A landlord has revealed how increasing risk and a “lack of joy” has prompted her to start offloading half her portfolio ahead of the Renters’ Rights Bill.  

Patricia Ogunfeibo (main image, inset), who penned the book Be Prepared: Renters’ Rights & Residential Landlords, wants to see more fairness from the reforms and tells the Big Issue that more red tape will diminish the joy she gets from renting out homes.

Ogunfeibo put all her pension into her property portfolio nearly 20 years ago and explains that she wants to provide good homes for people.

“But right now, the risk is way too high and I’m not willing to risk my future on what is going on at the moment,” she told The Big Issue. “Another reason why I’m looking to exit is financially it’s just not worth it…landlords in the bill feel as if we’re being criminalised.”

She adds: “I’ll still be making nice homes for people. It just won’t be to rent. It’ll be to sell.”

Exemption

Lord Richard Best (pictured) has recently suggested that the government should consider an exemption from capital gains tax if landlords sell to a housing association as a way to boost social housing and slash the housing benefit bill.

Ogunfeibo says although it’s something she would be interested in doing, the government probably won’t take it up because it likes capital gains tax, while many properties might not be appropriate for social housing.

She doesn’t believe that either the current or previous government addressed the real issues in the sector.

“I think they were more about winning votes than actually really reforming the PRS. And there’s nothing that could come of this apart from a pyrrhic victory," she saysl.

"Sadly, the people who are going to pay the price of all of this – and it’s all about politics – are going to be the tenants and that really saddens me.”