A rather sobering English Private Landlord Survey (EPLS) shows that 10 per cent of landlords will be selling a property at the end of its next tenancy rather than continuing to rent it out.

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The latest national  survey of agents and landlords letting out properties in England is commissioned by the Department for Levelling Up, Housing and Communities (DLHC)  and was last held in 2018.

The report shows that 69 per cent of landlords intended to re-let their property at the end of a current tenancy which has fallen from 75 per cent in the earlier 2018 survey, 10 per cent will be selling up, 8 per cent said it would depend on the property and 10 per cent hadn’t made their made up at the time.

The survey shows that 39 per cent of landlords have between two to four rented properties with 10 per cent owning more than five  and are considering what they are going to do with their portfolios. 12 per cent of landlords which accounts for 21 per cent of all tenancies intended to reduce their portfolios, with 10 per cent planning to sell up.

Only 11 per cent said they would be increasing their number of properties.

The results may be down to landlords wanting to free up cash as the survey shows that more than a third are retired, 54 per cent of landlords saw their properties as a long term investment for their retirement. However 42 per cent of those landlords were either going to sell up entirely or reduce their portfolios as approaching retirement age, or having other commitments.

However many landlords are planning to leave the sector or reduce their portfolios – 55 per cent -  which is entirely due to the damning history of tax and legislative changes dumped onto the sector, including changing the benefit rules and the Stamp Duty surcharge. A further 53 per cent said that the incoming overhaul of Section 21 legislation is a major factor.

A spokesperson for a trade organisation commented: “As highlighted in the report, a large proportion of private landlords are retired, and the majority take home a gross profit of £20,000 or less a year and rely on rent as an income."

“Consequently, as landlords are persistently hit with legislative and tax changes, financial obligations are growing and incentives are non-existent, pushing many to withdraw their homes from the sector."

“Landlords have reported within the survey that for those who are going to leave the sector, recent and forthcoming legislative changes were the driving key factor to doing so."