The PRS Group, which is emerging as a major player in the UK’s property market, is ending its first year of business on a high as the sector continues to show promise.
PRS, owned by Graeme and Leanne Carling, have spent the last several months in talks with landlords across the U.K. as they grow their new company through business acquisition. They now have offers in place worth £130m.
As well as private rental properties, PRS Group includes maintenance, management and development arms. And with more and more private landlords shedding their portfolio because of the heightened regulations and extra costs involved, PRS expects 2019 to be one of “rich pickings”, said Graeme Carling.
“These last few months have been full-on for us as we check out sales prospects and discuss our options with financial backers and lawyers. We’re well on the way to ending this year on a property high, and next year will see even more rich pickings for PRS Group,” said Graeme, an outspoken commentator on the private rental sector.
He added: “The red tape and costs surrounding being a private landlord are high, which is why we think more and more small firms will divest their rental property portfolios and open up the sector to fewer, bigger players.”
PRS has secured financial backing from banks in the U.K., as well as individuals and investors overseas, and expects to reach 5000 rental units much earlier than previously planned. However, Graeme adds that the company is being discerning. “We have a very strict investment criteria which we won’t deviate from. Fortunately, with the market being so buoyant, we are able to be very selective with our acquisitions.”
PRS Group owns and manages 350+ rental properties all over Scotland, making the Carlings Scotland’s largest independent residential landlords. The couple also head up United Capital, a new player in the financial investment sector.