Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Savills Flags Landlord Concerns Over RRA in Prime Rental Market
An international real estate firm has warned that landlords in the prime rental market are selling their properties due to higher mortgage costs and an increasing tax burden. According to a report by Savills, landlords are also expressing concern about the Renters’ Rights Act (RRA).
The report highlights that almost half (48%) of Savills agents in London identified the RRA as the primary concern for landlords. This development is particularly relevant for letting agents and inventory clerks operating in the prime rental sector, as changes in landlord sentiment may impact property availability and management workloads.
Savills’ findings suggest that the combination of financial pressures and legislative changes is influencing landlord decisions in the current market. The concerns raised by landlords could have implications for the supply of prime rental properties and the broader UK property market.
Source: Property118