In November 2018, the number landlords selling rental properties in the East of England was twice as high as the national average, according to ARLA Propertymark.
Landlords have faced continued legislative changes and increasing costs over the last few years, and many are either passing those costs on to tenants or exiting the market. In November, the East of England was the highest region for landlords selling up, with eight BTL property sales per branch, compared to the national average of four.
David Cox, chief executive at ARLA Propertymark commented: “More than three quarters (78%) of ARLA Propertymark members think the number of landlords operating in the private rented sector will fall even further as they are driven out by rising costs. It’s therefore very likely that we’ll see the national average increase in line with what we’re seeing in the East of England. We’re all striving for the same end goal of improving the private rental sector for consumers, but the only thing which will truly create a better market is a dramatic increase in supply.”