Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Landlord property exits hit record rate of 562 a day, report finds
Properties are leaving the lettings market at a record rate of 562 a day, according to figures from TwentyEA, part of the TwentyCi group. The report states that 44,000 properties have left the sector so far in the third quarter, with daily departures at their highest level since the firm's records began in 2016.
Record daily rate of departures
TwentyEA's data puts the current rate of exits at 562 properties a day, the highest daily departure rate since its records began in 2016. On a cumulative basis, 44,000 properties are recorded as having left the lettings sector so far in the third quarter. The total is a quarter-to-date figure, so it reflects the position at the time of reporting rather than a completed quarter total.
The figures were published by Property118 and are attributed to TwentyEA, which is identified as part of the TwentyCi group. The material summarised here does not include a breakdown of the exits by region, property type or reason, so readers looking for that level of detail should refer to the original article.
Rental availability rising despite record exits
Alongside the record exit figures, the report notes that the number of homes available to rent is increasing. The two trends are presented together: properties departing the lettings market at a record daily rate, even as the pool of homes available to rent grows. No figures quantifying the rise in availability are given in the summarised material.
Relevance for letting agents and inventory clerks
For letting agents and inventory clerks, the data provides a quantified measure of how quickly properties are leaving the lettings market at present. The report's finding that rental availability is rising may be of particular interest to those monitoring stock levels, as it sets the record exit rate against a growing supply of homes to rent.
Because the 44,000 figure covers the third quarter to date, it should be read as a snapshot of the quarter so far rather than a completed total. Agents and clerks who want the full context behind the numbers can read the Property118 article in full.
Source: Property118