Shelter calls for stricter eviction rules under the Renters’ Rights Bill
1 year ago | 9 comments
Pennycook: ‘We don’t want an exodus of landlords’
2:44 PM, 23rd October 2024, 1 year ago
71
The Housing Minister Matthew Pennycook says he doesn’t want landlords to leave the private rented sector (PRS) – and he’s seen no evidence that it is happening.
Speaking to MPs at the Committee stage of the Renters’ Rights Bill, Mr Pennycook was asked what his biggest takeaway from the day’s hearing was.
He replied: “We don’t want an exodus of landlords from the sector, but I’ve seen absolutely no evidence of that.
“I think this is a threat that has been bandied about for many, many years now.”
‘There has been an outflux of smaller landlords’
He went on to say that the size of the PRS had ‘doubled since the early 2000’s’.
Mr Pennycook said: “I would say there has been an outflux of smaller landlords, particularly over-geared buy to let landlords.
“That is mainly a result of section 24 tax changes that George Osbourne introduced in 2015 explicitly to slow the growth of the private rented sector so there has been an exit from the sector of certain types of landlords.
“But we are certainly not seeing an exodus.”
‘Good landlords have absolutely nothing to fear’
The Minister went to discuss the feedback from landlords he’d received in recent months.
He said: “The most damaging thing for many was the uncertainty about whether reform is coming through.
“In general, good landlords have absolutely nothing to fear from this system, we think it provides a framework in which they can continue to invest and operate.”
Mr Pennycook said the balance has been struck in the Bill between landlords and tenants and said the aim was not make things ‘much more difficult for tenants’.
He said: “That is why the government is not advocating for rent controls.
“I think the Scottish experience is constructive in terms of what can happen in terms of unintended consequences.”
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Member Since August 2015 - Comments: 226
5:12 PM, 23rd October 2024, About 1 year ago
I think you would have to be all three of the Wise Monkeys to not appreciate the demise.
Member Since October 2022 - Comments: 200
5:18 PM, 23rd October 2024, About 1 year ago
“… the size of the PRS had ‘doubled since the early 2000’s’. …”
Absolutely ridiculous!!! That’s all you need to read to know that he is being totally dishonest and disingenuous with the figures, using the growth pre-2016 to disguise the continuing effect of the war on landlords since then.
Somebody should have demanded that he looked at the yearly data to see the current trend in rental supply, which is most likely negative in absolute terms and almost certainly very negative compared to the increasing demand that we see.
Member Since October 2013 - Comments: 1630 - Articles: 3
5:53 PM, 23rd October 2024, About 1 year ago
Reply to the comment left by Peter Merrick at 23/10/2024 – 17:18
Where was the NRLA with their challenge?
Member Since August 2024 - Comments: 24
6:07 PM, 23rd October 2024, About 1 year ago
“We don’t want an exodus of landlords from the sector, but I’ve seen absolutely no evidence of that.”
Seriously
I have already sold the majority of mine because of the previous governments meddling and with this idiot in charge in the current government it will get no better.
My remaining stock has already had a rent hike, something I haven’t done for four years, they are still below market and my tenants are ALL long termers.
Member Since January 2017 - Comments: 110
6:23 PM, 23rd October 2024, About 1 year ago
Why did Ben Beadle not present the various reports out there to the contrary that landlords are leaving the PRS?
That many of his members are looking to downscale or leave the sector?
He’s got to go!
The whole lot of them being paid millions in members fees and we have nothing to show for it. What they do offer could be done with a handful of staff.
I know I’m not renewing my membership next time.
Member Since October 2022 - Comments: 200
6:29 PM, 23rd October 2024, About 1 year ago
Reply to the comment left by NewYorkie at 23/10/2024 – 17:53
MIA, I imagine!
Member Since June 2013 - Comments: 1121
10:40 PM, 23rd October 2024, About 1 year ago
11 out of 13 properties gone in 4 years. Final 2 next year.
Exodus…..” movement of the landlords”
Sorry that was Bob Marley.
Member Since June 2023 - Comments: 5
4:04 AM, 24th October 2024, About 1 year ago
We all know what is happening! Landlords leaving the sector etc. The question is why? Can anyone answer the question why this and the previous government are so determined to reduce the PRS so drastically? What are they trying to achieve?
Member Since February 2016 - Comments: 6
7:45 AM, 24th October 2024, About 1 year ago
Reply to the comment left by Fed Up Landlord at 23/10/2024 – 22:40
1 out of 4 sold.
1 For Sale.
Last 2 to sell next year.
4 families dislodged.
Sad times.
Member Since January 2023 - Comments: 12
7:58 AM, 24th October 2024, About 1 year ago
Penny cook is deluding himself.
I m a landlord of 25 years. I ve sold one, got one on the market and am selling another in Dec.
It’s a windfall for the young professional who has some help with a deposit. This flat valued at 410 k in 2019 has just sold for £330k. Hooray they are deserving young people who can now afford a flat. BUT ….. it’s a disaster for the left behind people who will rent all their lives. And think how much tax the government are loosing. That new owner occupier will not pay the £9000 a year each of my rentals used to give to the treasury.