There has been a significant increase in the number of landlords selling property, particularly in Wales, new research shows.
Data collected from Propertymark’s members for its January Private Rented Sector Report shows a snapshot of pressure in the rental market, most notably in Wales.
Welsh agents reported the highest overall figure of new applicants registering at an average of 313 per member branch but worryingly reported the highest number of landlords exiting the private rented sector at five per member branch. This is more than double the UK average of two.
Factors such as high sale prices and the impending changes due to be introduced through the Renting Homes (Wales) Act could be contributing to this.
The widening supply-demand imbalance meant 74% of member agents reported rent prices increasing across the UK, which has sharply increased from 56% in December 2021 which prior to January 2022, had continued to fall for four consecutive months.
Propertymark’s CEO Nathan Emerson said: “Our latest report shows an unprecedented spike in new applicants registering per member branch with a 140% increase in January compared to December.
“Setting this figure beside the small increase in the average number of new properties entering the market in January, there seems to be nowhere near enough private rented homes available.
“Wales is seeing the greatest number of landlords exiting the sector and interestingly, this could come as no surprise to many agents and landlords. With several changes on the horizon from the implementation of the Renting Homes (Wales) Act, landlords in Wales will be faced with further regulatory pressure.
“Coupled with the extremely high demand within the sales market in areas across Wales, these could well be contributing to the number of landlords exiting the sector.”
Who-da-thought-it?
Reap what you sow!
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Hilarious! What a mystery this must be to the idiots and politicians who think that landlords selling drops prices – they’re rocketing, a bit like rents and homelessness! Any day now you’ll see these same champions of landlord hatred wringing their hands about how there isn’t any property to rent and that something must be done to stop landlords selling. Really, you could not make this nonsense up.
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I congratulate Drakefool on his strategy to drive PRS Landlords from Wales. It appears to be working. I would, however, ask him what will he do now to house the Welsh voters?
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Every action taken by Govt’s has a knock–on Negative reaction for tenants.
Why is it only landlords are seeing this, and so-called tenant support groups and the media are not catching-on ?
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