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London losing rental properties as landlords sell up

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  • 25/05/2017
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London losing rental properties as landlords sell up
The number of properties available to rent in London fell by a third in April as landlords continue to leave the market following a series of challenges for buy to let, research has revealed.

According to the Association of Residential Letting Agent’s (ARLA) Private Rented Sector (PRS) report in the Capital, the number of properties managed per member branch fell by a third (32%) from 148 in March to 101 in April.

Meanwhile the rest of the UK saw little change with agents managing 185 on average, up from 183 in March. 

The report found in April the number landlords selling their buy-to-let properties remained the same, with an average of four selling per branch. In March, the number of landlords selling up rose from three to four for the first time since November 2016, when the letting agent fees ban was announced.

David Cox, ARLA Propertymark chief executive, said: “Although the rental market in London has seen a large drop in the supply of properties available to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the Capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8 June.

“It’s important that housing is at the top of the new government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.”

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