Ongoing turmoil in the buy-to-let market is continuing to impact both tenants and landlords as rising mortgage costs bite.
Meanwhile half of surveyors have seen a rise in landlords planning to slim down their their portfolio or exit entirely over the last 12 months.
If landlords go ahead with their planned moves it could lead to a reduction in the supply of rental properties and an increase in rent for tenants already facing a cost of living crisis.
Demand for rental homes continues to outstrip supply with 44% of respondents reporting falls in the stock of rental instructions coming to market.
Almost half (45%) of London-based surveyors reported an increase in rental prices let above the asking price, with four out of 10 surveyors (40%) seeing the time to let a property shorten.
Rob Owens, Head of Research at e.surv, says: “The buy-to-let market is facing a number of challenges at present, with rising mortgage rates the biggest concern for landlords.
“This is leading to a decline in landlords participating in the sales market and an increase in landlords looking to rationalise their portfolios or exit entirely.”
And he adds: “These challenges could have a significant impact on the UK housing market, reducing the supply of rental properties and pushing up rents for tenants.
“It is important that the government takes steps to support the buy-to-let market and ensure that it remains a viable investment option for landlords.”
Read the report in full HERE.