Propertymark has told MPs that it has seen a reduction in the size of the private rental sector for the first time in nearly 20 years during the pandemic.
The remarks were made by its policy chief Mark Hayward (pictured, above), who was giving evidence to the House of Lords Select Committee tasked with measuring the effect of Covid on the UK.
He added that: “Landlords feel victimised, and the attractiveness of being a landlord is decreasing.”
Hayward also said this was one of the reasons why fewer homes are available within the private rental market at the moment, in contrast to the strong demand for properties to rent.
Location, location, location
Hayward made several other surprising claims, including that Covid has brought an end to ‘location, location, location’ as home hunters focus on good broadband and access to open spaces.
It was also claimed that, despite the hit on the private rental sector, the current period was unusual because both the sales and lettings market are ‘frothing’ at the same time – normally it’s one or the other.
When asked to discuss the commercial property sector, Hayward said Propertymark’s most recent data showed a decrease in investors across hotels, pubs, retail, and offices and that in contrast, 81% of agents have seen a large increase in logistics and industrial spaces, he linked the data to the “knock on effect of online shopping.”