A third said they planned to cut the number of properties they rent out
The number of landlords planning to sell rented properties has reached its highest rate on record, results of a survey by research consultancy BVA-BDRC have shown.
The poll found that in the first quarter of this year, 33%, of private landlords in England and Wales said they planned to cut the number of properties they rent out. This figure is an all-time high recorded by BVA-BDRC and is up from the 20% who said they planned to cut the number of properties they let in the same period last year.
By contrast, just 10% of landlords now say they plan to increase the number of properties they rent out.
The planned disinvestment comes despite demand being at a record high. According to the research, commissioned by the National Residential Landlords Association (NRLA), 67% of landlords said demand for properties from prospective tenants was increasing.
🚨 NEW research for the #NRLA by @BVA_BDRC reveals the number of #landlords planning to sell rented properties has reached its HIGHEST rate. [1/2] pic.twitter.com/U8hYguXiAJ
— NRLA - National Residential Landlords Association (@NRLAssociation) May 11, 2023
The NRLA has warned that the supply crisis would deepen further without action by ministers. It has called on the government to undertake a full review of the impact of tax rises on the sector and develop new, pro-growth policies.
Alongside this, when ministers end Section 21 repossessions, the NRLA said landlords need confidence that where they have good reason to end a tenancy – such as for tenant anti-social behaviour or rent arrears – the courts will consider and process such cases swiftly.
“Renters are bearing the brunt of the supply crisis. Without change, matters will only worsen over the coming year,” Ben Beadle (pictured), chief executive of the National Residential Landlords Association, said.
“The government needs to reverse its damaging tax hikes on the sector, which have discouraged the provision of the homes tenants desperately need. Moreover, responsible landlords need to have confidence that they can take back possession of their properties swiftly and effectively when they have good reason to, when Section 21 ends.”
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