There has been significant rise in the number of landlords selling up in the capital due to buy-to-let tax changes, according to fresh research.
The number of London landlords offloading properties in February was 125% higher than the national average, ARLA Propertymark reveals.
Many landlords are selling up due to buy-to-let tax and legislative changes, while many of those who remain in the market are being forced to pass increasing costs over the last few years on to tenants.
In February, London was the highest region for landlords selling up, with agents reporting nine buy-to-lets being marketed per branch, compared to the national average of four.
David Cox, chief executive, ARLA Propertymark, said: “Back in December, more than three quarters [78%] of ARLA Propertymark members predicted that the number of landlords operating in the private rented sector would decline this year, as they are driven out by rising costs.
“This trend is snowballing in London where, due to the capital’s higher costs, landlords are struggling to make ends meet.
“This means tenants will continue bearing the brunt, as competition for good quality properties increases, and rent costs rise.”
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