A recent report has shed light on the prevailing sentiments among landlords and letting agents regarding the Government’s proposal to eliminate Section 21 evictions. According to a survey conducted by the Property Redress Scheme (PRS), a significant majority of landlords (80%) and agents (71%) expressed negative views towards this policy shift. This marks a substantial increase from previous figures, with only 40% of landlords and 50% of agents holding negative views a year ago.
The survey, which gathered responses from approximately 2,700 landlords and agents, underscored that legislation poses the most significant challenge for landlords. This contrasts starkly with previous surveys, where only 39% of landlords cited legislation as a top concern.
Furthermore, findings from the PRS Annual Report for 2023 highlight growing discontent among landlords, with 57% expressing dissatisfaction with increased regulation, rising mortgage expenses, green upgrade costs, and reduced tax incentives. This dissatisfaction has doubled compared to the previous year. Moreover, the proportion of landlords dissatisfied with their properties’ financial returns has risen from 37% to 49% within the same timeframe.
The declining support from landlords towards the Government’s stance on their sector, attributed to what some perceive as Michael Gove’s hostile approach, has been evident over the past year.
Additionally, the report points to a significant surge in complaints against letting agents, primarily concerning issues such as holding deposits, inadequate service and management, and problems with tenancy payments and rent collection. Notably, the total compensation awarded to disgruntled landlords and tenants surged from £360,000 to £953,000 in 2023, marking a 95% increase.
Read the full report here