The private rented sector in the UK is facing a potential crisis, as many landlords are considering selling their investment properties due to increasing regulations, interest rate rises, and uncertainty. This could have a significant impact on the millions of households who rely on renting as their main form of housing.
Regulations have increased the costs and responsibilities of landlords, who also have to deal with rising interest rates, tax changes, and the impact of COVID-19 on their income and tenants. Many landlords are considering selling their properties or exiting the market altogether. The potential exodus of landlords from the private rented sector could lead to higher rents, fewer choices and lower standards of accommodation, increased insecurity, instability, more homelessness, and overcrowding.
Policymakers need to build more homes that are affordable, accessible, and energy-efficient for renters, support landlords who provide good quality and secure housing for tenants, encourage innovation and collaboration among local authorities, landlords, tenants, and agencies to improve standards and services in the rental market, tackle the root causes of homelessness and housing insecurity among renters, and address the wider challenges of climate change, economic recovery, and social justice that affect the housing sector.
CREDIT: Private Landlords Selling Properties in 2023: Potential Impact on UK Renters: https://www-wiki.com/private-landlords-selling-properties-in-2023-potential-impact-on-uk-renters
Info Website: Information From Online (IFO) | Updates 26th April 2023 | Link:https://information-from-online.com/how-uk-renters-could-be-affected-by-landlords-selling-up-in-2023