Periodic tenancies force landlords to consider selling
Summary
Winkworth reports that the Renters Rights Act is already affecting landlord decisions, with many owners seeking sales valuations when a tenant gives notice because a new tenancy cannot be ended for sale purposes within the first 12 months. The article also highlights continued strength in Prime Central London lettings, rising demand for rental stock, and record rents in some high-value areas.
Why it matters
Surveyors involved in valuation and agency work may see increased instructions for both sales and lettings valuations as landlords reassess exit options under the new rules. The piece also signals shifting rental demand and pricing dynamics in London, which can affect comparable evidence and investment advice.
Key points
- Landlords are requesting sales valuations when tenants vacate, reflecting the new 12-month restriction.
- Prime Central London is seeing more tenant registrations relative to buyers than in the previous quarter.
- Requests for lettings valuations are up by around a quarter year on year.
- Short lets below the £100,000 annual rent threshold have lost some premium under the new notice rules.
- Record rental values were reported in Pimlico and for some high-value lets above £3,000 per week.
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