Experts have predicted that the property market could be flooded by homes for first time buyers as 380,000 buy-to-let landlords are looking to offload their property in the next year.
A survey conducted by the National Landlords Association (NLA) said that around a fifth of the UK’s landlords were looking to sell, and that nearly half (45 per cent) of those selling would be offloading a flat or apartment.
The NLA explained that this flooding of the market would be good news for first time buyers and bad news for renters, as it may lead to a fall in the number of homes available to tenants.
Importantly, only seven per cent of landlords looking to get rid of a property said they intended to sell to other landlords, which will be welcome news for first-time buyers.
“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,” said Richard Lambert, NLA chief executive.
“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.”