Propertymark has just published a report on the key statistics of the property market, with one member in the East Midlands said many older landlords are selling up.
systematically selling their properties
The member said: “We have several older portfolio landlords who are currently systematically selling their properties. So far it’s mainly been as and when tenants give notice then they are selling rather than reletting, but I have recently had one landlord ask me to serve notice on all their tenants.”
The full report can be seen here, and in summary :
Residential Sales
- Possession Cases: Slight increase in Q3 2024.
- New Listings: 10.5 homes per member branch, up from the previous month.
- Market Appraisals: Increased to 25 per branch, indicating a rise in future supply.
- Stock Levels: Slight drop to 43 properties per branch.
- Sales Activity: Sales agreed increased, likely due to upcoming Stamp Duty changes in April 2025.
- Pricing Trends: Fewer properties achieving asking price (down from 16% to 12%).
- Exchange Timelines: Remain high at 17+ weeks but showing signs of improvement.
Residential Lettings
- Tenant Demand: Rose significantly, with 115 new applicants per branch (up from 79).
- New Instructions: Increased for fully managed and rent collection properties.
- Supply & Demand: Around nine applicants per available rental property, with supply staying stable.
- New Tenancies: Increased to around eight per branch.
- Rental Prices: UK rents up 8.7% year-on-year, with slight month-on-month growth.
- Rental Arrears: Increased slightly compared to previous months.
- Void Periods: Slightly longer, averaging three weeks.
Market Sentiment
- Some landlords are selling rather than re-letting properties.
- Concerns over conveyancing delays affecting sales.
- London’s market remains focused on apartments, while family homes see less demand.
- Uncertainty over economic conditions, with some regions questioning if a recession is looming.
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