The number of landlords looking to buy properties has dropped, the UK Residential Survey from the Royal Institution of Chartered Surveyors has found.
In August a net -37% saw landlord instructions fall, the steepest reduction since April 2020.
Due to this lack of new rental supply, RICS predicted for rents to rise by around 3% over the next year.
Tarrant Parsons, head of market research and analysis at RICS, said: “With buyer demand easing and agreed sales in decline, the housing market is clearly feeling the effects of ongoing uncertainty.
“Concerns over the wider economic and fiscal outlook, combined with questions around the future path of interest rates amid stubbornly high inflation, are weighing on sentiment at this time.”
The property market broadly had a quiet August, with both new buyer demand and sales activity falling, the UK Residential Survey from
The Royal Institution of Chartered Surveyors has found.
A net -17% of RICS professionals saw a reduction in new buyer enquiries in August, while a net -24% saw sales activity drop.
This was the second successive month that both metrics dropped.