A majority of landlords (62%) plan to hold steady or even expand their rental portfolios in the coming year, despite the looming Renter (Reform) Bill, research suggests.
Leaders Romans Group (LRG) surveyed 630 landlords last month which revealed a ‘wait and see’ mentality.
More than half (55%) of landlords indicated their investment strategies wouldn’t change due to the Bill, pointing to a long-term view of the property market and a reluctance to abandon the private rented sector (PRS).
However, the biggest concern of landlords wasn’t the potential abolition of Section 21 ‘no-fault’ evictions, which worried 54% of landlords.
Instead, it is the Bill to give tenants the right to request pets which caused the most anxiety, with 56% anticipating negative impacts.
‘So-called ‘landlord exodus’ is being overstated’
The firm’s national lettings managing director, Allison Thompson, said: “Although there are some substantial changes in the private rented sector, both political and financial, the so-called ‘landlord exodus’ is being overstated – as this research demonstrates.
“Yes, there are some significant issues with the Renters (Reform) Bill but LRG and others have been actively involved in shaping this legislation so that it is fairer on landlords – who after all, are the mainstay of the property industry and depended upon by government to provide homes to some of those most in need.”
She added: “As local authority housing waiting lists continue to increase, I hope that government will reflect on landlords’ vital role and take their views into account as the legislation passes through Parliament.”
Easier repossession for problematic tenants
The survey highlights that the Bill wasn’t entirely unwelcome with easier repossession for problematic tenants being supported by 63% of landlords.
And 52% expressed approval for the introduction of a letting ombudsman.
Financial pressures, not the Bill itself, appeared to be the primary concern for landlords.
High mortgage rates, increased bureaucracy, rising taxes, and maintenance costs were all highlighted as challenges.
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