Jun

BREAKING: Number of properties to rent has halved since 2019, say agents

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Shocking research has been released this morning revealing how the extraordinary extent to which the government’s assault on the private landlords has reduced stock, helping push up rents.

Propertymark says the number of properties available to rent through letting agents in 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. And over half of rental properties sold in March this year did not return to the private rented market.

“Our research presents a worrying picture for private renters,” says Nathan Emerson, CEO (pictured).

“The number of properties available to rent has been diminishing with a large portion of landlords choosing to sell their properties.

Root cause

“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.”

The news has made national headlines with the BBC leading on the research within its news bulletins today, featuring LandlordZONE regular and leading Nottingham landlords Mick Roberts.

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