Thousands of landlords who entered the private rented sector (PRS) following the introduction of dedicated buy-to-let mortgages in 1996 are now retiring in increasing numbers, it has been revealed.

Research by estate agency Hamptons reveals that some 140,000 landlords retired in 2022, representing 73% of all the properties sold by BTL investors.

Purchases made by this ‘original cohort’ of landlords some 15-25 years ago following the introduction of the buy-to-let mortgage still make up the majority of privately rented homes in Great Britain, the report says.

Just over half of today’s outstanding buy-to-let mortgages were taken out between 1996 and 2007, says Hamptons, adding that last year saw an unusual spike in landlords withdrawing from the market after deciding to retire and cash-in their properties.

Hamptons says a further 96,000 landlords are expected to retire this year and each year afterwards. This is in addition to the 924,000 who are already over the age of 65 but are still renting out properties.

During the past 12 years between 2010 and 2022 the agency estimates the number of landlords retiring annually has doubled as their demographic ages.