Trade body, ARLA Propertymark, has reported that landlords in London are leaving the market “in droves” due to increasing costs and legislation. Branches of London letting agents reported an average of six landlords selling their properties and exiting the market in the December 2018 Private Rented Sector report. This is double the number of landlords selling up nationally with those in the North East, East Midlands, West Midlands and the South West only reporting an average of 3 sales per branch.
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David Cox, Chief Executive of ARLA Propertymark said: “The issue has particularly intensified in the capital which may be the result of landlords starting to receive their first tax bill incorporating the increase in taxes from the house repayments Interest Relief changes which came into force last tax year. If this trend continues, coupled with the Mayor of London, Sadiq Khan’s, recent pledge to introduce rent controls, it will only serve to make the situation worse for London’s renters as more landlords are forced to sell up.”
The UK Housing Market is already struggling as the supply of rental accommodation slips and competition for properties increases. In due course, this will mean that rents will also increase and a large proportion of the renting public will struggle to get good-quality, well-managed rentals.
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