Rise in landlords selling their properties- Survey

Newly released figures from a house price survey have revealed a national rise in landlords selling up, which is leading to a severe shortage of family homes to rent.

​The REA Average House Price Index found that the new rental legislation had caused a surge of tenants being issued with termination notices, a large number of whom are unable to find other accommodation following this.

​The survey also found that in 10 counties, 40% of their sales were attributed to the new rules, which is double what they were three months ago.

​They also found that Limerick City saw a 60% increase in all sales, which was a direct result of landlords leaving the housing market.

​Spokesperson for REA, Seamus Carthy, said: “We are seeing landlords issuing notices to tenants who are remaining in the property past their termination date because they literally have nowhere to rent.

​“Typically, this involves small landlords with one property who have formed a good relationship with a tenant over the years, but want to exit the market.

​“Overall, landlord sales have risen from 21% to 29% nationally in the past year, and that has to have a significant knock-on effect on the market.”

​Additionally, selling prices in cities outside Dublin rose by 1.2%, reaching an average of €398,000.

​Homes in the largest towns across the country rose by 9% annually to an average of €281,287.

​The biggest quarterly rise in prices was in Cavan, which saw prices increase by 5.6%, according to James Spring of REA Donohoe Spring.

​James said: “Most landlords who would like to sell have now sold, with only a small number remaining who want to sell but have long notice periods, and whose tenants are struggling to find alternative accommodation.”