A leading estate agency has said what most landlords have suspected for some time now, namely that the government’s long-standing evictions ban is beginning to significantly restrict supply within the private rental sector.

The comments have been made by one of Cornwall’s largest estate agencies, 12-branch firm Millerson.

One of its senior director, Jeremy Miller, whose family have run the firm for over three generations, says demand is significantly outstripping supply on his patch with 70 applicants per rental property at the moment.

Miller has told local media that he pins this imbalance on two key reasons – the evictions ban and a wave of city folk escaping London and Bristol for a more bucolic lifestyle during Covid.

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He says tenants who might otherwise move home and free up stock are staying put, aware that during challenging economic times – particularly in an area of the UK like Cornwall – staying put gives them greater stability than moving home within the PRS.

“There is currently a colossal demand for rental properties and added to that is the fact there is not a lot of rental properties coming to the market,” Miller (pictured) told Cornwall Live.

“Part of that at the moment is that tenants know that they have protection from eviction.

“The rental market is very strong at the moment. One of my colleagues put a property in St Austell on the market to rent and by the time they’d returned to their desk they had 68 emails before the property came off the market again within hours.”

He also said the SW rental market faced a ‘perfect supply/demand storm’ driven by the evictions ban, high prices tempting landlords to sell up and increased demand from outsiders looking to escape from cities.


4 COMMENTS

  1. That landlords selling up is causing an undersupply of rentals undermines the hackneyed j’accuse leveled at landlords that the BTL industry is responsible for forcing people to rent by buying up houses that should be for FTBs. If you believe the BTL detractors, for every BTL sold there should be a renter becoming an owner, but it’s not a zero sum game.

  2. I’m currently in the process of selling an underperforming property and normally that money would be recycled into another rental.

    NO WAY will I do that until or unless the eviction ban is totally eradicated. Until the status quo ante is returned to the PRS and equilibrium between landlord and tenant returns to a more equitable situation I will definitely keep the money in the bank.
    Way too many horror stories of investors being shafted by the system…

    If you walk out of a shop without paying your bill you face arrest and prosecution, currently tenants face zero action for non-payment, how can that be right.
    In my locality there are very few properties up for rent, and rents themselves have increased by around 20% A property that would previously have achieved £500 pcm is now easily achieving £600
    Just as crash for cash criminals force up motor insurance premiums for the innocent law abiding motorist, now law abiding tenants who NEED to move are facing higher rents.

    Why should landlords take the risk of ending up with a professional layabout… Might as well just leave the property empty until this nonsense finally comes to an end.
    The balance of risk to reward is currently totally out of order which clearly will make landlords reluctant to re-let.

    It is clear that the latest extension has nothing to do with protecting tenants its about protecting the Conservative (Socialist) Party because surprise surprise…. Local elections take place 5th May and the Tories don’t want the spectre of people being evicted just prior to an election. That is the REAL reason for the extension.
    So landlords are the victim of the Conservative (Socialist) Party’s public relations election machine.

    This Conservative (Socialist) Party has truly thrown its core voters under the bus. Landlords have been hung out to dry with no covid help and tenants not paying their rent. Doubtless investors are going bust but we don’t see any of that on the BBC…. Shhhh don’t rock the boat landlords, simply “Be quiet” and DROWN.

    The govt better start requisitioning hotels to house the homeless because a day of reckoning will eventually arrive and there will be a flood of evictions brought on by the tenants themselves through their own criminal actions around non-payment.

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