The latest data shows that this is the highest rate in 10 years, up from 15.6% in July 2023.

TwentyCi says contributing factors include rising mortgage rates, concerns about potential increases in Capital Gains Tax, and stricter energy efficiency regulations.

The rental market has become more expensive for landlords, with this trend coinciding with a reduction in available rental properties in the UK, down more than 25% since 2019.

Cornerstone Tax has revealed through its own national research that a further 15% of landlords are considering selling up due to rising costs associated with their property.

The Bank of England has pushed interest rates up from near zero to 5%.

This has had a particular impact on landlords that took out mortgages on buy-to-let schemes during the era of low interest rates in the 2010s under the assumption that their property would be a safe investment.

Cornerstone’s data shows that 20% of landlords became one without the sufficient knowledge needed and have lost thousands as a result, with average estimates as high as £7,500.

Cornerstone Tax group chairman David Hannah says: “Our data highlights a clear issue in the UK’s rental market, many of these landlords took out mortgages on buy-to-let schemes during a period of sustained low interest rates; fast forward to 2024 and the pressure currently facing landlords is simply too much.”

“High interest rates and the highest tax burden since the second world war have forced thousands of landlords to sell up, which then puts further pressure on renters due to a lack of stock.”

“We are generally seeing an exodus of landlords from the capital and South East, looking towards the North East of England instead. It’s a region that’s seen the highest growth in property prices in the last twelve months, with many seeing it as a much safer investment than the capital.”