Landlords quitting “in droves” since Renters’ Rights Act
Colin Bradshaw, of TwentyCi, says property owners are leaving the rental sector because it is "no longer viable".
Landlords are quitting the rental sector “in droves” since the Renters’ Rights Act was implemented in May, new data reveals.
More than 500 properties are disappearing from the rental market every day, according to TwentyCi, which is the most since 2016, the Daily Telegraph reports.
In total 44,000 rentals have been sold since the beginning of July, with 562 properties going every day in the three months from July to September so far. It compares to 495 a day in the same period last year and 167 in 2020.
Landlords continue to abandon the buy-to-let market in droves.”
Colin Bradshaw, Chief Executive of TwentyCi (pictured), told the Telegraph: “The fallout from the implementation of the Renters’ Rights Act shows no sign of abating.
“Landlords continue to abandon the buy-to-let market in droves because regulatory and economic pressures mean business is no longer viable.”
The Government admitted in March that it didn’t know the number of landlords who had left the industry since the beginning of the decade.
Activity spike
Responding to a Parliamentary question, Housing Minister Matthew Pennycook said: “My department does not hold the information requested.”
In July, it was revealed landlord property sales had slowed down in the immediate aftermath of the Act, leaving potentially 100,000 homes in limbo.
The Hamptons Monthly Lettings Index, based on Connells figures, showed that the pace of landlord sales slowed in June following a spike in activity in the run-up to the controversial rental reforms.
