Exiting the game
According to a recent poll by YouGov, a global public opinion and data company for the National Residential Landlords Association, nine per cent of landlords said they were planning to exit the market altogether. While seven per cent said that over the next one year, they would sell some of their rental properties. This situation would potentially restrict the supply of available homes for those who could not afford a home of their own, people looking for social rented housing, and those preferring the flexibility offered by the private rented sector.
The survey also showed that more than a fifth of landlords have suffered income losses due to the coronavirus-led crisis. Around 19 per cent of those surveyed lost up to 50 per cent of their usual rental income as an adverse impact of the pandemic, while three per cent had lost more than 50 per cent.
In recent past, many property investors have bought and sold properties with considerable profits after refurbishing. They viewed that this was the perfect time for the landlords possessing empty properties to complete the sales before demand starts getting saturated, prices start declining, and taxes start rising. Many of them planned to sell or reduce their portfolio to get benefitted.
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