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 South East there are currently 1,785 properties with tenants in situ listed on the market. This is a significant reduction of -8.8% compared to June’s number of 1,958 properties.