Pennycook: ‘We don’t want an exodus of landlords’

Mr Pennycook has no idea Government meddling has caused
Homelessness and sky-high rents landlords have every thing
Fear, SITTING TENNANTS ! and none payers that’s why myself
And many others have left, Osborn’s tax hike did not help
But many older landlords had no or small mortgages its back
To the 70s and 80s but now there are very few councils houses
To house an ever-growing population.

I read no further than the first sentence before I burst into laughter.

What planet is Pennycook on? There is no evidence, so there are plenty of properties for private rent then. I take it he hasn’t seen the English landlord survey. There are a significant number of landlords who only have a few properties, and as they leave the sector, who is going to replace them?

It’s not a mass exodus just a controlled exit to maximise investment, as our properties become vacant we will be selling, the ones we have already sold have gone to first-time buyers, both governments are pretty clueless, Section 24 has had the desired effect, not sure who’s going to benefit from that though, it will not be the tenants.

The government clown should look at the HMRC data.

But that would be asking too much of a government official that uses propaganda such as ‘ there is nothing to fear’, given that the RRB is completely unfair and they will not even try to prop up the falling court system.

Nothing to fear, yep okay.

Classic Labour response to something they are planning to do, but don’t want to acknowledge the consequences. Same as VAT on private schools when presented with the consequence of additional load on, and cost to, state schools… ‘we don’t recognise that…’

It’s their equivalent of putting their hands over their ears and going ‘la, la, la!’

Pennycook does not know?
Yes we do not confide in him.
He is just whistling in the dark.

Whenever a politician makes a statement such as that “the size of the PRS had ‘doubled since the early 2000’s’” it is worth saying “So what?” It does not prove or disprove his claim.
It is very hard to find statistics for the number of landlords leaving the market but with an increasing population you need tens of thousands of new properties and landlords every year just to maintain equilibrium. Pennycook knows it is a problem and that because of 10 years of anti-landlord policies there are fewer houses available to rent than there would be (NB “would be” not “were”) if landlords had not been persecuted.
If landlords leaving the PRS is not a problem, why mention it? Of course it is a problem as tenants are finding out with higher rents, more stringent referencing and more of them being required to provide guarantors.

There are so many things that are being proposed that are unenforceable it is ridiculous. I don’t know about other landlords but I have plenty of people wanting to rent so things like, got to allow pets, cant refuse benefit applicants, etc etc unless they are going to choose your tenant for you and accept responsibility What are you going to do?
choose the applicant with no pets and a job as a business decision not out of any bias also as has been said before many insurance companies insist on working Tenants. Have already sold 2 this year and will sell the rest to reduce CGT ASAP

On the face of many different surveys it seems that the PRS is changing from predominantly smaller landlords to larger more corporate ones. Assuming the average landlord had only one or two properties and the larger more corporate ones have 20 plus properties then Pennycock is probably correct but be careful what you wish for? When we as a larger landlord want to evict we will throw money at the issue or we come up against overbearing government employees we know our regulations and we often make them look stupid. Plus we have absolutely no emotional connection with our tenants so the rents go up annually without fear or favour. Furthermore if residential investment becomes overregulated it’s much simpler for us to sell and reinvest into different projects or less restrictive properties. All of which will do nothing to help the property crisis.
Mr pennycook has avoided talking to larger companies because they will make mincemeat of him. We currently have donkeys leading sheep and again only the less fortunate will suffer

So says Matthew Poppycock.