Two letting agents in the South West has claimed that landlords are leaving the private rental market in droves.
The claim has been made by Andrew Bullivant and Sue Dyer, partners at Atwell Martin in Plymouth, who have said it’s unfair to blame landlords for rising rents when many are quitting the sector as financial and regulatory pressures grow.
Bullivant (pictured)and Dyer (pictured, below) told Plymouth Live that they face a ‘desperate’ situation within the City as stock levels shrink but demand for rented properties has increased.
They pinned dwindling stock on fewer landlords, which they claim have quit the sector or reduced their portfolios following the Government’s sustained assault on the private rented sector in recent months and years.
This has seen tax relief on mortgage interest payments withdrawn, additional stamp duty for property purchases introduced, a plan to abolish Section 21 ‘no fault’ evictions - all alongside recent increases in borrowing costs.
Bullivant said landlords are not only leaving the sector but also new ones are not coming in. He added: “We are not seeing the level of uptake - it’s an ongoing problem.”
The pair say average rents have hit £1,000 a month in Plymouth as the population has increased but house building has failed to keep up with demand.
“There is a lack of building because costs are high. Material costs and borrowing costs are both high, and therefore it is a challenging environment,” added Bullivant.