The full impact of Tory policies and rising mortgage interest rates have been highlighted by new research commissioned by the National Residential Landlords Association (NRLA).
Completed by BVA-BDRC and looking landlord activity in England and Wales during the second quarter of this year, it reveals that one in ten (12%) sold properties but only five per cent bought them.
It also found that over a third (37%) of landlords plan to cut the number of properties they let over the coming year meaning that the proportion of landlords who plan to downsize their portfolio is at an all-time high.
Only eight percent said they plan to increase the number of properties they let.
The NRLA, like many other organisations within the private rented sector, says these figures, set against surging demand for properties from renters, mean tenants will face greater difficulties finding affordable homes to rent.
Desperately needed
Government action is needed, its chief executive Ben Beadle (pictured) says, urging minister to scrap recent tax changes which “deliberately seek to deter landlords from investing in desperately needed private rented accommodation”.
This includes the 3% stamp duty levy on rental properties, as well as the decision to restrict mortgage interest relief.
“While the Chancellor has developed a mortgage charter to help homeowners, the lack of assistance for renters and their landlords is clear for all to see.
“Households renting privately are facing the full force of the supply crisis, and change is needed now to prevent the situation from worsening over the next twelve months.”
