17) Why selling a mature property portfolio is rarely the obvious solution it first appears to be

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17) Why selling a mature property portfolio is rarely the obvious solution it first appears to be

At some point, many landlords find themselves considering a simple question: Would it be easier to sell? 

After years of building and managing a portfolio, the idea of simplifying everything into cash can feel appealing. Fewer responsibilities, fewer moving parts, and a sense of closure after decades of work. For some investors, that path may be entirely appropriate, yet for many landlords with mature portfolios, the decision is rarely as straightforward as it first appears.

The appeal of simplicity

A property portfolio can take decades to build, and along the way, it accumulates not only assets, but also responsibilities. Tenants, agents, maintenance, compliance and financing arrangements all require ongoing attention. It is therefore perfectly natural that, at a certain stage, landlords begin to ask whether simplifying the entire structure might be the most sensible next step.

Turning a complex portfolio into a single pool of capital has an obvious attraction.

When the full picture begins to emerge

What often becomes clear on closer examination is that selling a mature portfolio is not simply a transaction; it is a transition. Assets that have been built over many years are converted into capital that must then be managed in a completely different way. The question is no longer how the portfolio performs, but what replaces it. That shift can introduce a different set of considerations.

The questions that are not always obvious at first

Once landlords begin to explore the idea of selling, certain questions tend to arise.

What happens to the income that the portfolio currently generates?

How easily can that income be replaced with the same level of reliability?

What are the implications of converting long-term assets into immediate capital?

What role would the proceeds play in the next stage of financial life?

These are not reasons to avoid selling; they are simply part of understanding the full picture before making a decision that is, by its nature, difficult to reverse.

Why mature portfolios behave differently

A portfolio that has been built over many years often operates very differently from one that is still in its growth phase. Borrowing may be modest, equity may be substantial, and income is more likely to be well understood. In that context, the decision to sell is not simply about releasing value; it is about replacing something that has already demonstrated its reliability with something that has yet to do so. That is where the conversation often becomes more nuanced.

When selling feels like the default option

It is interesting how often selling is considered as the first solution rather than one option among several. Part of this comes from the natural desire to simplify, whereas another part of it comes from uncertainty about what else might be possible. When a portfolio reaches maturity, the range of potential strategies can widen rather than narrow, yet those alternatives are not always immediately visible when the focus is on day-to-day management.

The stage where many landlords pause

We increasingly find that experienced Property118 readers reach a point where they begin to consider whether selling is the right next step. Interestingly, the portfolios involved are rarely under pressure. More often they are stable, established and performing well.

The question arises not from necessity, but from a desire to understand what the next phase of the journey should look like.

That is usually the moment when it becomes worthwhile to examine the full range of possibilities before making a decision.

An invitation for established landlords

If you have built a substantial portfolio and are considering whether selling is the right next step, it may be worth stepping back and looking at the wider picture first.

You are welcome to email a copy of your latest property portfolio spreadsheet to Yvonne@Property118.com. From there we can arrange a free introductory discussion to explore the strategic questions your portfolio may raise.

These conversations are typically most useful for landlords with established portfolios and modest borrowing who are beginning to consider how their assets should support the years ahead.

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Landlord properties in “prime areas” are selling faster than last year

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Landlord properties in “prime areas” are selling faster than last year

It’s hard to fathom that there’s a sector of the property market that’s actually doing better this year than last year when it comes to landlord portfolios, but that’s exactly the case for landlords who have been looking to sell their properties in what’s been dubbed the “prime areas.”

As landlords yourselves, you’ve no doubt been considering selling, and for good reason. As we head towards the final hour before the Renters’ Rights Act comes in, it’s crunch time for landlords who want to clean up their acts and their portfolios before they’re served the hefty fines that accompany a long list of obscenely complicated regulations.

But for most landlords, selling is proving more tricky than expected.

Perhaps you’ve had problem tenants on low rents, in arrears, on benefits or tenants who’ve been trashing your properties. Maybe you’ve got elderly tenants who you feel like you can’t evict.

Perhaps you’re a landlord who’s simply had enough and wants to retire? Or perhaps financial reasons are pushing you to get out: Section 24, tax, mounting refurb costs, empty properties, high mortgage rates, compliance costs – all adding up to what is essentially no profits.

Whatever the reason, landlords have been struggling to sell.

 But for a substantial number of them, the opposite is true. Properties are selling faster than ever before, and for high prices.

Why? They have what we at Landlord Sales Agency call the “RRR formula.” The Right Property, at the Right Price, in the Right Location.

In particular, we’re referring to freehold houses in the North West and Midlands priced between £70,000 and £150,000. These properties are attracting serious buyers with seriously lucrative offers.

When those three elements line up, we’re noticing properties selling quickly for prices landlords are extremely happy with. It’s like no other location in England. In these areas, for these prices, landlords are selling properties like hot cakes.

In fact, many of the properties are not only selling in under 28 days, they’re frequently achieving more than landlords would receive selling directly to the investor market or rushing to auction. That’s because for properties like these, there’s been an influx of interested first time buyers. And when you pit first time buyers against new landlords or investors, prices rise.

Whilst landlords need to be realistic, in that for a fast sale they’re not going to get 100% market value; an offer that’s both higher than the investor market and a substantial amount more than panic selling at auction is exactly why they’re rushing to us at Landlord Sales Agency to sell. And we’re delivering.

In fact, every week around 80 landlords are coming to us to sell with properties that fit the RRR formula, and we’re seeing them sell faster than anything else out there.

Coupled with the fact that we take the entire management of the sales off your hands, including negotiating with tenants, and you can see why so many landlords are reaching out. Make no mistake, we still have to be savvy: listing properties for high prices isn’t going to work, you’ve got to list them for attractive prices to get viewings piling through the doors, but that’s exactly what our team does best.

So if you’re a landlord, who has freehold houses in the North West and Midlands priced between £70,000 and £150,000, get in touch today.

We have the market. Now is the best window to act. And with our formula 1 style strategy to getting properties sold, you’ll find that selling your property can be straightforward, fast and surprisingly stress-free.

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First-time buyers rethink careers to afford homes

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First-time buyers rethink careers to afford homes

First-time buyers are rethinking their careers in a bid to close a £21,646 income shortfall and secure a home, research suggests.

Aldermore’s First Time Buyer Index shows 35% of prospective buyers need to increase their annual salary by more than £21,000 to meet their property ambitions.

That’s necessary to deal with mortgage rates and house prices continuing to hit affordability.

Also, nearly two thirds (64%) of aspiring buyers say they are saving more than they first planned, pushing the expected average deposit to £48,168.

Reshaping their lives

The lender’s director of mortgages, Jon Cooper, said: “The UK’s first time buyers aren’t just tightening their belts, they’re rethinking their entire career paths to try and get on the ladder.

“From chasing pay rises to moving into different roles, prospective homebuyers are reshaping their working lives to secure a home of their own.”

He added: “Their ambition is as strong as ever, but the sacrifices they’re making are more significant.”

Buyers looking to switch roles

The research found 40% are looking for higher-paying roles, while 22% say they have negotiated a pay rise.

Another 21% have switched careers or are weighing it up, and 20% have moved jobs in pursuit of larger bonuses.

Around 17% have delayed leaving their current job to strengthen a mortgage application.

And 13% report entering or considering careers they do not enjoy to secure a purchase.

Will be paying more

Despite these efforts, expectations around monthly costs do not match reported outcomes.

Prospective buyers say they would commit 27% of their income to mortgage payments.

Existing homeowners who bought as first-time buyers report spending closer to 31% of their salary after tax.

The figure rises to 41% for those aged 18 to 24, and 37% for buyers living near London.

Aspiring buyers expect to be 37 before getting the keys, compared with 31 among recent first-time buyers.

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Student areas dominate buy to let hotspots – Paragon

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Student areas dominate buy to let hotspots – Paragon

Postcodes with large student populations dominate 2025’s buy to let investment activity as landlords look for areas offering strong yields and consistent tenant demand.

According to lending data from Paragon Bank, Cardiff’s CF24, Nottingham’s NG7 and Manchester’s M14 top the table.

The data is based on completions between 1 January and 31 December and each of those postcodes have a large university population and a well-established lettings market.

Elsewhere, Loughborough’s LE11 and Gloucester’s GL1 also feature prominently with demand from students and younger tenants supporting a strong lettings market.

landlords targeting strong returns

The bank’s managing director of mortgages, Louisa Sedgwick, said: “This year’s rankings show a clear and enduring trend; the strongest buy to let markets are those supported by large student populations and a solid flow of young renters, supplemented by other sources of tenant demand, such as hospitals or employment centres.

“Landlords are increasingly targeting locations where tenant demand is predictable and yields remain consistently high.”

She added: “From Cardiff and Nottingham to Manchester and Leeds, these hotspots highlight how investor strategy has become more focused and data‑driven.

“Rather than being deterred by the wider economic environment, landlords are choosing resilient, high‑performing rental markets that continue to deliver strong returns.”

Landlords opt for terraced homes

Across the BTL hotspots, Paragon says terraced housing remains the most common purchase type.

That’s because they suit shared living arrangements and sit at lower price points, which continues to attract landlords.

For yields, Plymouth’s PL4 delivered 9.78%, the highest of the top 10.

Gloucester’s GL1 followed at 9.66%, with Hull’s HU5 at 9.01%.

Seven of the 10 locations recorded returns above 8%.

Only Croydon’s CR0 appears in the hotspot list without a university driver, producing yields of 5.93%, reflecting commuter demand and regeneration activity, with converted flats forming a notable share of purchases.

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More than one in four landlord sales have tenants in place

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More than one in four landlord sales have tenants in place

More than a quarter of landlords who sold a property over the past year did so with tenants still in place, research reveals.

According to data tracking how homes move through the private rented sector, landlords typically sold an average of 1.8 properties with sitting tenants.

The latest Pegasus Insight Landlord Trends survey shows that a tenant’s occupancy often continued despite a change in ownership.

Also, around 30% of homes sold by landlords were acquired by another landlord.

PRS is shrinking

The firm’s founder and director, Mark Long, said: “Landlord sales do not automatically mean a rental property disappears from the sector.

“In a meaningful minority of cases the property is simply being transferred from one landlord to another and sometimes sold with tenants already in place.”

He added: “However, the overall direction of travel still points to a shrinking PRS.

“When a substantial proportion of landlord sales are going to first-time buyers or other owner occupiers, it inevitably reduces the pool of homes available for rent.”

Policies must help landlords

The research highlights that the 30% of homes being sold to other landlords points to stock being transferred within the sector rather than leaving it entirely.

However, a larger share of sales involved buyers intending to live in the property.

First-time buyers made up 34% of purchases, while a further 29% went to other residential buyers.

Those transactions move homes away from the lettings market and reduce the number of properties available for rent.

Mr Long said: “Policymakers must recognise the cumulative impact of ever tighter regulation and rising taxation on landlords, particularly smaller operators.

“Many are deciding that the pressures and uncertainty are no longer worth it.”

He adds: “This is significant because the PRS provides homes for around 20% of the UK’s households, so policy decisions affecting landlords ultimately have consequences for tenants too.”

If you would like to discuss quickly selling your rental property with experts, contact Landlord Sales Agency:

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House prices rise 1.8% as regional divide persists

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Property118

House prices rise 1.8% as regional divide persists

The latest house price index from e.surv Chartered Surveyors puts the average price across Great Britain at £329,000 in February,

That’s the equivalent of an annual growth of +1.8%, and activity has strengthened during the first two months of the year.

The firm points to improved affordability, lower volatility in mortgage pricing and the return of buyers who delayed purchases last autumn.

Mortgage valuation volumes show that, historically, this level of valuation activity tends to translate into completed sales within two to three months.

House prices fall

However, house prices month-on-month show a –0.1% change, while quarter-on-quarter movement stands at –0.4%.

Affordability continues to influence buying decisions, particularly in higher value regions.

At the same time, lenders remain cautious around margins as borrowing costs fluctuate.

Regionally, Scotland continues to lead the market with annual growth reaching +4.3%.

The average property price is now £226,500.

Regional price rises

The North West and Wales follow closely behind with annual increases of +3.4%, and average prices of £249,000 and £235,500 respectively.

Yorkshire also posted annual growth of +3%.

Prices in the West Midlands rose +2.8% to £279,500, while the East Midlands recorded +2.3% growth with an average value of £266,000.

London remains weaker and prices are –2.5% lower year on year, extending a sequence of 34 consecutive months of annual declines.

In the South East and East of England, prices remain slightly higher than a year earlier with declines of between –0.6% and –0.7%.

Volatile backdrop

The firm also points to March beginning with an unsettled global backdrop and creating volatility across financial markets.

Swap rates have become less predictable, leaving a lending environment that differs from expectations earlier in the year.

Some lenders have already increased mortgage pricing or withdrawn products over the past week.

Despite that, current mortgage rates remain below levels recorded in late 2023.

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Follow the money: what Shelter’s own accounts reveal

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Follow the money: what Shelter’s own accounts reveal

Millions of people donate to Shelter believing they are helping to put a roof over someone’s head, but what happens to that money once it arrives?

The answer is not hidden, it is published every year in Shelter’s audited accounts, yet very few donors ever read them.

When David Knox FCA, known to Property118 readers as “Appalled Landlord”, began examining those accounts several years ago, he did something simple.

He took out a calculator.

What he found raised questions that have never been fully addressed.

This article revisits Shelter’s latest accounts to see what the numbers say today.

The headline numbers

Shelter’s 2024/25 annual report shows total income of £76.960m, compared with £81.331m in the previous year.

Of that, £49.628m is recorded as donations and legacies. This is the largest single income stream and represents the voluntary support of individual donors and supporters.

Statutory grant and contract income is shown at £9.400m.

Retail income is reported at £12.830m.

These figures alone tell a story of scale. Shelter is not a marginal campaign group, it is a substantial national organisation operating with an income comparable to mid-sized commercial enterprises.

Scale invites examination.

The cost of raising voluntary income

The accounts disclose £19.147m of expenditure on raising donations and legacies.

Placed alongside £49.628m of voluntary income, this produces a ratio of approximately 38.6p spent for every £1 raised within that income stream.

That figure is drawn directly from the audited notes. It is not an estimate and it does not rely on interpretation.

Shelter’s public messaging states that 29p of every £1 donated is spent on fundraising. The audited line item labelled “expenditure on raising donations and legacies” appears higher when expressed as a proportion of the voluntary income total.

There may be legitimate accounting explanations for this difference, including allocation methods and definitional scope. However, from the face of the accounts alone, readers cannot replicate the 29p figure by dividing the disclosed fundraising line by the disclosed voluntary income line.

David Knox’s earlier analyses focused on exactly this type of reconciliation question. His concern was not whether fundraising costs existed, but whether published summaries matched audited disclosure in a way that an ordinary donor could understand.

That question remains relevant.

Retail operations

Retail activity is often perceived as a dependable contributor to charity income. In 2024/25 Shelter reports retail income of £12.830m and retail costs of £14.831m.

After allocation of support costs, this produces a net loss of £2.001m on retail operations for the year.

Some might ask how a national retailer whose stock is mainly donated and has volunteer staff actally manages to lose money. It’s a fair question.

Retail losses do not automatically imply inefficiency. They may reflect strategic investment, restructuring, or property rationalisation. However, the headline assumption that charity shops are consistently profitable is not borne out by this year’s figures.

In previous years, retail produced modest surpluses. The current position represents a marked change and deserves attention.

Statutory income and organisational character

Shelter reports £9.400m in statutory grant and contract income for 2024/25.

This is materially lower than the voluntary income total but still significant. It confirms that Shelter operates partly within publicly funded frameworks, delivering services under contract or grant arrangements.

David Knox FCA previously questioned whether Shelter’s identity was closer to that of a campaigning body, a government contractor, or a traditional charity providing direct housing relief. The current accounts show a diversified income base combining donations, contracts and retail activity.

Shelter does not own or operate housing stock. Its primary activities are campaigning, advice, legal support, and research. Whether that aligns with public perception of the word “shelter” is a matter for readers to consider, but the operational model is clear from the financial statements.

Executive remuneration and scale

The accounts disclose the Chief Executive’s remuneration at £147,491 for the year.

Charity leadership pay is often controversial. Context matters. Shelter employs a large workforce and manages national operations. The appropriate level of executive pay is ultimately a governance question, but transparency in disclosure allows informed debate.

Again, this is consistent with David Knox’s approach.

What has changed since David’s review?

When David last examined Shelter’s accounts in detail, voluntary income was lower and the cost of raising it sat at around thirty pence in the pound.

The 2024/25 figures suggest both higher income and a higher proportional fundraising cost within the voluntary income category.

Total organisational income has grown, reinforcing Shelter’s influence in national housing discourse.

These are not minor movements. They reflect structural evolution over time.

Why this matters

Shelter plays an active role in shaping legislation affecting landlords and tenants across England and beyond. Its statistics are cited in parliamentary debates. Its press releases influence national media coverage. Its campaigns contribute to policy direction on issues such as eviction reform and tenant protections.

When an organisation exercises that degree of influence, scrutiny of its financial transparency is not hostility; it is accountability.

David Knox FCA understood that scrutiny and criticism are not the same thing. Scrutiny is the act of reading what is published and asking whether it aligns with what is said.

This article has done no more than that.

In the next part of this series, we will examine how Shelter’s public fundraising messaging aligns with its audited disclosures in more detail, and whether the reconciliation can be clearly demonstrated from the financial statements alone.

The arithmetic deserves careful reading.

David Knox FCA, who wrote for Property118 under the pseudonym “Appalled Landlord”, passed away on 21 January 2020. His investigative work, including his scrutiny of Shelter’s published accounts, remains available in the Property118 archive. This series revisits the same type of publicly available source material in the analytical spirit of his work. A tribute to David can be read here.

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Government says support in place for landlords ahead of Making Tax Digital

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Property118

Government says support in place for landlords ahead of Making Tax Digital

The government has claimed it is offering support to landlords ahead of the introduction of Making Tax Digital, despite a slow uptake in registrations.

As previously reported by Property118, with less than a month to go until Making Tax Digital comes into force, only around 5% of taxpayers, including landlords, have signed up.

Under the controversial scheme, from April 2026, landlords earning more than £50,000 will be required to keep digital records and submit quarterly updates to HM Revenue & Customs using authorised MTD-compliant software.

MTD will help landlords

In a written question, Labour MP Tanmanjeet Singh Dhesi asked: “What recent assessment has the government made of the adequacy of HMRC support available for (a) sole traders and (b) landlords to help ensure they can meet the Making Tax Digital deadline.”

Labour MP Dan Tomlinson said the government was taking steps to help landlords meet the April deadline.

He said: “Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier.

“The government is undertaking a range of activities to ensure those needing to use Making Tax Digital for Income Tax from April 2026 are ready and able to do so successfully.

“This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of Making Tax Digital-compatible products are available, to suit different needs and budgets. Free options will support those with the simplest affairs.”

He adds: “Supporting its introduction is a dedicated team of fully-trained Making Tax Digital advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of Making Tax Digital users.

“Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes.”

No advantage to MTD

As previously reported by Property118, despite the government claiming Making Tax Digital will help landlords, an accountant says this is not the case.

Simon Misiewicz previously told Property118: “There’s no real benefit beyond maybe streamlining some of the work you already do, does it help with tax returns and submissions? The truth is, I can’t see how.

“There’s no advantage for the individual in submitting quarterly returns, because HMRC doesn’t do anything with them until the end of the year. You don’t pay your taxes any earlier, and there is no real cash-flow benefit for the government”.

The government admitted in the Making Tax Digital impact assessment that landlords earning £50,000 could incur an average transitional cost of £285 and an average annual additional cost of £115.

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House prices rise in March as supply hits 11-year high

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Property118

House prices rise in March as supply hits 11-year high

Average asking prices for newly listed homes rose by 0.8% in March, climbing £3,023 to £371,042 as the spring selling season begins.

Rightmove says the increase follows an unusually flat February and that March normally brings a lift in asking prices.

However, the pace of house price growth is modest and is now close to the long-term average.

The number of homes available for sale is currently at an 11-year high, giving buyers a wider choice of properties and limiting stronger price increases.

The volume of properties for sale means they are taking longer to secure a buyer with the average time now the longest recorded for this stage since 2013.

Homes for sale

Rightmove’s property expert, Colleen Babcock, said: “March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market.

“With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice.

“Many sellers are facing stiff competition and the longest average time to sell at this time of year since 2013.”

She added: “In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home is critical.

“Our research shows that relying on later price reductions is a much tougher and less effective strategy when buyers are very price sensitive and have so many alternatives to choose from.”

Sale numbers up

Rightmove’s data shows the number of sales being agreed is 2% lower than the same point last year, while standing 5% higher than the equivalent period in 2024.

New supply entering the market shows a similar pattern which are 3% below last year but 7% higher than in 2024.

Buyer demand had already been running below last year’s levels before the conflict began.

Since the start of the Iran war, that level has not dropped further.

Regional price rises

Lower-priced regions are recording stronger annual growth with the North West showing a 2.6% increase in asking prices over the past year.

However, London saw a 2.1% fall.

Asking prices for homes with zero to two bedrooms have fallen by 0.4% over the past year.

By contrast, mid-market second-stepper homes have risen by 0.6%, while the largest homes at the top end of the market show no annual change.

Also, Rightmove’s daily mortgage tracker shows the average two-year fixed mortgage rate rising to 4.51%, up from 4.24% a week earlier.

Property sector reaction

Nathan Emerson, the CEO of Propertymark, said: “Consumers are generally in a far stronger position to purchase a property than they were a year ago, mainly due to several successive base rate cuts and falls in the rate of inflation as well.

“Our member agents have reported an encouraging start to the year, with a sense of resilience when looking at the number of properties being placed for sale and the number of viewings on each available property too.”

Tomer Aboody, the director of specialist lender MT Finance, said: “Plenty of stock, in line with the time of year, is keeping prices in check to an extent, which is good news for those who are keen to move.

“The north-south divide illustrates how important affordability is when it comes to people’s ability to move house.

“In the more expensive south, price growth is more muted as buyers face more of a struggle in raising the necessary deposit and demonstrating enough income to satisfy lenders.”

Jeremy Leaf, a north London estate agent and a former RICS residential chairman, said: “Despite inevitable worries that the present geopolitical uncertainty will increase upward pressure on inflation and mortgage payments, we have seen no price reductions or withdrawals from agreed sales in our offices other than for property-related reasons.

“Most buyers are obviously nervous about the impact of the conflict but are adopting a ‘wait-and-see’ stance for now at least.

“These figures from Rightmove reflect asking prices rather than sales values and determine whether genuine buyers are attracted so may take a little longer to reflect any change in sentiment.”

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Why the abolition of Section 21 isn’t a cause for celebration

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Why the abolition of Section 21 isn’t a cause for celebration

I’m among the many landlords across England who are watching the clock tick down to May 1 with keen interest for when Section 21 ‘no-fault’ evictions end under the Renters’ Rights Act.

And no, it’s not so I can gloat when tenant evictions, apparently the ‘main cause of homelessness’ schtick we are constantly bombarded with, don’t fall.

For years, tenant campaigners and politicians have painted Section 21 as the root of all evil in the private rented sector.

It’s a tool for heartless landlords to turf out families on a whim, driving homelessness and insecurity. The narrative is devastatingly simple, emotive and, sadly, misleading.

But that doesn’t stop the drip-drip of negative publicity, with the Mirror this week having a headline stating that the ending of Section 21 ‘can’t come soon enough’.

What critics are about to learn is that Section 21 isn’t some arbitrary power grab; it’s a practical, efficient mechanism that landlords have relied on since the Housing Act 1988 introduced assured shorthold tenancies to revive a stagnant rental market.

Unnecessary evictions

Critics claim these evictions are ‘unfounded’ and ‘unnecessary’, implying they’re used solely to punish complaining tenants or squeeze higher rents.

In reality, most Section 21 notices serve as a swift alternative when problems arise, like persistent rent arrears, anti-social behaviour, property damage, or simply when a landlord needs the property back for legitimate reasons.

Going the full Section 8 route (proving fault in court) is slower, costlier and riskier, especially with backlogged courts.

Section 21 provided certainty: two months’ notice, no drawn-out battles, quicker repossession.

It protected landlords from endless non-payment or disruption while keeping the sector viable.

Abolishing it won’t reduce evictions or homelessness as promised and that’s because the underlying causes won’t be going away.

That is arrears, tenancy breaches, anti-social behaviour and subletting. I could go on, but I’m wary that my comments will be deemed as being critical about tenant behaviour.

And we can’t have that because only landlords can be seen as being badly behaved.

But here’s the rub: Section 8 processes are notoriously slow and expensive.

The courts remain clogged, legal fees can hit thousands, and rent losses mount during delays.

A landlord without income

No one outside of the sector seems to appreciate that many landlords will face months without income or control over their own asset.

Eviction numbers won’t drop – they’ll become messier, more adversarial and potentially more frequent in contested cases.

I’m guessing that I’ll soon be writing about landlords having to deal with all sorts of made-up nonsense besmirching their character as tenants get to remain in the property for free, thanks to lenient judges.

Worse still, the real hammer blow is already landing as small landlords are exiting en masse.

Surveys and reports show sharp rises in rental properties hitting the sales market, with many previously let homes not re-entering the sector.

Those with one or two properties point to the Act’s burdens which bring higher risks, compliance costs and uncertain possession as the final straw.

Larger corporate landlords may absorb the hit, but the backbone of the private rented sector of individual owners is shrinking fast.

It looks like there has been a ‘fire sale’ ahead of the ban which has already displaced tenants under existing Section 21 notices, often to sell.

Tenant activists and media outlets deny a landlord exodus and ignore their own campaigns which led to this impasse.

Section 21 own goal

This is the ultimate own goal. Activists like Shelter and Generation Rent, along with politicians chasing votes, sold the abolition as a ‘game changer’ for tenants.

But in doing so, they ignored why Section 21 existed in the first place which was to encourage investment in rented homes by balancing landlord and tenant rights.

The reasons include protecting landlords from bad tenants and enabling quick recovery.

But those reasons haven’t vanished and the sector won’t become magically risk-free.

A contracting private rented sector, rising costs passed to tenants and blame directed to the very people they drove away.

Good landlords, those of us who maintain properties, offer fair terms and provide safe homes, will continue selling to avoid the hassle.

The bad ones will stay and continue ignoring laws, exploiting loopholes or cutting corners.

The real shame is that politicians and campaigners know little about how landlords actually operate: balancing mortgages, repairs, voids and risks on often modest margins.

They treat private renting as an endless tap of housing for them to utilise, not a business sustained by confidence.

Scrapping Section 21 erodes that confidence without fixing courts or incentives.

The Renters’ Rights Act may deliver headlines, but it won’t deliver more secure homes.

It will shrink supply and punish the very renters it claims to protect.

When homelessness persists or worsens, and rents soar, the finger-pointing will be revealing.

Those tenant advocates won’t admit their role in this mess because they’ll just find new villains.

Landlords, meanwhile, will have already voted with their feet and they won’t be coming back.

Until next time,

The Landlord Crusader

Crusader update: Two-tier Starmer is at it again! He told the commons this week: “Renters should have security and I condemn any unfair evictions. I’m proud to be abolishing Section 21, a practice that has pushed thousand of households into homelessness.” Proud? Come back after the summer (if you are still in the job) and explain what has happened with your pride and a law that won’t deliver what you claim. Loon.

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