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

I’ve just issued 25 S21s, while I still can, and am selling up due to the totally unacceptable political and legal environment that I’m being forced to run my business and risk my capital in.
The Tories turned the vice until the pain was still just about survivable and now Labour have killed off my livelihood and my tenants’ housing provision.
There is no political party in the UK fit for purpose when it comes to the PRS and our own NRLA are a pathetic joke.
Good luck to all landlords and tenants in the future.

Can’t see any evidence?

Should have gone to SpecSavers!

Reply to the comment left by Paul Essex at 23/10/2024 – 11:07
My thoughts exactly!

Pennycook thinks that it will not matter if the small landlord disaperars. He is expecting BTR to house these tenants.

The pace of construction with BTR has slowed recently so how does he intend to make up the slack.

“There’s none so blind as those who will not see”

The word ‘exodus’ keeps being bandied around by all sides, which shows how little thought and responsibility is going into these proposals.

In many areas it would take a reduction far less than 5% of the stock in the PRS to cause a massive spike in rents.

‘He replied: “We don’t want an exodus of landlords from the sector, but I’ve seen absolutely no evidence of that.’

“I see no signal’ said Nelson raising his glass to his blind eye.

Unlike Nelson’s victory at the Nile, this government is driving the whole of HMS GReat Britain onto the rocks and it’s doing it deliberately.

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

Too late. It’s already, and has been for the last 3 years, happening.

The politician’s, both red and blue, have speeded up the exodus which results in less supply which in turn results in higher rents not to mention the national homelessness their landlord crucifixion is and will cause as well as the current government putting to the top of housing lists asylum seekers.

UK tent cities here we come, something I remember saying 3+ years ago

Actually the evidence is very clear Landlords are leaving the private rental sector.

Rightmove is evidenced based and is also the UK’s largest property portal. It’s been combing through homes currently listed on its website.

It’s found that 18% of properties that are now for sale were previously offered for rent.

That 18% share is the highest that Rightmove has seen since it started measuring the number back in 2010 – when the share was just 8%.

To deny the facts is putting your head in the sand and hoping everything will be okay. It’s not okay and the future is bleak for renters.

For a government minister to say there is no evidence landlords are leaving and everything is fine in the PRS sector is, to be frank, a lie.

‘Good landlords have absolutely nothing to fear’?

Reply to the comment left by Mr Blueberry at 23/10/2024 – 12:27
Labour has been lying since before the election, and because they have such a majority, they know they can continue lying and no one can touch them.

If it was the Tories, the media would be hounding them out by now, but the media was complicit in their election success.

‘the PRS has doubled since 2000’s’….and there’s still not enough houses yet they do their level best to get shut of us ! I know it is definitely not me who’s blinkered but then again I do give a toss !