The impact of the Brexit vote is starting to make itself felt, with growing political and economic uncertainty, the collapse in the value of the UK pound and mounting concerns for buy-to-let landlords, according to new research.
A fresh survey from the National Landlords Association (NLA) shows that more than a third - 35% - of private landlords are facing growing concerns about the potential economic consequences that leaving the EU will have on the private rented sector, especially when it comes to attracting tenants in the future.
The findings from the study, that follows Theresa May’s announcement last week that the process of the UK leaving the EU will be triggered by March 2017, also reveals that 39% believe that Brexit will have no significant impact on their business; 21% are unsure; while 5% believe it will have a positive impact.
Concern among landlords is greatest in central London, where more than half - 55% - believe Brexit will have an adverse impact on their business – higher than any other region.
In contrast, just over a fifth of landlords in the North East - 22% - think Brexit will have a negative impact – the lowest proportion compared to other regions of the UK.
The findings come as the NLA launches its new podcast series: Inside Property, which is presented by Richard Blanco.
Blanco said: “These findings clearly show that a significant proportion of landlords are concerned about what Brexit will mean for their lettings business so we wanted to try to understand and make sense of the situation.
“We now know that Article 50 will be triggered soon, but landlords still have lots of questions, like what will happen to rental demand as a consequence of Brexit, will house prices fall, or should I rethink my investment strategy? The first episode of Inside Property will address all these questions and more.”
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