A third of landlords have suggested they are considering retiring or quitting the sector because of attacks and obstacles in the buy to let sector.
And a quarter of those quitting indicated they were driven out by too much legislation and compliance. A further 24 per cent claimed that rising mortgage costs and/or changes in tax was also a motivation.
Of the landlords surveyed by the Open Property Group, two fifths have just one rental property, while over a third have three or more properties and almost a fifth have over five.
Over a quarter were enquiring about selling more than one rental property.
The most common type of property owned was terraced houses followed by flats and semi-detached houses. When asked what condition the property(ies) was in, just eight per cent stated poor, and one in five class their rental as in excellent condition.
“Landlord enquiries have certainly ramped up in the first three quarters of 2023 and these survey findings concur with the anecdotal conversations we are having with landlords” says Jason Harris-Cohen, the managing director of Open Property Group.
“Most of them are simply fed up of the never-ending red tape which is only worsened by the economic climate at the moment. As a result, retirement plans are being brought forward.
“This is not good news for tenants, or the private rented sector as a whole, but the fact that most landlords would prefer to sell with tenants in situ does offer some reassurance. It also removes the complex and time-consuming process of serving a Section 21.”
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Author : Graham Norwood, Landlord Today
Full Article : https://www.landlordtoday.co.uk/breaking-news/2023/11/we-quit-third-of-landlords-retiring-or-quitting-because-of-rental-woe
