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