The landlord exodus is a once-in-a-generation opportunity for councils to buy up properties and restore what was lost under Right to Buy, according to a campaigning think-tank.

The New Economics Foundation (NEF) believes housing bought by local authorities creates good opportunities and a massive revenue boost in the long term, reports The Big Issue. Rather surprisingly, the publication acknowledges that nearly a third of landlords are looking at selling up in the wake of Labour’s Renters’ Rights Bill.

The NEF suggests rules stating that only 10% of affordable homes programme houses can be provided by acquisitions could be relaxed. It also warns that if councils miss the opportunity to reacquire these homes, and they go on the open market and Blackrock or hedge funds in America buy them, they will likely never get the chance again.

In London, Mayor Sadiq Khan has already launched the Council Homes Acquisition Programme, which gave the city’s boroughs the power to buy properties and convert them to council homes.

Right to Buy

Meanwhile, the proposed Community Right to Buy, whereby communities would get first refusal on certain properties, along with local authorities and social housing landlords, would mean councils needing a huge increase in resources to support groups buying on a huge scale, the NEF warns.

Landlord Brian Bosomworth (pictured) plans to sell his five rental properties in Exeter when the tenants move on because the monthly rental income is growing close to potential returns from simply putting his cash in the bank. He blames the abolition of Section 21 and tenants’ ability to end a tenancy from day one.

“That can be abused so people working away, rather than getting a hotel or AirBnB, they can pretend they want to be there for when they’re working and just give you notice,” he says. “It’s ridiculous. It’s so one-sided it’s unbelievable.”