Landlords in Wales are leaving the buy-to-let (BTL) sector at over double the UK rate, while demand is increasing rapidly, shows new data from Propertymark.

Its figures show that the number of landlords in the UK selling their properties stands at an average of two per branch. In Wales, this number jumps to five per branch.

Meanwhile, the average number of new applicants registering per Propertymark branch across the UK is 118, compared to 49 seen in December.

And in Wales, this leaps to an average of 318 rent seekers per branch.

Regarding stock, the average branch manages 202 properties and saw six added to this in January. Each branch has, on average, nine properties empty and ready to rent out.

The data also shows that, in January, 74% of agents reported rent rises, up from 56% in December 2021.

Propertymark chief executive Nathan Emerson says: “Wales is seeing the greatest number of landlords exiting the sector… this could come as no surprise to many agents and landlords.

“With several changes on the horizon from the implementation of the Renting Homes (Wales) Act, landlords in Wales will be faced with further regulatory pressure.

“Coupled with the extremely high demand within the sales market in areas across Wales, these could well be contributing to the number of landlords exiting the sector.”