According to data from the Association of Residential Letting Agents, the number of landlords who sold buy-to-let properties increased sharply in April, the month before the general election.
The biggest rise happened in London, where the number of landlords selling their buy-to-let properties doubled between March and April.
The rises have been attributed to political uncertainty, with Labour’s plans for the private rented sector being so unpopular among landlords that many chose to leave the sector before the threat of their proposals being put into practice could be realised.
Following the result of the election, nine out of ten ARLA letting agents reported being happy with the outcome of a Conservative government, and 95% said it was good news for the private rented sector.
Now that the political concerns of landlords have been deferred for another five years, it is hoped that the Tories will follow through on their promise to build 200,000 new starter homes with 20% discounts for first-time buyers, as this will alleviate some of the pressure on the private sector by freeing up rental property.
However, four out of five letting agents still think the gap between supply and demand will continue to increase.