31 May, 2018/ by Homeward Legal /First Time Buyer
There's a potential boom on the property market on the way for first-time buyers. Almost a fifth of UK landlords have said they're planning to sell their rental properties, meaning thousands of flats, apartments and homes coming on to the housing market.
A survey by the National Landlords Association (NLA) has revealed that around 380,000 landlords, 19 percent of the total, intend to sell their property portfolios.
And only 7 percent of those who intend to sell up say they will sell to fellow landlords, meaning many first-time buyers could have the opportunity to purchase an affordable home.
The NLA figures shows that 45 percent of those landlords who are selling up will be offloading individual flats and apartments, while a third (33 percent) have a terraced home to sell. Those types of properties are generally more affordable for first-time buyers.
While this type of sell-off would definitely benefit first-time buyers and those looking to move up the property ladder, the NLA has pointed out that the downside will be fewer rental properties on the market.
Richard Lambert, the NLA's chief executive, said: "These findings sound like positive news for potential new homeowners, but the reality is not everyone wants, or in a position financially, to buy.
"Everyone seems to have a gut instinct about the extent to which they feel landlords and first time buyers compete for homes in the UK, but homeownership is a highly emotive issue so the facts are often overlooked.
"There's certainly no denying that competition exists, but the significant barriers to homeownership are more likely to be the high cost of a deposit or ability to access mortgage finance."