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UK Landlord Sells £1.5m Homes Over Tenant Troubles
Confirmed
In Short: A landlord in the UK is selling homes worth £1.5 million, citing difficulties with tenants.
A landlord in the UK is selling homes worth £1.5 million, citing difficulties with tenants. The decision comes after years of challenges, including issues with mould and tenant refusals to allow property inspections.
Scott Hoffman, a landlord with 35 years of experience, is selling three homes on North 46th Street. Hoffman noted that selling the home for the county assessor's valuation is no easy feat, as comparable properties have been remodeled and have central air.
The Prime Minister pledged to grant councils powers to take control of empty homes and return them to public housing stock. He also outlined measures targeting landlords who rent out low-quality accommodation, stating they would receive warnings to improve properties or face acquisition by local authorities.
Burnham criticised previous governments for treating housing as a market of “winners and losers” rather than an essential need. He stated, “To the millions of leaseholders, you have my word, the days of you being squeezed for every penny are coming to an end.”
Under the new bill, tenants will be able to claim back up to two years' worth of rent. This has prompted some landlords to consider cutting their property portfolios to reduce stress and financial risk.
One landlord, who wished to remain anonymous, said, “We don’t let people who sell food damage health, so why do it with homes.” Another landlord, after five years of problems with tenants, switched to the private rented sector and is now retiring due to the precarious nature of the rental market.
Hoffman’s home on North 46th Street was valued at $77,000 last year, but this year it has almost doubled to $145,000. Hoffman noted that selling the home for the county assessor's valuation is no easy feat, as comparable properties have been remodeled and have central air.
In Spain, a nationwide housing crisis has led to protests over evictions. The Spanish octogenarian whose eviction last week has triggered these protests will be able to return to her Madrid house after reaching an agreement with her landlord.
Prime Minister Pedro Sanchez said his cabinet would approve some housing relief measures, calling for parties to back them in parliament at a later vote. He stated that protecting vulnerable tenants “is not a matter of ideology but of humanity.”
What this adds
The landlord's decision to sell is part of a broader trend among landlords who are cutting their property portfolios to reduce stress and financial risk.
The Spanish housing crisis highlights the global challenges faced by tenants and landlords, with protests over evictions and a shortage of homes.
Background
A landlord in the UK is selling homes worth £1.5 million, citing difficulties with tenants.
What's confirmed
- “We don’t let people who sell food damage health, so why do it with homes,” Burnham said during his speech.
- The Prime Minister pledged to grant councils powers to take control of empty homes and return them to public housing stock.
- He also outlined measures targeting landlords who rent out low-quality accommodation, stating they would receive warnings to improve properties or face acquisition by local authorities.
- I had a landlord come to me saying he was terrified because of this very same issue; mould in his tenant’s bathroom, but the tenant was refusing access.
- You’ve seen the news, we all have, and things just don’t look great for landlords.
- Like many of you my first thought was: okay, let’s just cut the chaff, get rid of the low performing properties, get rid of the ones where rent isn’t worth the mortgages, get rid of the ones that’ll help me pay that tax bill off, and I’ll keep the rest.
- Perhaps I’ll cut it down to 5 properties were I keep the rent flowing in and sit back to retire knowing that whilst being a landlord isn’t nearly as profitable as it once was, at least it allows me to enjoy the holidays I want to go on, and ultimately wind down in without the stress.
- Under the new bill, tenants will be able to claim back up to 2 years worth of rent.
- “We can’t even get an offer and this is where the county assessor has set my evaluation, in fact we set it like $3,000 below what their new assessed value is and we can’t even get an offer.” According to the county assessor, the assessed value of a property is based on recent sales of other properties that have similar characteristics to yours.
- Burnham criticised previous governments for treating housing as a market of “winners and losers” rather than an essential need.
What's still developing
- Now their landlord is selling up, which means they’re about to lose the flat that has been holding their lives, and perhaps their friendship, together.
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- I’ve seen shocking buy-to-lets in my time and thought “we need to get our acts together here.” But this is something else.
- Blanca, a student, said young Spaniards were struggling to move out of their parents’ homes.
- “Politicians not only do nothing but make it worse,” she said.
- “Be brave, fight, defend what is yours and, please, take care of yourselves; keep camping there for as long as your bodies can hold out and as long as you wish to. Let’s hope all this comes to a successful conclusion tomorrow,” she said in a video distributed by the Tenants’ Union.
- Ayuso said the protests were an attempt to “change the rules of the game” on existing contracts and asked whether the activists thought there should be an age limit for paying rent.
- Her landlord could not be immediately reached for comment.