Greycoat Real Estate Warning of a Roaming Crisis as Thousands Face Eviction
Thousands of tenants face potential homelessness as landlords contemplate reducing their buy-to-let portfolios. This is according to the latest data by Greycoat Real Estate, an independent property partner. The figures show that over 2,000 families face monthly eviction as owners want to sell their property. Tenants blame the government solely for the delay in rent reforms.
The data also shows that 40% of the affected families have requested temporary housing from the councils. Official data shows almost 75% of landlords are determined to reduce their rent portfolio, Greycoat instills.
This contradicts the mere 9% who say they will grow them. Many landlords are blaming high interest rates. Greycoat Real Estate says if the trend continues, a humanitarian crisis will unfold in cities across the UK.
Shockingly, around 145,800 children are living in temporary accommodation. This is a record rise and up to 12% year-on-year. As the reform bill continues to tarry, the supply-demand imbalance in the private rented sector escalates. Meanwhile, Greycoat assures, tenants are left with no protection when landlords decide to sell.
There´s more on this setting. For five years, the government has promised to ban no-fault evictions but has done little. Tenants continue to be evicted with just two months’ notice. Greycoat Real Estate says the renters reform bill must be overhauled to give tenants proper protection from eviction.
