The number landlords exiting the market in the East of England last month was double the national average, ARLA Propertymark reveals.
Landlords have faced continued legislative change and increasing costs over the last few years, and many are either having to pass the costs on to tenants or exit the market.
In November, the East of England was the highest region for landlords selling up, with eight per branch, compared to the national average of four.
More than three quarters - 78% - of ARLA Propertymark members think the number of landlords operating in the private rented sector will fall even further next year as they are driven out by rising costs, and David Cox, the trade body’s chief executive, fears that this growing trend will ripple out across the country.
He said: “It’s very likely that we’ll see the national average increase in line with what we’re seeing in the East of England.
“We’re all striving for the same end goal of improving the private rental sector for consumers, but the only thing which will truly create a better – fairer – market, is a dramatic increase in supply.”
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