The number of London landlords exiting the market in February was 125% higher than the national average, ARLA Propertymark has found.
Landlords have faced continued legislative change coupled with increasing costs over the last few years, and many are either having to pass the costs on to tenants or exit the market.
David Cox, chief executive, ARLA Propertymark, said: “Back in December, more than three quarters (78%) of ARLA Propertymark members predicted that the number of landlords operating in the private rented sector would decline this year, as they are driven out by rising costs.
“This trend is snowballing in London where, due to the capital’s higher costs, landlords are struggling to make ends meet. This means tenants will continue bearing the brunt, as competition for good quality properties increases, and rent costs rise.”
In February, London was the highest region for landlords selling up, with agents reporting nine buy-to-lets being marketed per branch, compared to the national average of four.