Propertymark has warned that a significant number of landlords will exit the private rented sector (PRS) unless the government comes up with a support package.
The trade body cites a recent survey by Mortgage Works shows 20% of landlords saying it likely they will leave the PRS within the next 12 months because of recent changes in regulations and taxation, tenant debt and a backlog in the courts.
It adds that the government itself points out that rent makes up 42% of total gross income for “most” landlords and that the proportion of private renters in arrears has tripled from 3% to 9% over the course of the pandemic.
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