Given the large, and increasing, demand for rental property, particularly in London, you would think landlords would be happy to remain in place. However, for many months now, a number of industry sources suggest landlords are exiting the rental market.
This isn’t an easy time for anyone, and landlords have increasing costs like all professionals. With many tenants unable to afford rental increases, a number of landlords face difficult challenges to find the balance between paying their bills while offering a duty of care to tenants.
You aren’t alone in this, and there is help on offer. At David Harris & Co, we are pleased to say we help many landlords in and around Finchley, in London. When you want peace of mind in property management, tenant finding and vetting, and all aspects of letting London property, we are here to make the process easier.
We also stay in touch with the rental market, and many high-profile figures are on record as saying landlords aren’t leaving the sector. This ties in with what we see locally, but then again, we aim to provide landlords with the highest level of assistance at all times.
Rachel Maclean MP, the housing minister spoke at the Renters’ Reform Coalition day of action, stating she believes that when landlords leave the market, a replacement is quick to take over. Rachel said; “What I believe is that there are lots of landlords in the PRS [private rented sector], and each of them will have their own reasons for being in it or not. There’s something like 2.3 million landlords in this country. If one leaves, I'm almost certain another one will come in. So, this idea that our regulation will drive them out in the sector. I don't accept that. “
Ben Beadle from the NRLA was speaking on an industry webinar about landlord movement in March, and he said; “Actually the truth is that while some landlords are leaving the sector, this sector is actually still increasing. That’s not terribly helpful to our argument, to be honest with you. But in the context of the cost of living and rising costs we have to tell that story and link the two.”
A spokesperson for the NRLA issued a statement to openDemocracy, saying: “Private landlords, both in and out of the NRLA’s membership, consistently report that they are uncertain about the future viability of their businesses and whether to continue to invest in residential property to let. NRLA polling, and surveys commissioned independent of our membership all indicate that landlords currently active in the PRS are selling properties at a faster rate than they are buying. In our view, this cannot be considered a positive trend against the backdrop of a crisis in housing supply.”
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
