In the week following the announcement of the Renters Reform Bill alone, there has been a reported 33% increase in landlords enquiring about using fast-buying property companies such as Upstix.
Upstix data shows that as a result, we are now experiencing a rush of landlords trying to dispose of their rental properties at speed to avoid being impacted by any upcoming changes.
There are currently 22,000 tenanted properties for sale in England with the average time it takes to sell standing at 195 days.
Upstix saw the biggest increase in enquiries come from West Sussex, which was up 190% in the last 4 weeks. Meanwhile, Lancashire, the region with the most enquiries overall, was up 45% over the same period. Along with Lancashire, London, West Yorkshire, West Midlands and Kent made up over a quarter of all enquiries to Upstix.
Fred Jones, Chief Executive at Upstix, says: “In the past few weeks Upstix has seen a huge increase in enquiries from landlords looking to vacate and sell their properties to avoid any potential increases in capital gains tax that might be announced in the October Budget.
“Like the many thousands of people contacting Upstix each month wanting a quick and certain house sale along with making sure they have found the right instant home buyer, Landlords realise that Upstix is a secure platform and lifeline for them as we can complete a purchase in a matter of a few weeks, not +7 months in the open market.
"Upstix typically offers 15% off market value, which is independently verified by a RICS-qualified survey. If they want to sell by October, we are their best option.”
