Rightmove points to worsening crisis in private rented sector
Following the release of recent Rightmove statistics which suggest that the proportion of former rental properties moving into the sales market is at its highest point on record, the NRLA has issued a statement addressing the findings, as well as discussing what this means for the future of the Buy-to-Let sector.
Responding to this data, Chris Norris, Policy Director for the National Residential Landlords Association, said:
“Today’s data will be a serious concern for all those renters struggling to find somewhere to call home. With demand already massively outstripping supply, Rightmove suggests the situation is set to get worse.
“Every rental home that is sold simply exacerbates the imbalance between supply and demand. Whilst some of these properties will inevitably end up on the owner-occupied market, that will be of little comfort to those households struggling to access quality housing.
“What we need is a housing strategy that recognises the need for more of every type of property, including high quality homes for private rent. That’s why the Budget needs to announce pro-growth tax plans to meet the needs of renters across the country.”
-ENDS-
Notes:
• According to data published by Rightmove today, the proportion of former rental properties moving into the sales market is at its highest on record, which, it says, indicates that “more landlords are selling up, some potentially driven by the mooted increase in Capital Gains Tax in the Autumn Statement on 30th October.” The findings show that:
- 18% of properties now for sale were previously on the rental market, compared with 8% in 2010.
- The hotspot is London, where nearly a third (29%) of homes for sale were previously for rent, followed by Scotland (19%) and the North East (19%)
- The previous five-year average for homes moving from the rental to sales market in Great Britain is 14%, suggesting that this isn’t a sudden mass exodus of landlords
- The number of new properties coming to the market for sale is now 14% ahead of last year.
• Further information about the NRLA can be found at www.nrla.org.uk. It posts on X @NRLAssociation.
• The NRLA’s press office can be contacted by emailing [email protected] or by calling 0300 131 6363.
