Some 30% of landlords plan to sell properties in the next 12 months, data from Landbay has revealed.
As to be expected, the deciding factor for most (60%) of landlords intending to sell is rising interest rates – an increase from 45% in the previous survey, while almost half (45%) said rent doesn’t cover their mortgage costs – up from 28% in the Q4 2022 survey.
Others also mentioned landlord taxation (47%), the cost of meeting the proposed EPC requirements (40%) and worries about evicting tenants (34%).
Paul Brett, Landbay’s managing director, intermediaries said: “While it’s certainly the case that some landlords are trimming their portfolios in the current climate, our latest data demonstrates that the majority are not looking to make any cuts at all. This is positive news for the wider housing market which is so reliant on rental supply. After all, one-in-five houses in England and Wales depend on the private rented sector (PRS) for housing.
“As a specialist buy-to-let lender, we are always looking at ways to innovate to not only support buyers, but those landlords set to remortgage. With high levels of maturity in the buy-to-let market this year, there will be many weighing up their options in a higher interest environment.
“For those considering selling, we’d always say it’s worth their time speaking with a broker to find out what is their best possible move, especially when there’s lenders like us willing to innovate and find solutions to support landlords in all situations.”
The majority of buy-to-let landlords (64%) are not planning to sell any of their properties in the next 12 months, latest data from the Landbay quarterly survey has revealed.
Most landlords with individual properties (75%) don’t plan to sell, though only 65% have the same intention with more than 20 properties.
