Landlord home purchases fall to record low ahead of Labour rent reforms
Landlords were behind 9.6pc of house sales in January, according to a new report by estate agents Hamptons.
It is the first time the proportion has dropped out of double digits since Hamptons' records began in 2009 – beating the previous low of 10.6pc in January 2020.
The data comes as the Government aims to ban so-called no-fault evictions next year as part of its Renters' Rights Bill, which will also make it harder for landlords to increase rents.
There are 39pc fewer homes available for rent than there were in January 2019, with London seeing a decrease of nearly half, Hamptons said.
The capital has also seen the biggest fall in the proportion of homes being bought by landlords, making up 7pc of purchases in January.
But Scotland recorded the lowest total, with 4.6pc of homes bought by landlords.
The Renters' Rights Bill, which is being spearheaded by Angela Rayner, the Housing Secretary, is set to become law by next summer.
It was designed in response to the Conservative government's Renters Reform Bill which did not pass into law before Parliament was dissolved.
Both pieces of legislature sought to ban Section 21 notices – also known as no-fault evictions – which will make it harder for landlords to take their properties back from tenants.
Campaigners previously warned that the 'war on landlords' would cause investors to sell up, reducing the supply of rental homes and pushing up prices for renters.
Over the last five years, rents on newly let homes have jumped by a third, Hamptons said, with an average 26.5pc increase for those renewing contracts.
Aneisha Beveridge, of Hamptons, said: 'The pace of rental growth nationally has likely bottomed out. New purchases by landlords have been depressed by increases in stamp duty rates towards the end of last year and the prospect of tighter regulation in the form of the Renters' Rights Bill.
'While purchases by landlords haven't completely dried up, it's looking like higher stamp duty rates have reduced the share of homes sold to landlords by between 10pc and 20pc.'
Private rents increased by 8.7pc in the 12 months to January 2025, according to the Office for National Statistics, a slight drop from the 9pc increase in the year to December 2024.
Nathan Emerson, chief executive of Propertymark, said: 'It is concerning that more is not being done to make the private rental sector more attractive for current and future landlords.
'The dwindling supply of properties against a backdrop of ever-increasing demand from tenants is making it difficult for aspiring renters to find a home.'
Mr Emerson said: 'This is all in response to the continuous bombardment of costs placed on landlords, including rising taxes and regulations.'
Data from the HM Courts & Tribunals Service showed that evictions were at their highest level since records began in 2009, as landlords rushed to get rid of tenants before the new rules were introduced.
During Labour's first three months in power, 7,781 tenants were evicted. The number of successful no-fault evictions soared 20.3pc in England between 2023 and 2024 to their highest tally since 2017.
Possession claims also jumped in 2024, ahead of the passing of the Renters' Rights Bill, hitting more than 30,000 for the first time.
The Ministry of Housing was contacted for comment.
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The National
35 minutes ago
- The National
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Scotsman
2 hours ago
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