London landlords exiting market fastest: Arla

The number of landlords selling their properties in the capital last month was 125 per cent higher than the national average, according to data collected by Arla Propertymark.

London recorded the largest number of landlords listing their properties in February across all regions, with agents reporting nine buy-to-lets being put on the market per branch, compared to the national average of four.

Legislative changes and rising costs have led to landlords ether passing the added costs onto their tenants or exiting the market, adds the firm.

Arla Propertymark chief executive David Cox comments: “Back in December, more than three quarters, 78 per cent, of Arla Propertymark members predicted that the number of landlords operating in the private rented sector would decline this year, as they are driven out by rising costs.

“This trend is snowballing in London where, due to the capital’s higher costs, landlords are struggling to make ends meet.

“This means tenants will continue bearing the brunt, as competition for good quality properties increases, and rent costs rise.”

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