A rise in the number of Landlords selling up in April according to ARLA
Latest ARLA Private Rented Sector report – April 2018 reveals letting agents saw the highest number of landlords selling their buy-to-let (BTL) properties since records began in 2015.
ARLA reports that in April the number of landlords exiting the market rose to an average of five per branch, up from four in March. In March, the figure rose for the first time in almost a year, to four landlords per branch, after sitting at three landlords consistently since April 2017.
David Cox, Chief Executive said:
“The barrage of legislative changes landlords have faced over the past few years, combined with political uncertainty has meant the BTL market is becoming increasingly unattractive to investors. Landlords are either hiking rents for tenants or choosing to exit the market altogether to avoid facing the increased costs incurred. This in turn is hitting renters most, at a time when a huge number of people rely on the rented sector, and leaves us with the question of where will these people find alternative homes?
As demand for private rented homes massively continues to outstrip supply, the Government can no longer divert its attention from the broken housing market. The recent news that the Government is regulating the industry is a step in the right direction, but ultimately we just need more homes.”
Read the latest ARLA Private Rented Sector report – April 2018 in full click here.