Propertymark report recent collapse in rental supply

Propertymark report recent collapse in rental supply

9:32 AM, 6th June 2022, About 2 years ago 2

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Propertymark’s regular survey of its 443 member agencies found the supply of properties to rent had collapsed by almost half from 30.4 in 2019 to 15.6 available per branch in 2022.

Propertymark also found that 94% of rental properties removed during this period did not come back onto the market and were likely sold. In March of this year, 9.6 properties per branch were sold by landlords compared to only 4.5 new rental properties being bought by landlords.

Nathan Emerson, Propertymark Chief executive said: “The number of properties available to rent has been diminishing, with a large portion of landlords choosing to sell their properties. A lack of property is the root cause for rent increases and rising figures on social housing lists.

“We know from our qualitative research that the most common reasons for landlords to choose to sell their properties and no longer provide homes are around risk, finances and viability. Landlords and letting agents have been the subject of extreme legislation changes as the UK government tries to improve the sector. However, without a middle ground, these changes are actually proving detrimental to those they are supposed to protect.

“Sadly, we do not see this improving as the sector braces itself for more changes within the anticipated Renters’ Reform Bill and upcoming energy efficiency targets.”

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Chris Novice Shark Bait

13:42 PM, 6th June 2022, About 2 years ago

As predicted by this community and blind sided by the government; will the majority well intentioned PRS ever be appreciated in retrospect for what they have contributed in the past, and are now been robbed of both prospectively and retrospectively? Will the penny ever drop that tenants who choose or need to rent are now confronted by limited supply and escalating rents with ever more stringent selection criteria?
Bleat on those that only ever think about peoples' "rights" to a roof over their heads e.t.c. without understanding the fundamentals of such provision.
The government has not only failed us as well intentioned unincorporated professional landlords, but has shot themselves and tenants in multiple feet.
Whatever happened to build to rent? was that not suggested as a means of corporate gains and alternative provision to fulfil the inevitable shortfall?
Dream on.
The conservatives, of all parties only have their selves to blame for this blunder of serious proportions.
We will be gone soon.

Anne Nixon

9:08 AM, 7th June 2022, About 2 years ago

I wonder whether GR or Shelter have commented publicly on what is happening?
Not expecting them to take any responsibility for their part in it of course but it would be interesting to learn their take on it.

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