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Four landlords quit market and sold up per branch last month

Latest ARLA figures also reveal that figure is even higher in London, and that across England available rental stock is down 4%.

Nigel Lewis

The number of London landlords selling their properties and exiting the buy-to-let market hit six per branch during December last year, latest research by the Association of Residential Letting Agents (ARLA) has revealed.

Its December Private Rented Sector report says the average across England remained at four landlords quitting per branch and that the supply of rented properties is  down 4% year-on-year.

Fewer landlords are quitting the market outside London. ARLA says on average three landlords sold their homes per branch in the North East, East Midlands, West Midlands, East of England and the South West.

David Cox, ARLA, image“Over the last few years, landlords across the country have been pushed out of the market by increasing costs and legislation, and new investors have been deterred from entering,” says David Cox (left), Chief Executive, ARLA Propertymark.

“The issue has particularly intensified in the capital which may be the result of landlords starting to receive their first tax bill incorporating the increase in taxes from the Mortgage Interest Relief changes which came into force last tax year.”

ARLA predicts a difficult year ahead for the capital’s private rented sector following Mayor of London Sadiq Khan announcement that he wants to introduce rent controls.

“Tenants will face more competition for properties, which will push up rents on good-quality, well-managed properties, and leave the vulnerable and low-income people which rent controls are designed to help in the hands of rogue and criminal operators,” says Cox.

Rental reveal

Housing Minister Heather Wheeler (right) has revealed that the government is about to announce its latest proposals on the PRS.

Following the recent consultation, Wheeler said in response to a question yesterday in parliament from Shadow Minister for housing Kate Hollern: “We will be bringing forward proposals that make the system work for both tenants and landlords and provide more information shortly”.

February 1, 2019

One comment

  1. Why was I the only one that predicted this? I even told the Housing Minister in person! Wait until landlords get he fee ban too – then watch them leave in droves. Totally idiotic, along with all those big agents and “professional” letting bodies that supported it, rather than have a pair and say it’s dumb to attack the PRS and landlords that provide a service. Good landlords should be encouraged, not forced out!

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