A quarter of landlords to sell properties in 2020

Landlords cited uncertain market conditions as a key reason for selling. Picture: Contributed
Landlords cited uncertain market conditions as a key reason for selling. Picture: Contributed
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A quarter of landlords plan to cash in on at least one property this year, potentially putting more than 500,000 homes up for sale, according to new research by Simply Business.

The landlord insurance provider revealed that uncertain market conditions were among the top reasons landlords gave for wanting to sell.

Tax increases and government reform, such as shifting house in multiple occupation (HMO) licensing, which added new stipulations on the minimum size of rooms, as well as the banning of admin fees, were also key factors.

The survey also found that 82 per cent of landlords are not planning on buying any more properties in 2020.

Chief operating officer Bea Montoya said: “The tax increases imposed by the government are proving counterproductive for landlords, while ongoing political and economic uncertainty hasn’t been providing landlords with the confidence they need to stay in the market.

"The tax increases imposed by the government are proving counter-productive for landlords, while ongoing political and economic uncertainty hasn’t been providing landlords with the confidence they need to stay in the market. But selling a buy-to-let is a big decision, especially if you’re selling more than one.

“Any landlord looking to sell up should make sure they understand the complexities surrounding buy-to-let sales, particularly if the property is occupied."