The market for successful lettings businesses is still strong according to one of the country’s leading business transfer agents.
Adam J Walker and Associates has sold Daisy Lets in Maidstone, SD Lambert in Upton and Whites in Farnham since agency business resumed with government approval.
“COVID-19 caused a few obstacles but nothing we could not overcome. Income from lettings and property management has proved to be very resilient. Buyer demand and values have held firm and we expect to be able to announce several more sales soon” says Julie Drake, the broker handling the deals.
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Congratulations to all. Do we know who the buyer is?
The dominoes are falling.
To survive much more consolidation will be required.
One trick ponies are no use.
There needs to be combined EA/LA and conveyancing depts.
A sort of one stop shop.
You only need two EA/ LA etc in any one town.
There are still far too many EA/LA for the market.
Consolidation all around is required.
This is just the start of closures etc.
Those left standing will be far more successful and resilient.
There is simply no need for so many EA/LA.
Those remaining could have most of their staff WFH and will need just a few staff in a smaller High St location.
This should produce far more profit with larger portfolios of properties.
' Affordable tenancies ' ! probably means a Rent REDUCTION, down to LHA rates.
Robbing Peter, to pay Paul.
When are Govt - Council's going to learn ? - build your own and offer at subsidised rent, or pay 'market rate'
I would suggest a very quick instant social housing solution would be to offer LL the opportunity to sell their rental properties at market prices to Councils or HA but with LL being allowed to waive any CGT.
The Govt is currently spraying around billions of pounds.
Why not have something tangible in the form of millions of social homes.
Of course it would require lots of evictions as those tenants currently occupying mostly wouldn't qualify for social housing so that Councils would need to evict those tenants and replace them with those on the housing register.
There will be many LL that cannot afford to let at LHA rates.
I could but refuse to do so.
I'd rather leave my properties empty.
DSS tenants just aren't worth the hassle.
Personally I have no problem obtaining occupants and I suggest many LL should be able to as well.
They don't need to lower themselves to taking on DSS tenants.
But it would be great if 2 million LL properties could be bought to replace those sold under RTB.
I reckon Govt would find easily LL willing to sell them 2 million properties with CGT waived.
It would be a very popular move amongst all the feckless welfare scroungers currently in TA etc.
It would save many LL from being bankrupted.
As it is it will take about 100 years to pay for the CC; QE and now CV19 costs.
So why not add the new social housing costs to that lot! ?
At least with social housing stock it will remain a permanent public asset providing Govt stops RTB.
Essentially Govt will be buying back the 'family silver'
2 million instant social homes won't satisfy all the social housing shortages but it will make a decent start on addressing the issues and will have popular public support.
It would be a far better political win for Govt than their attempts to eradicate leveraged LL via S24 etc.
They need a far quicker method to recover property to the social housing sector.
Even to the point of CP for all those sold off flats as it would be far easier for flats to be managed as social housing than properties in different locations.
That would return them to the horrible sink estates they were once all the social housing welfare scroungers return to them.
Good idea to put all the dross together and let the councils suffer all the costs for housing DSS tenants.
LL want shot of them ASAP.
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