Posted: 1st October 2024
Divide emerges between landlords South/North, many quitting
A North-South divide is rapidly emerging among landlords who wish to exit the market due to new and impending regulatory constraints, along with rising costs that are driving up rental prices for tenants in the regions.
Recent research from Cornerstone Tax reveals that nearly one in five (17%) landlords are contemplating selling their properties due to escalating costs associated with ownership—more than half (52%) of landlords in Brighton are eager to throw in the towel.
The data highlights a significant divide between the North and South of the country.
Almost a third of landlords in Birmingham (33%); just over a quarter of landlords in Leeds (26%); slightly more than a fifth (22%) of landlords in Manchester; and nearly four out of ten (37%) landlords in the capital all wish to exit the market due to the deteriorating conditions for landlords.
Cornerstone Tax’s findings follow research from Dataloft, which indicates that thousands more families are now renting smaller homes than they were three years ago.
In the first half of 2020, nearly 57% of new tenancies signed by families earning between £30,000 and £70,000 a year were for homes with at least three bedrooms. By the same period in 2023, that figure had dropped to less than 51%.
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