The number of landlords exiting the market in the East of England is 100 per cent higher than the national average in November, 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 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” explains David Cox, chief executive>
“It’s therefore 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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Dear David Cox, the problem is over population which is due to immigration and freely available health care in the UK. The latter is welcome to all but never the less is contrary to the way nature works.
As a landlord the problem that I have is letting well maintained properties to people who ruin them. That is expensive to put right. It is a vicious circle. Landlords need protecting from tenants as well as the other way around.
I do realise that there are bad landlords but there are bad tenants - probably in equal measure.
If you shift all the costs to tenants it will be bad for them but they will have somewhere to live.
If you shift all the costs onto landlords then rental properties will be a historical memory and I think that moment will arrive very soon.
The new legislation is also going to introduce major new costs to the letting market . Those costs will be allocated as per the two options just mentioned. Landlords do not have a major golden money pot that mints money out of thin air and which can be given to councils and tenants.
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