Property market set to flood as 380,000 landlords look to sell up
By Bea Patel on 24 May 2018 in Industry News
Many first-time buyers have struggled to get on to the property market. Difficulty saving for a deposit, increasing property prices, mortgage rules and a supply shortage make owning a home harder to achieve.
But some experts say the market will become flooded, making way for plenty of homes for first-time buyers. This is because 380,000 landlords look to sell up their property over the next year.
According to a survey conducted by the National Landlords Association (NLA), 45 per cent of landlords would be selling an apartment or flat. This is bad news for renters, as it could lead to a shortage of homes available for rent. But for first-time buyers, this is good news as the market becomes flooded with properties available to buy.
Richard Lambert, NLA Chief Executive said: “These findings sound like positive news for potential new homeowners, but the reality is not everyone wants, or is in a position financially, to buy.
“In fact, if all these homes are sold as planned then it will lead to a significant fall in the supply of property available to those who choose to rent or have no other option but to rent.”
Image credit: Petr Kratochvil