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Half of tenant moves triggered by landlord sales - new survey

There’s been another survey of landlord activity in the private rental sector - and this one shows that 50% of tenants vacating a property last year had to do so because their landlord wanted to sell.

By contrast, eviction was cited by just 11.3% of those surveyed.

The survey - by PropTech company PayProp  - found that more than 54.5% of landlords were in the process of selling properties last year at the time of the survey. 

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PayProp UK managing director Neil Cobbold says: “We know from our survey that the majority of homes sold by landlords (66.7%) are purchased by first time buyers. So, every time a landlord puts a house up for sale, it will generally be permanently lost to the Private Rented Sector.

“These buyers are generally also the more well-off tenants who are best equipped to deal with the steep PRS price increases we are seeing. That loss of stock and well-financed tenants puts the PRS under pressure, with fewer homes to rent and lots of pent-up demand from less well-off tenants, which in turn can lead to higher rental prices as they compete for the remaining properties.”

Cobbold also reveals that there was also a significant drop in very negative sentiment about the current state of the industry (down 13.1% on 2022), perhaps because of the amendments to address the Renters Reform Bill’s perceived imbalance between the rights of the tenant and those of the landlord to gain repossession of their property.

The largest group expressed a ‘neutral’ view (46.8%). However, 51.6% felt either positive or very positive about the rental industry’s prospects.

Even so, fewer respondents could see themselves working in the sector in five years’ time with 12.9% saying it was ‘unlikely’ or ‘very unlikely’.

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  • icon

    Maybe there's a more positive attitude because the landlords who were feeling especially negative have already sold up and are no longer landlords?

  • icon

    In true Victor Meldrew style ……” I Don”t Believe It” ! 😂😂🤷‍♂️🤷‍♂️.

  • icon

    House number 14 went yesterday. If anyone doesn’t believe tenants are losing out well….
    Blame lies with
    Section 24
    Renters Reform Bill
    Selective licensing
    Shelter
    Gen rent

    They’ve assisted in making you homeless

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    Clearly, government policy to reduce and ideally eliminate the PRS is working as planned!

  • Nic  Kaz

    If you target a group of investors, tie them up with regulations, reduce their return and threaten to control their investment indefinitely - they will vote with their feet. Landlords are investors and we are investing elsewhere, whilst we still can!

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    Of course landlords selling up. The PRS has been killed off. I have sold 3 flats recently and taken the CGT hit. Incidentally CGT will go up under Labour.

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    Oh yes it will, they want to box us in and bleed 🩸 us dry.

     
  • icon

    These idiots just don’t get it - the latest letter back from Jacob Young MP for levelling up is the same mealy-mouthed nonsensical template they’ve been putting out for 9 years. It only gets worse and worse so despite all the evidence as to how prices are rocketing and supply is dead, the fools push on with more plans to continue breaking the PRS. I’ve evicted 3 families and 7 HMO tenants to sell, with many more to come.

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