No sign of landlord exodus following first reading of Renters Rights Bill

The latest research by Lomond shows that the Renters Rights Bill has not yet resulted in the max exodus of landlords that many feared it would. 

 The Renter’s Rights Bill has arguably been one of the most talked about topics within the private rental sector over the last few years and rightly so. Labour has seen the bill through its first and now second reading on 9th October 2024, and as we have shared with you before, much of the bill remains the same as previously proposed. If you want to remind yourself of the proposal, we have summarised the key proposals for you here.      

Much has been made about the exodus of landlords from the sector and with Labour quick out of the gates to propose yet more pro-tenant legislative changes, there had been worries that more landlords would have made a swift exit. However, recent data from Lomond goes directly against that narrative. 

Lomond has analysed the number of residential properties that have come to the UK sales market with tenants still in situ in September 2024 and compared this to the number that came to market in June 2024*. The data reveals that in September 2024, 10,041 properties with tenants still in situ were listed on Great Britain’s housing market. This is -19.2% fewer than the 12,423 properties listed in June 2024. 

More locally, in the East and West Midlands there are currently 1,419 and 600 properties with tenants in situ listed on the market respectively. This is a significant reduction of -10.5% and -54.7% compared to June’s number of 1,585 and 1,324 properties.  

This suggests that in the weeks and months immediately following the Renters Rights Bill’s first reading under the new Labour government, the number of landlords looking to sell their properties before the end of their current tenancy has declined.   

This is positive news, and a good sign that landlords shouldn’t be deterred by the bill. As your trusted local agent, we will ensure you are always kept up to date with the latest in the buy-to-let sector, and specifically on any legislative changes.  

Contact us if you would like to speak to one of the team about this topic or if you have any other questions.