The number of buy-to-let properties coming onto the market has risen sharply according to a report from the Ministry of Housing and sees no signs of slowing down.
Many landlords are facing tough times and are struggling to make decent returns on their buy-to-let investments. This has led many to decide to cut their losses and put their properties on the market.
The number of rental homes available has fallen sharply over the past year and a half, with approximately 3,800 buy-to-let properties being sold each month. This has left ministers concerned about the number of available rental properties and rising rents for tenants.
Various tax reforms along with mortgage changes for buy-to-let properties have led many landlords to reconsider their future in the rental sector. The changes see an end to the increasing number of privately-owned rental properties witnessed over the past two decades and have plunged the number of rental properties available for tenants into decline.
Stamp Duty and Tax Relief Changes
The introduction of a 3% stamp duty charge for buy-to-let properties along with changes to how much tax relief a landlord can claim has changed the landscape of private rentals. Landlords now face higher start up costs along with lower returns than they did before the measures were brought in.
This situation has led to a significant rise in the number of properties up for sale, and with many landlords owning more than one property, they are often keen to sell my house fast and hope to recoup their investment as quickly as possible.
Third of One Property Landlords Considering Selling Up
According to a report released by Simple Landlord, around a third of landlords who hold just one rental property were planning to sell that property and come out of the rental sector. This leaves many in a desperate situation where they need to sell my house for cash.
Property buying companies can offer landlords a quick and easy solution by offering to buy property for cash. Anyone who finds themselves in the situation where they need to sell my house fast can use buyingpropertyfast.com to quickly sell their buy-to-let property and close this chapter of their lives.
A fast house sale is dependent on finding a buyer, however, in the open housing market this can often take months, and in some cases, even years. The traditional route of marketing your property with an estate agent and showing around potential buyers can be a long, drawn out experience and often expensive. In many cases they will need to either find a buyer who is willing to take on any sitting tenants they have or wait until their tenants’ lease is up for renewal.
Buyingpropertyfast.com can overcome these hurdles by offering a cash value for your buy-to-let property, regardless of the condition of the house and if you have tenants in situ. So, if you want to sell my house today, this could be the solution for you.