16th
Jul 2024
Property data supplier to estate agents recent analysis shows there has been a substantial rise in PRS landlords selling up or reducing their portfolios.
Latest figures show that properties currently up ‘for sale’ that have been in the past been listed ‘to let’ since 2021 has increased significantly.
In June 2024 just under one in five properties (18.4%) listed for sale had been advertised to be rented out in the past three years prior to being sold, this was around 28,000 ex-rental properties which was 100.6% higher than in June 2023 and 34.6% higher than in June 2019.
Understandably it was 27.4% higher than in May 2024 with Sunak’s announcement that the general election will be held on July 4th.
A spokesperson for the data provider, says: "There's no doubt our data shows a significant uplift in the number of landlords selling up, either reducing their portfolio size or possibly exiting the sector completely.?
“There's currently a lot of uncertainty in the buy-to-let market around what the change in government means for landlords but they have also been hit by steep interest rate rises and rising costs generally, so it's likely there are several factors at play here."
PRS landlords exiting the sector has been on a significant and constant rise over the last three years as they felt it was no longer worthwhile staying in the sector because of ever increasing costly regulations, higher interest rates and councils’ ‘cash cows’ licensing.
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