12 Oct 23
Thousands of landlords are planning to sell properties.
A Simply Business survey of 1,455 UK landlords reveals that a quarter of landlords plan on selling an investment property in the next 12 months.
Over the past 12 months, nine per cent of landlords have released a rental property from their portfolio.
The South East, Wales and the South West were revealed as top areas for sales. Conversely, the North West, Scotland and the East of England emerged as the top regions for landlords buying properties across the UK.
Though constantly changing legislation was cited as the most common reason for putting property up for sale, rising costs across the board also proved to be a glaring challenge.
Almost one third of landlords reported an increase in buy-to-let mortgage payments in the past year, with nearly one-fifth reporting that their mortgage repayments had risen by up to 501 per cent.
However despite the current climate, many landlords still consider rental property to be a worthwhile investment, with 50 per cent saying that they would recommend investing in buy-to-let property.
Alan Thomas, UK chief executive at Simply Business, comments: “A combination of economic uncertainty, changing regulations, and rising costs means there’s no shortage of challenges facing the nation’s landlords in 2023. The cost of living crisis has affected all corners of society, and the buy-to-let sector is no different.
“Our report shows that landlords see rising costs as the single biggest threat to the rental market. An ongoing theme in recent years has been uncertainty, with two thirds telling us that constantly changing and confusing government legislation is one of their greatest challenges.”
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