If you were looking for a sign on whether or not to stay in the property business, recent news has provided a clear and present message on the state of landlords and how they’ll be treated going forward. This week the Renters’ Rights Bill received Royal Assent, bringing about the biggest changes to the sector that we have seen in nearly 40 years.
For many landlords, it’s time to sell, and for good reason: “In the words of Private Frazer from Dad’s Army. ‘We’re doomed, I tell you. Doomed.’
No win, no fee must be popping the champagne corks tonight, said one landlord online as the news broke.
Chief executive Ben Beadle from the National Residential Landlords Association followed up with “It is essential that the government’s reforms do not worsen the supply crisis by discouraging long term investment in the homes to rent that so many rely on.”
However it was too little, too late. Letting Agent Today reported that agents are bracing for crisis as third of landlords head for the exit.
“I’ve been a landlord for over 20 years and the truth is I’m sick of it” said Darren, a landlord with properties in Liverpool, “I just wanted to get rid of all my debt and headaches and of course with everything that’s happening with tax, licenses, councils going around looking at properties saying you can’t do this and that when tenants are wrecking the properties, I’d just had enough.”
He’s not alone. The annual Goodlord state of the lettings industry survey showed the very real knock-on effect. Amongst the exodus of landlords throwing in the towel, nearly half of landlords selling up (44%) had sold just one property, but a significant percentage of landlords (14%) said they’d taken five or more homes out of the market. Four out of five landlords actively reducing their portfolios cited the Renters Rights Bill as a key reason for quitting.
Darren did what a rush of landlords this week are now doing: contacted us, portfolio exit specialists Landlord Sales Agency, to sell 20 properties in Liverpool. He agreed to do a trial on 14 properties to see what happened. The first batch sold straight after the first viewing, the others sold in less than 27 days.
At Landlord Sales Agency, we’re getting properties sold fast, for high prices, and our highly experienced sales team proactively resolves every issue to get sales over the line.
We’re seeing landlords finally being able to get out of the market. And not a moment too soon. It’s clear there’s now a ticking clock on when you’ll be able to evict and exit, so landlords need to move fast if they want to get out with as much cash as possible.
If you don’t like the prices you get, you don’t have to sell, so there’s every reason to get in touch and let us help you.
That’s why so many landlords are coming to us. And we’re delivering.
So if you’re a landlord like Darren, or thousands of others who have finally had enough. Now’s the time to act.
Get in touch today, using the ‘What Property Would You Like To Sell?’ button below and let’s get you as much money as possible, as quickly as possible before the year ends.