Buy-to-let landlords are cashing in on rocketing house prices and selling their properties, causing a slump in the supply of rental homes.
Plunging rental supply means competition for properties has hit a new record high, meaning buy-to-let investors have raised prices by 11pc year-on-year, according to property website Rightmove. Renters have also been forced into bidding wars to secure the small number of properties still available.
Asking rents outside London climbed by 10.8pc to hit £1,088 per month. This was the first time rent rises have exceeded 10pc and means average rents are now 15pc higher than pre-pandemic.
Click this link to read the rest of this article.