An online auction firm says more than a third of its clients are private landlords selling up out of the sector.

According to the auction firm 38 per cent of its current lots are from landlords desperate to the leave the market and are willing to sell  25 to 30 per cent lower than the prices they may have sold last year and just want to quite the sector as soon as possible.

With more than a hint of irony the firm says there could be some landlords wishing to extend their portfolios who could take advantage of the cheaper prices.

Over the last few months, the firm says that the most sought after property types for BTL investors are two-bedroom flats - 40 per cent - two/three bed houses - 30 per cent -  and one-bedroom flats at 15 per cent.

However 15 per cent of investment purchase’ have been HMOs as they can usually offer around 8 per cent returns in the current market.

A director of the firm, says: “The interest rate rises have solidified and sped up the mass exodus of buy-to-let investors from the market. However, other contributing factors, such as the consistent changes in legislation and taxation surrounding landlords in this section of the market, have made it almost unviable for some landlords to retain their investment properties.