Editor's note: This brief was summarised by The Property AI Team from a report by Landlord Today. Read the original article for full details.
Third of Landlords Want Out Despite Rising Rents
A third of landlords want out, despite rising rents, according to a report by Landlord Today. Asking rents across the UK's 21 largest towns and cities have risen 6% in the three months since the Renters Rights Act (RRA) kicked in.
A study by property management firm Ringley Group shows asking rents increased 5.6% in the first two months after implementation and continued to accelerate thereafter.
The report points to a sector where rental values are climbing even as a significant share of landlords look to leave. For letting agents and inventory clerks, the figures underline the pressures shaping the market since the RRA came into force: rising asking rents on one hand, and landlord intentions to exit on the other.
Landlord Today does not set out further detail in the excerpt summarised here on the reasons behind landlords' plans to leave or how the trend varies by region. Readers should consult the original article for full details.
Source: Landlord Today