19th December 2007
Landlords 'selling up'
The proportion of landlords who are selling their properties and leaving the rental market is at a three-year high, according to the Royal Institution of Chartered Surveyors (RICS).
The institution's lettings survey for the third quarter of 2007, published yesterday, reveals that 6.5% of landlords are selling their properties when their tenants' lease expires, up from 6.1% in the second quarter. New landlord instructions, considered an indicator of buy-to-let activity, also fell.
Meanwhile, figures from estate agents Hamptons have shown a sharp drop in the number of landlords buying new property. Landlords had accounted for 43.8% of mortgage sales in October, but the proportion dropped to just 18.4% last month.
"While buy-to-let remains a buoyant area to enter into, it appears that some buy-to-let landlords have had their confidence dented as a result of the recent credit crisis," said Jonathan Cornell, managing director of Hamptons Mortgages.
"Amateur landlords will have suffered the most and many may have held off from purchasing new properties – presumably in the hope that the market will begin to calm."
The institution's lettings survey for the third quarter of 2007, published yesterday, reveals that 6.5% of landlords are selling their properties when their tenants' lease expires, up from 6.1% in the second quarter. New landlord instructions, considered an indicator of buy-to-let activity, also fell.
Meanwhile, figures from estate agents Hamptons have shown a sharp drop in the number of landlords buying new property. Landlords had accounted for 43.8% of mortgage sales in October, but the proportion dropped to just 18.4% last month.
"While buy-to-let remains a buoyant area to enter into, it appears that some buy-to-let landlords have had their confidence dented as a result of the recent credit crisis," said Jonathan Cornell, managing director of Hamptons Mortgages.
"Amateur landlords will have suffered the most and many may have held off from purchasing new properties – presumably in the hope that the market will begin to calm."
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