A significant number of landlords (380,000) in the UK are likely to offload their properties in the coming years because of various reasons, according to National Landlords Association (NLA).
Interestingly, most of these properties are ideal for first-time buyers and they are likely to benefit from this development. Buying a brand-new home could be difficult for many first-time buyers in specific markets of the UK because of the high deposits. However, homes from the secondary market could meet the budget of the first-time buyers, according to industry experts.
“The figures indicate that 45 per cent of landlords, who intend to sell property in the coming year, plan to sell individual flats and apartments, with a third (33 per cent) looking to sell terraced homes – both of which are typically affordable and attractive options for those taking their first steps on the property ladder,” NLA said in a statement.
This latest trend of landlords offloading their properties can be attributed to several factors, such as reducing debt, slow pace of growth in rent in some areas, and taxes unfavourable to landlords owning multiple residential units.
The figures, from the NLA, come as separate findings from UK Finance shows signs of buoyant first-time buyer activity of late.
The figures, from the National Landlords Association (NLA), come as separate findings from UK Finance shows signs of buoyant first time buyer activity of late