DESPERATE prospective tenants are offering landlords inducements including years of rent in advance in order to secure a property, a leading expert has said.
Matt Lanninge told GB News: “It's pretty sad times out there at the moment where tenants are having to go above and beyond to try and secure a rental property.
“It's pretty crazy, but certainly a sign of the times and sadly, something that a lot of property experts like myself have predicted is going to happen many years ago.
“It is really brutal at the moment and what I'd suggest to any tenants that are out looking at the moment is to think about what a landlord might be thinking in regards to the competition and how they can really push themselves forward as applicants.
Matt Lanninge has spoken on the 'crazy' reality of the market.
Image: GB News
In an interview with Isabel Webster and Martin Daubney on GB News: “It sadly is the case in many other countries around the world as well. I was talking to a tenant who was coming from Switzerland and he was explaining to me that this is very normal in Switzerland, they've been applying for properties using a standard application form.
“It’s effectively a CV-like process to apply for property to rent in Switzerland. It's crazy.”
Asked what is driving the change, he said: “Supply and demand is definitely a key factor. Section 24 which was introduced by George Osborne which rolled over a four-year period, which had an impact on the tax implications for landlords and has been a real reduction in private landlords who are prepared to let their properties out.
“The UK market is underpinned by private landlords.but a lot of them will tell you, they're not making a fortune because of the tax implications.
“I don't think it's a particularly good situation for either party at the moment.”
Asked about changes to tenants rights, Mr Lanninge told GB News: “Tenants rights have certainly increased a lot over the last few years, for the good in my opinion.
“I think that that's important but equally I don't think that Liz Truss’s suggestion of making tenants invincible effectively was a good suggestion.
“I think we also need to consider the fact that if someone owns an asset, they should have an element of control over that and be able to decide who potentially is going to live there and also whether they are able to evict someone quickly for for soft reasons, if you like, as opposed to simply only able to sell the property or more harsh reasons perhaps.”