A leading hybrid lettings agency says the government’s 95% LTV mortgage guarantee scheme has driven huge numbers of tenants to leave the PRS and become homeowners.
Accommodation.co.uk, which launched as a hybrid letting agency two years ago, now has self-employed agencies all over the UK, says just under 18% of landlords it canvassed reported losing tenants to the HM Treasury initiative.
Announced by Rishi Sunak in April, the scheme is for all homes for sale under £600,000 bought by first time buyers and will run until the end of the year and be limited to £3.9 billion.
Over a third of landlords told the agency they were experiencing difficulties sourcing properties to purchase as competition has increased during the current housing boom.
The data comes from the agency’s new National Landlord Index which it claims is a unique arbiter of landlord and tenant sentiment rolled into one.
Aaron Short (pictured), founder and CEO at Accommodation.co.uk, says: “At Accommodation.co.uk we are always listening to our landlords and tenants to understand the needs of the market and this is why the National Landlord Index is so important.
“Knowing how the market is impacting on UK landlords and tenants gives us vital information to really understand the future of the lettings market and ensure this is mirrored in our offering.
“We have been at the forefront of updating this archaic industry and we believe our award-winning model offers tenants and landlords the best solution in the current market.”