Fears of a mass landlord exodus forward of the Renters’ Rights Invoice turning into legislation have but to materialise, evaluation from London lettings and property agent Benham and Reeves has revealed.
The variety of obtainable rental properties throughout England has risen by 23.5% because the Invoice’s introduction in September final 12 months.
The Renters’ Rights Invoice is now within the ultimate phases earlier than Royal Assent and can ship sweeping reforms to the non-public rented sector, together with the abolition of Part 21 evictions, the transfer to periodic tenancies, and the introduction of a Respectable Houses Normal.
Marc von Grundherr, director of Benham and Reeves, stated: “Whereas the Renters’ Rights Invoice has created comprehensible uncertainty amongst landlords, significantly across the removing of Part 21, the notion of an imminent collapse in rental inventory ranges has merely not materialised and it’s clear that, to this point, there was no landlord exodus.
“In truth, provide has elevated in virtually all areas of the nation because the Invoice was launched, which is welcome information for tenants who’ve confronted unprecedented competitors for houses in recent times.
“As a landlord and letting agent myself, I’ve lately invested into the buy-to-let sector as we’ve continued to see robust yields on provide and discounted offers attributable to a barely slower property market with respect to deal with costs. With rates of interest additionally trending downwards and mortgage funds turning into extra palatable, now is a superb time for long-term wealth constructing.
“That stated, this doesn’t imply we might be complacent. The true check will come within the months after implementation, as soon as landlords have had time to totally digest the laws and determine whether or not they want to stay available in the market.
“For now, it’s clear that the scary landlord exodus has not occurred, and the non-public rental sector stays sturdy.”
Since September 2024 rental provide significantly elevated throughout Bristol (up 79.1%), West Yorkshire (up 72.9%) and Tyne and Put on (up 60%), East Sussex (up 50.5%) and Northumberland (up 41.4%).
In London, the market has additionally confirmed resilient, with inventory ranges climbing by 11% over the identical interval, while simply Herefordshire (down 22.5%), Gloucestershire (down 16.4%) and the Isle of Wight (down 11.1%) have seen reductions in obtainable rental inventory ranges.
