Smaller landlords look to sell up and exit the PRS

The problem that I have is that I have retired. The properties help to fund my retirement.

My rents are very low but they cover my costs. However, if I sold up and paid the tax and invested the proceeds in safe accounts, I’d be equally as well off but without the hassle of governments and Local Authorities.

My children had expressed an interest in becoming landlords when I shuffle off this mortal flip-flop. Today, due to the constant landlord-bashing, they would not want to become landlords.

My choices include selling up and leaving them the money in my Will or, burdening them with rental properties. If the latter, they’ll inherit good tenants, a repulsive government and incompetent Local Authority who seek to steal from those that work to reward the lazy and workshy.

Likewise my children ( now grown up professionals) have also changed thier attitudes towards becoming landlords , a few years back they had shown a interest to take over from me but now with all these Anti landlord rules have decided ,who needs the bother ....
I've sold up except 2 ,which will go soon as well, because the Scottish government still has its head up its own ^#@£ to realise that the PRS is collapsing around thier Stupid constant new rules and regulations.
I feel sorry for the tenants, I really do .

Looks to me like George Osborne’s plan is coming to fruition. He wanted smaller & or unincorporated landlords out and that’s what’s happening. The PRS is going to change very quickly in the next decade the only thing is who will benefit from this change?

Same here 24 years and selling up 4 left.

Reply to the comment left by Easy rider at 12/12/2023 - 10:40Exactly same has me, try and do the right thing , sort your own life out in retirement for the rugto be pulled from under your feet.

Sold 12, 6 left. Kids not interested in taking them on. Must be £1m of property there. I will keep them till I croak it or sell when each tenant leaves (no sign of that happening though). Might end up leaving them to Cats Protection.

Exiting as and when they become vacant…..four sold two to go!

Reply to the comment left by Easy rider at 12/12/2023 - 10:40
Almost in the same boat.
Have 1 rental was planning to invest in more before I retire to help fund a better retirement pension.
Unfortunately now there is small profit or reward thanks as usual to government interference and meddling.
They favour big business and the lazy and feckless.
The majority of small eurpeners, business and hard workers keep the country running but are shafted by the system.
We were encouraged by the government to invest in property and help ourselves to better pension pots, only to be dumped on.
As others have pointed out Osborne wanted big coprate landlords in and the little guy's out, no matter the cost to small llandlords or tennants, and both will be shafted.
I will be getting out.

I will NEVER vote Conservative OR Labour again they are equally as destructive to us all who work hard.

The government are doing a good job at getting rid of the smaller landlords who only own 1 - 20 properties so their friends, the big companies can take over.

Getting close to retirement age here and have already offered 2 houses to tenants if they want to buy them but they can not get a mortgage.

I don't have kids to pass them along to but would like to keep a few for my retirement.

I'm not buying anymore houses and have just put 1 1/2 X the national house price into savings accounts instead of buying more houses.

I've no idea where the incompetent government expect people to live.

If they don't build a lot of more houses then all the millions of renters will finally realize that the government are the cause of the lack of homes and the rise in homelessness.

The big boys will only want the top tenants and anyone on housing benefit will be left with nowhere to live.

As said, there are some big changes coming to the PRS in the next 10 years and I hope that I'm not going to be in a position where I need to rent.

Reply to the comment left by Wayne Broadley at 29/05/2024 - 06:17
Again .. The government DO NOT want the smaller landlord to leave the PRS, but due to their disjoined policies this is what is happening. The government know that the large corporations DO NOT want to house the kind of rubbish that the smaller landlord does. There is NO WAY the large corporations can ever replace 4.6 million rentals properties. YES they may replace 20% of them in the end, and in fact a lot of student housing has gone to large corporations (I think this is a good thing actually as they have their own special niche in the housing market) but social housing and non prime will NOT be taken up.

However, the way government policies are panning out will reduce the availability of properties to rent.