Average of 6 Landlords per London branch are selling up say ARLA

by Property 118

9:42 AM, 4th February 2019
About 4 months ago

Average of 6 Landlords per London branch are selling up say ARLA

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Average of 6 Landlords per London branch are selling up say ARLA

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.”

 



Comments

ahloughlin@gmail.com

11:50 AM, 4th February 2019
About 4 months ago

I am amongst them. Been selling up for a while now, writing is on the wall. BTL is dead, killed by a very short sighted and Ill informed government.
There are much better investments out there, without all the hassle and much more tax efficient.

Rob Crawford

13:16 PM, 4th February 2019
About 4 months ago

This information would be much more useful if ARLA could also advise on whether these properties are being sold to new/other investors, first time buyers etc. Is Osbourne's strategy working?

Andre Gray

13:00 PM, 6th February 2019
About 4 months ago

Gave up being a landlord in Sept 2017. Sold my main residence in Dec 2018 and move back into the Rental as my main residence after some remedial work. Lost a years rental but so relieved at not having all the hassle with regulations/tax. Would never do it again.
Tenants had been with us for 12 years and had four dogs so the place so was well worn but they paid on time and never complained. They did some remedial work in that time(after contacting us) so never put up the rent and gave them their deposit back when they left. They moved two doors up in the same street. Now they are nice neighbours. Tax and regulation is well and truly screwing up the rental market.
Good luck in the future.


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