The Renters’ Rights Bill has not yet resulted in the maximum exodus of landlords that many feared, Lomond reveals.
The data shows that the number of rental properties on the sales market has fallen by almost 20% since the end of June.
The data shows that in September this year there were 10,041 properties with tenants still in situ on the UK housing market.
This represents 19.2% less than the 12,423 properties listed in June this year.
Lomond says this suggests that in the weeks and months immediately following the first reading of the Renters’ Rights Bill under the new Labor government, the number of landlords wanting to sell their properties so quickly that they don’t even have to wait until the end of their current lease want to wait. has decreased.
The company explains that this “goes directly against the narrative of those who fear the bill will result in a mass exodus of landlords from the buy-to-let (BTL) sector”.
Across the West Midlands, there are currently 600 properties with on-site tenants on the market, down 54.7% from the figure of 1,324 properties in June.
In the East of England, numbers have fallen by 50.8% since June, while in the North East they have fallen by 19.8%.
Lomond CEO Ed Phillips said: “Much has been made about the exodus of landlords from the BTL sector and with Labor moving quickly out of the gate to propose even more pro-tenant legislative changes, there were concerns that more landlords would would have done. a quick exit.”
“But since the relaunch of the Renters’ Rights Bill under our new Labor government at the end of May, we have not seen any evidence of this and, in fact, the number of houses for sale on the market with a tenant in situ has actually fallen.”
“The real test, however, will be the looming Autumn Budget at the end of this month, as we could see further changes impacting BTL investors’ financial returns, with capital gains tax looking the most likely shake-up.”
Today the Tenants’ Rights Bill will be read in Parliament for the second time.
Measures include banning no-fault evictions under Section 21, limiting rent increases to once a year and applying the Decent Homes Standard to the private rented sector for the first time.
The Labor Party’s election manifesto this summer promised an “immediate” end to no-fault evictions if a government were formed.
Deputy Prime Minister Angela Rayner said: “I am determined to get this bill into law as quickly as possible.
“The thousands of children and families living in unsafe housing or under the cruel threat of an Article 21 deportation order have already waited far too long.”
The previous Conservative government had pushed a similar tenant reform bill through the House of Commons, but was opposed by backstabbing Tory MPs concerned about landlords’ ability to evict anti-social and indebted tenants from their properties through the courts. to delete.
That bill fell short when the last parliament was dissolved at the end of May.