Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
Today, the Government announced its intention to abolish Section 21 notices for eviction, in an effort to create open ended tenancies for all private renters. Section 8 evictions are also set to be reformed, with a consultation launching shortly.
Tenants are rarely evicted via Section 21 notices unless their landlord has a genuine reason for needing their property back, such as selling or needing to undertake major works.
David Cox, Chief Executive, ARLA Propertymark responded to the news: “Today’s news could be devastating for the private rented sector and landlords operating within it. The effects of the tenant fees ban have not yet been felt, and now the Government is introducing more new legislation which could deter landlords from operating in the market. Although in the majority of cases there is no need for Section 21 to be used, there are times when a landlord has no choice but to take action and evict tenants from a property. Until we have greater clarity on the changes planned for Section 8, today’s news will only increase pressure on the sector and discourage new landlords from investing in buy-to-let properties. This comes at a time when demand is dramatically outpacing supply and rent costs are rising.”
ARLA Propertymark will be engaging with the Government to ensure they fully understand the consequences of any changes, and all changes are based on evidence, so landlords have the ability to regain their properties if needed.
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