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The number of landlords planning to sell their rented properties has reached its highest level ever, according to new research.
BVA-BDRC, commissioned by the NRLA, found that during the first three months of this year a third of 700 private landlords in England and Wales that it polled said they planned to cut the number of properties they rent out, up from 20% a year ago.
By contrast, only 10% of landlords currently say they plan to increase the number of properties they rent out.
This looming ‘disinvestment’ comes despite demand being at a record high.
According to the research two thirds of landlords said demand for properties from prospective tenants was increasing, with the East of England recording the highest levels of demand.
Supply crisis
The NRLA warns that the supply crisis is set to deepen further without action by ministers and is calling for the Government to undertake a full review of the impact of tax rises on the sector and develop new, pro-growth policies.
This must include giving landlords the correct and fairest tools to evict when they have ‘good reason’ to end a tenancy such as anti-social behaviour or rent arrears, the NRLA says, pointing out that it takes on average approximately six months to evict tenants at the moment.
“Renters are bearing the brunt of the supply crisis. Without change, matters will only worsen over the coming year,” says NRLA chief Ben Beadle (pictured).
“The Government needs to reverse its damaging tax hikes on the sector, which have discouraged the provision of the homes tenants desperately need.
“Moreover, responsible landlords need to have confidence that they can take back possession of their properties swiftly and effectively when they have good reason to when Section 21 ends.”
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