice so when given the chance to become lifetime sitting tenants coupled with the chance to then buy the rented house or flat at a knockdown price because they are sitting tenants, then they are likely to grab it with both hands regardless what their landlords think or feel.
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