London landlords 'looking to sell up'

News Category: Industry News

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Many landlords in London are looking to sell their buy-to-let investments in response to a perceived increase in demand among first-time buyers.

Estate agent Kinleigh Folkard & Heyward said the recent signs of improvement in the house purchase and homebuyers' mortgage market are leading landlords to seek sales valuations on their own properties.

Lauren Rapacioli, lettings manager at Kinleigh Folkard's Islington branch, told the Financial Times: "We've actually lost a couple of properties to the sales market, as landlords believe that there is more interest from buyers than prospective tenants."

However, other areas of London are reporting increased interest in the rental sector, with the recent influx of new rental property stock leading to more tenants entering the market in order to capitalise on reduced rents.

Last week, a property expert from directory service fish4homes advised a wait-and-see approach to any potential signs of rental market recovery despite recent increases in average asking prices.

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