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READ MORELondon landlord 'exodus' as mortgage rates destroy profits
London’s landlords are rapidly quitting the buy-to-let sector as high mortgage rates destroy their profit margins.
Low rental yields and high levels of borrowing mean that landlords in the capital are being hit hardest as their fixed rate deals expire and they move on to mortgage rates that are more than double what has been the norm for the past few years.
In the last 12 months, the average buy-to-let mortgage rate for a two-year fix has jumped from 2.9pc to 6.3pc, according to Moneyfacts, a data company.
Buy-to-let investors are rushing to sell as their properties become loss-making. Landlords were behind nearly one in five (19pc) property sales in London so far this year, according to analysis by Hamptons estate agents.
This was up from 15pc last year and the highest share since 2018 – despite the fact that rents in the capital have climbed at the fastest pace on record. Across the UK, landlords accounted for 16pc of sales.
Analysts warned the race to sell up means London house prices will be exposed to the steepest falls in the country as the UK property market heads into a downturn.
Read more at Yahoo Finance
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