Number of Landlords Exiting Rental Market through Section 21 Notice Increases

Number of Landlords Exiting Rental Market through Section 21 Notice Increases

The rental market in the UK is facing a crisis as more and more landlords are exiting the market through the use of Section 21 notices. Section 21 notices are a legal document that allows landlords to end a tenancy agreement without giving a reason. The number of landlords using Section 21 notices has been steadily increasing over the past few years, and it is having a significant impact on the rental market.

The primary reason for the increase in Section 21 notices is the growing cost of being a landlord. Landlords are facing higher taxes, increased regulations, and rising property prices. This has made it increasingly difficult for landlords to make a profit, and many are choosing to exit the market rather than continue to struggle.

The increase in Section 21 notices is also having an impact on tenants. With fewer landlords in the market, tenants are finding it harder to find suitable properties. This is especially true for those on low incomes, as landlords are increasingly looking for tenants with higher incomes who can afford higher rents.

The government has taken some steps to address the issue, such as introducing a ban on Section 21 notices in Scotland and introducing longer notice periods in England. However, these measures have not been enough to stem the tide of landlords leaving the market.

The only way to truly address the issue is to make it more attractive for landlords to stay in the market. This could include reducing taxes and regulations, or providing incentives for landlords to remain in the market. Until this happens, the number of landlords exiting the rental market through Section 21 notices is likely to continue to rise.

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