Private rental market shrinking drastically as landlords sell up
The Independent says the UK property rental market is shrinking drastically, leading a new report to warn rents could be driven up.
The outnumbering of prospective tenants to rentals may be partly due to pandemic-born hybrid and remote working which have allowed people to choose locations without thinking about the office commute, the report, by Propertymark, the trade body for estate agents, said.
According to the report, the average number of properties a estate agent branch in the UK reported it was currently advertising for rent decreased from 30.4 to just 15.6 between March 2019 and March 2022, revealing a significant reduction in places available for renters to live.
During the same four-year period, the company found that 94 per cent of landlords who removed their property from the rental market did so to sell it.
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