Average of 6 Landlords per London branch are selling up say ARLAMake Text Bigger
From their Latest PRS report, click here to view full report, ARLA have extrapolated form the statistics that in December on average each of their London based letting agents saw six landlords selling up and exiting the market. The National average is four per agency branch.
ARLA Propertymark Chief Executive,David Cox, said:
“Over the last few years, landlords across the country have been pushed out of the market by increasing costs and legislation, and new investors have been deterred from entering. Last month’s PRS results show that the issue has particularly intensified in the capital which may be the result of landlords starting to receive their first tax bill incorporating the increase in taxes from the Mortgage Interest Relief changes which came into force last tax year.
“If this trend continues, coupled with the Mayor of London, Sadiq Khan’s, recent pledge to introduce rent controls, it will only serve to make the situation worse for London’s renters as more landlords are forced to sell up. As the supply of rental accommodation falls further, tenants will face more competition for properties, which will push up rents on good-quality, well-managed properties, and leave the vulnerable and low-income people which rent controls are designed to help, in the hands of rogue and criminal operators.”
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