Major landlord to bail out of the PRS

A major landlord has unveiled plans to sell its private rented sector (PRS) business portfolio of 3,147 homes across 53 schemes in Greater London.

London & Quadrant Housing Trust (L&Q) is looking for buyers to take on its Metra Living arm.

The move is part of L&Q’s strategy to focus on its core business of providing social housing.

Most of Metra Living’s portfolio was built within the last decade.

The announcement comes days after housing minister Matthew Pennycook dismissed landlord worries about a poorly performing court system unable to deal with the abolition of section 21 ‘no-fault’ evictions under the Renters’ Rights Bill.

Highly successful PRS business

The group chief executive, Fiona Fletcher-Smith, said: “We’re proud to have built up a large and highly successful PRS business since entering the market in 2015.

“However, in recent years the social housing sector has faced economic volatility, policy shifts and funding uncertainties.

“In response, we have a clear strategy which is focused on simplifying our business, prioritising our core purpose as a social housing provider, and ensuring every L&Q resident has a safe and decent home with access to services they can rely on.”

Sale of Metra Living

She adds: “The sale of Metra Living will support this drive, enabling us to invest even more in our existing homes and services, and support the delivery of our longer-term objectives to build more of the affordable homes this country so desperately needs.”

The sale will include the transfer of Metra Living’s operational platform and team.