Landlords resort to auctions to shift units as Renters Rights Act kicks in
Summary
Auction activity has increased markedly, with more lots offered and sold across the UK in June, alongside a higher total value of property transacted. The article suggests some landlords may be reviewing portfolios in response to the Renters Rights Act, while buyer demand for auction stock remains steady.
Why it matters
Residential surveyors involved in valuation, investment sales, and auction work should note the shift in landlord disposal activity and the potential effect on stock levels. The Renters Rights Act may also influence investor behaviour and transaction patterns in the private rented sector.
Key points
- Auction lots offered rose 35.3% year on year to 4,008 in June.
- Auction sales increased 31.3%, with total property value reaching £519.7m.
- The South West and Yorkshire and the Humber were the strongest regions.
- London also saw strong quarterly growth in sales volumes and funds raised.
- Landlord portfolio reviews following the Renters Rights Act are cited as a possible driver.
Organisations:
Essential Information Group, Propertymark
Regulations:
Renters Rights Act
Locations:
UK, South West, Yorkshire and the Humber, London
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