Pennycook: ‘We don’t want an exodus of landlords’

Pennycook: ‘We don’t want an exodus of landlords’

14:44 PM, 23rd October 2024, About 5 days ago 58

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The Housing Minister Matthew Pennycook says he doesn’t want landlords to leave the private rented sector (PRS) – and he’s seen no evidence that it is happening.

Speaking to MPs at the Committee stage of the Renters’ Rights Bill, Mr Pennycook was asked what his biggest takeaway from the day’s hearing was.

He replied: “We don’t want an exodus of landlords from the sector, but I’ve seen absolutely no evidence of that.

“I think this is a threat that has been bandied about for many, many years now.”

‘There has been an outflux of smaller landlords’

He went on to say that the size of the PRS had ‘doubled since the early 2000’s’.

Mr Pennycook said: “I would say there has been an outflux of smaller landlords, particularly over-geared buy to let landlords.

“That is mainly a result of section 24 tax changes that George Osbourne introduced in 2015 explicitly to slow the growth of the private rented sector so there has been an exit from the sector of certain types of landlords.

“But we are certainly not seeing an exodus.”

‘Good landlords have absolutely nothing to fear’

The Minister went to discuss the feedback from landlords he’d received in recent months.

He said: “The most damaging thing for many was the uncertainty about whether reform is coming through.

“In general, good landlords have absolutely nothing to fear from this system, we think it provides a framework in which they can continue to invest and operate.”

Mr Pennycook said the balance has been struck in the Bill between landlords and tenants and said the aim was not make things ‘much more difficult for tenants’.

He said: “That is why the government is not advocating for rent controls.

“I think the Scottish experience is constructive in terms of what can happen in terms of unintended consequences.”


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NewYorkie

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10:13 AM, 25th October 2024, About 3 days ago

Reply to the comment left by Desert Rat at 25/10/2024 - 00:39
One of them is their very own Jas Athwal MP, the largest landlord MP in Parliament. Apologised and blamed his agent for not registering his properties. I wonder if a normal landlord would be allowed to get away with that.

Stella

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11:12 AM, 25th October 2024, About 3 days ago

It has all gone very quiet about Jas Athwal.
What is really galling is the way some Labour MPs tried to pass this off as a minor issue.

Kevyn Jones

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13:00 PM, 25th October 2024, About 3 days ago

I think the Government should outflux.

SteveFowkes

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7:57 AM, 26th October 2024, About 2 days ago

🤣🤣🤑🤑
The guys got his head up his - where has he been?

You couldn't make this up! First this the Fear Karma spouting about LLs being bloodsuckers

Shocking

Martin H

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9:19 AM, 26th October 2024, About 2 days ago

No evidence?
After fifteen years of letting a property and five months of significant and expensive repairs to the place, I'm out and joining the exodus!
Happily, without actually going on the open market, the property will be taken by a small family looking to care for it.

Robert Jackson

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10:19 AM, 26th October 2024, About 2 days ago

The cook has missed the penny drop, God help all of us staying in this game.

John Grefe

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10:34 AM, 26th October 2024, About 2 days ago

Pennycook sums up correctly as with the rest of the Labour members!
They have far left/socialist ideas rammed up them so far that it blinds them? No idea the negative results that will come out of it. Labour is trying to take away any British person, especially "working class" to better themselves by working hard etc. These people are on another planet with moon dust in their eyes!! Hand shakers come to mind??

Mick Roberts

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11:01 AM, 26th October 2024, About 2 days ago

Tenants, an MP yet again has made more of u homeless and increased your rents.

Do u realise Pennycook The Labour Party Every time u hint at taxing Landlords which u surmise BBC viewers will like, where does the tenant go when the Landlord sells? Go ask the 60% of tenants that's paying below Market rent what is going to happen to their rent?

Landlords r going bust right now cause of Section 24 Tax. You say Section 21's are the cause of homeless. Do u realise how many you've got issued next week now? U NEVER ask why the Section 21 is issued.

Where will the increased tax you receive come from? Yes you've guessed it, increased rent or if the numbers don't add up, Landlord sells. Your temporary accommodation bill is humongous and increasing.

You ought to join forces with Nottingham City Council & make Selective Licensing widespread & triple the price, see how many more people u can make homeless.

https://www.linkedin.com/feed/update/urn:li:activity:7255880977841819648/

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