Landlords turn back on buy-to-let as mortgage costs rise
Ongoing turmoil in the buy-to-let market is continuing to impact both tenants and landlords as rising mortgage costs bite.
Despite the Government’s u-turn on minimum energy standards e.surv says eight out of 10 (79%) of surveyors have noted a decline in landlords planning to buy new investment properties.
Meanwhile half of surveyors have seen a rise in landlords planning to slim down their their portfolio or exit entirely over the last 12 months.
If landlords go ahead with their planned moves it could lead to a reduction in the supply of rental properties and an increase in rent for tenants already facing a cost of living crisis.
Demand for rental homes continues to outstrip supply with 44% of respondents reporting falls in the stock of rental instructions coming to market.
Almost half (45%) of London-based surveyors reported an increase in rental prices let above the asking price, with four out of 10 surveyors (40%) seeing the time to let a property shorten.
Posted on Tuesday, 26 September, 2023