New study reveals the full extent of landlords’ exit from the PRS



New research by Propertymark shows that the private rented market is clearly shrinking, as buy-to-let landlords are deterred by greater taxation and legislative restrictions.

The study reveals that the number of properties available to rent through letting agents in the month of March halved between 2019 and 2022.

During the same four-year period, 94% of landlords who removed their property from the rental market did so to sell it.

More than half of rental properties sold in March this year alone did not return to the private rented market.

Nathan Emerson, Propertymark’s CEO, said: “Our research presents a worrying picture for private renters.

“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.”

Propertymark surveyed 443 agents working for businesses with a combined total of over 4,000 branches across all four UK nations.

 

Comments 2

  1. Landlords and agents have been predicting this for the last few years but Shelter and Generation Rent are harming those they claim to help. The loss of S21 and the C EPC rating is going to take even more property out of the market, drive up rents etc. Those most seriously affected will be the bottom end renters, those on benefits, those who are disabled, those with pets, those with a poor credit history, those with a ccj, council applicants etc the very groups shelter and generation rent claim to speak for! For landlords who don’t mind high risk will be getting higher rents as supply shrinks and they will be able to select their tenants much more carefully as supply of tenants increase.

    1. U say it perfect Will.
      Shelter etc. making it much worse for lower earning tenants. They have no choice. Supply is going. Remaining Landlords not taking a chance any more.

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