A significant number of homes suitable for first time buyers could flood the market in the coming year as new figures* show approximately 380,000 landlords (19 per cent) intend to offload property.
The figures indicate that 45 per cent of landlords who intend to sell property in the coming year plan to sell individual flats and apartments, with a third (33 per cent) looking to sell terraced homes – both of which are typically affordable and attractive options for those taking their first steps on the property ladder.
Significantly, just seven per cent of landlords who plan to sell say they intend to sell to other landlords, signalling renewed hope for many first time buyers and homeowners looking to progress up the property ladder.
The figures, from the National Landlords Association (NLA), come as separate findings from UK Finance shows signs of buoyant first time buyer activity of late**.
Richard Lambert, CEO of the National Landlords Association (NLA), 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”.
Published 16 May 2018