"The real test will be the impending Autumn Budget at the end of this month, as we could yet see more changes that impact the financial returns of Buy-to-Let investors, with Capital Gains Tax looking the most likely shake-up on the cards"
- Ed Phillips - Lomond
The latest research by Lomond analysed the number of residential properties that have come to the UK sales market with tenants still in situ in September 2024 and compared this to the number that came to market in June 2024.
The data reveals that in September 2024, 10,041 properties with tenants still in situ were listed on Great Britain’s housing market. This is -19.2% fewer than the 12,423 properties listed in June 2024.
This suggests that in the weeks and months immediately following the Renters' Rights Bill’s first reading under the new Labour government, the number of landlords looking to sell their properties in such a rush as to not even wait until the end of their current tenancy has declined. This goes directly against the narrative from those who fear the bill will result in fuelling a mass exodus of landlords from the buy-to-let sector.
In the West Midlands, there are currently 600 properties with tenants in situ listed on the market, a significant reduction of -54.7% compared to June’s number of 1,324 properties.
In the East of England the number is down -50.8% since June, and in the North East, it’s down 19.8%.
Lomond CEO, Ed Phillips, commented: “Much has been made about the exodus of landlords from the Buy-to-Let sector and with Labour quick out of the gates to propose yet more pro-tenant legislative changes, there had been worries that more landlords would have made a swift exit.
"But, since the relaunch of the Renters' Rights Bill under our new Labour government in late May, we’re yet to see any evidence of this and, in fact, the number of homes listed across the market for sale with a tenant in situ has actually fallen.
"However, the real test will be the impending Autumn Budget at the end of this month, as we could yet see more changes that impact the financial returns of Buy-to-Let investors, with Capital Gains Tax looking the most likely shake-up on the cards.”
