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  • Writer's pictureSarah Ruivivar

Landlord Sales Spark 50% of Tenant Moves

📸 ModelProp / Midjourney

A recent survey by PropTech firm PayProp has revealed that 50% of tenant moves in 2023 were triggered by landlords selling their properties.


In contrast, evictions were the cause of just 11.3% of tenant relocations.


The survey also found that over half (54.5%) of landlords were in the process of selling their properties at the time of the survey. Neil Cobbold, PayProp UK's managing director, explained that most homes sold by landlords (66.7%) were bought by first-time buyers, indicating a permanent loss for the Private Rented Sector (PRS).


 

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Cobbold highlighted the implications of this trend, stating, "That loss of stock and well-financed tenants puts the PRS under pressure, with fewer homes to rent and lots of pent-up demand from less well-off tenants." This situation can lead to increased rental prices as these tenants vie for the remaining properties.


Despite the challenges, the survey revealed a significant drop in very negative sentiment about the current state of the industry, possibly due to amendments addressing the Renters Reform Bill's perceived imbalance between tenant and landlord rights. However, fewer respondents envisioned themselves working in the sector in five years' time, with 12.9% stating it was 'unlikely' or 'very unlikely'.


In conclusion, while over half of the respondents viewed the rental industry's prospects positively, the trend of landlords selling properties is causing significant shifts in the PRS. This trend, along with other market pressures, is reshaping the UK's rental landscape.



 

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