Vesta: The innovative concept to reduce levels of ‘no fault’ eviction
February 2, 2018
Vesta, the online marketplace for buying, selling and investing, is the first in the UK to prioritise tenants by offering buy-to-let properties for sale with tenants already in place. This innovative concept makes owning rented property easier, while promoting longer terms for tenancies.
Recent research by Cambridge Centre for Housing highlighted that more than 40,000 tenants in England were evicted in 2015 – the highest level ever recorded. The high number of “no fault” evictions had driven up the number of renters being forced to move home and that more than 80 per cent of the extra evictions recorded were a result of the Section 21 notice, which gives tenants two months to vacate their property.
Russell Gould, Vesta’s Chief Executive, comments:
“Our aim is to create an easy way to buy or invest in property that is fairer for tenants, buyers and investors. Our new model is addressing the growing issue of tenants and rented property; existing accepted practice for selling a rented property is to sell it vacant possession, meaning that tenants need to be evicted, leading to the high level of ‘no fault’ evictions over the past few years. This is disruptive and debilitating for tenants. By selling properties with tenants in place, Vesta is not only providing more reassurance to tenants, but is also aligning itself with the stated government aim to increase longer tenancies. What is more, it is supporting landlords who often have big gaps in rent when they evict tenants and buyers who will earn an income from day one.
Vesta is the brainchild of a strong team of experienced fintech and property sector experts who saw the need for a new model to enable the buy-to-let sector in the UK to thrive, while promoting the needs of tenants, investors and landlords alike.
How does Vesta Work?
Buy a rented property online – From Institutional landlords to someone owning a single property, the Vesta platform offers the flexibility of an online estate agent allowing landlords to make an offer with no surprises, as all properties are all fully documented including rental history, title searches and Home Buyers Report (including RICS valuations).
Landlords are able to earn income from day one as tenants are in place.
Vesta is sourcing its properties through partnerships with some of the leading landlords, house-builders and developers in the UK.
For more information about Vesta’s core products and the Vesta process, visit the Vesta website at www.vestaproperty.com.
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