We recently looked at Landlord issues with our articles in September titled More woe for landlords and Who would be a Landlord? and you have to say they must be looking to sell property en mass given the latest feedback from them.
The NRLA has produced more stats that highlight the plight of the modern day Landlord. They recently surveyed over 2000 members across the UK canvassing opinion in relation to Covid-19.
48% of them said they will be slightly worse off as a result of the pandemic and 18% said they will significantly worse off. Compared to the previous quarter 56% of landlords said their confidence had fallen in respect of achieving their goals over the next year. In spite of this bad news 16% of them are still planning to buy one or more properties over the next year however 30% are stating they are looking to sell one or more properties over the same period. A raft of legislation over the recent years added to the pandemic has brought this about leaving many Landlords struggling to meet their mortgage commitments and not getting the same protection as their tenants. In fact one property law firm reports that the banks are set to repossess many buy to let properties over the coming months but they will not be able to evict the tenants living in many of those properties due to the eviction ban. It is almost like a script from Yes Minister!
Landlords must be wondering who is on their side right now? Tenants not paying due to severe hardship, mortgage companies looking to repossess loans that have been defaulted on as a result and if a landlord does make a profit the tax man takes it all as the landlord is unable to offset the interest he pays to the lenders.
The one saviour is the change to planning rules which has resulted in John Lewis looking to become a residential landlord as they see their profits plummet due to store closures as a result of the pandemic. I can only assume they are looking to turn their large stores into flats. I fear that they may not have researched this move properly given the aforementioned feedback from Landlords.
If you are a Landlord looking to sell property then contact us for a fair price for a fast sale.