Vesta

One in five young renters forced to move due to change in ownership




One in five renters aged 25 to 34 have been forced to leave their home before they were ready due to a change in property ownership, according to new research.

Overall, the study by Vesta Property found that nearly one in nine tenants of all ages had to cope with this same problem.

The report also found that 70% of renters didn’t care who their landlord was, while the same percentage claimed that they wouldn’t care if their landlord sold the property as long as their existing contract and rent remained the same.

Some 79% thought that it was ridiculous for landlords to evict tenants simply for the new landlord to replace them.

A similar proportion (78%) wanted the security of being able to remain in their home even if the landlord sells up.

Russell Gould, CEO at Vesta Property, said: “Discussions such as enforcing three-year tenancies have raised strong reactions from both landlords and tenants who do not want to have their hands tied.

“This is not to say that tenants do not want to stay in their homes – far from it.

“But the answer is not to make the system more rigid, it is to move with the times and mould it into something that works for both landlords and tenants alike.”

Russell added that if a landlord needed to sell their property, they should have the right to do that within a timeframe that suited them.

 “But equally, their settled tenants should not suffer and lose their home because of it.

“Nor do they need to.

“The practice of advising a landlord to evict tenants in order to sell a property is outdated.

“New models like Vesta offering tenant-in-place sale and purchase, satisfy both the needs of tenants – who want to keep their home – and landlords or investors, who wish to sell or buy.”

Leave a comment