The number of landlords selling their buy-to-let properties has increased, particularly in London, according to the Association of Residential Letting Agents (ARLA) monthly Private Rental Sector Report for April.
ARLA agents in London saw the number of landlords selling their buy-to-let properties double between March and April 2015, rising from three to six properties on average per branch.
Scottish agents saw an increase from four to seven buy-to-let properties going up for sale in the last month, whilst the national average increased from three to four buy to let properties up for sale on average per branch.
Almost a third of ARLA agents (32 per cent) reported that rents increased in April.
David Cox, managing director of ARLA comments:
“It is interesting that we have seen an increase in the amount of landlords selling their buy to let properties in the last month, which is likely to have been a result of political uncertainty. We know that Labour’s plans within the PRS were unpopular for many landlords and agents, so this increase in those selling their buy to let properties may have been a knee jerk reaction to the possibility of Labour’s proposals coming in to practice.”
Following the General Election result earlier this month, nine in ten (90 per cent) ARLA letting agents were happy with the outcome of a majority Conservative government – with almost all agents (95 per cent) believing the result is good news for the private rented sector.
More than one in ten (13 per cent) of those agents said it was good news because the Conservatives will interfere less with the industry and a tenth (11 per cent) believe the result will provide certainty and stability to the market
