Propertymark member agents were surveyed between 30 March – 29 April 2022 and the report was featured on the BBC News channels. 

64 per cent of respondents were lettings agents, one per cent were sales, and 35 per cent both. Respondents reported working for businesses that had a combined total of over 4,000 branches across the UK.

Propertymark's research presents a worrying picture for private renters. The number of properties available to rent has been diminishing with a large portion of landlords choosing to sell their properties. A lack of property is the root cause of rent increases and rising figures on social housing lists. Our qualitative research shows that the most common reasons for landlords to choose to sell their properties and no longer provide homes are risk, finances, and viability.

Movements in the market

The data shows the number of properties available to rent through letting agents in the month of March halved between 2019 and March 2022. During this period 84 per cent of landlords who removed their property from the rental market did it to sell. Over half of the rental properties sold in March 2022 alone did not return to the PRS.

91 per cent stated the primary reason landlords leave PRS management by a letting agent is to sell
their property.

53 per cent of buy-to-let properties sold In March 2022 left the PRS and there was a 49 per cent reduction in properties available to rent per branch in March 2022 compared to March 2019.