Punitive government legislation is causing buy to let investors to sell up, with a Belvoir report saying that in one of its branches 17 rental households have been given notice due to landlords being forced to sell.
The Belvoir report on activity from letting agents during the second quarter found that 48 per cent of landlords have sold u to three properties. This is up from 46 per cent in the first three months of this year. Belvoir also found an increase of 10 per cent in the number of landlords selling between six and ten properties between the first and second quarter of this year.
Chief executive of Belvoir, Dorian Gonsalves, suggested that these exits were as a result of tax clampdowns on the buy to let sector. He urged Chancellor Philip Hammond to introduce incentives to encourage landlords to remain in the private rented sector.