Landlords in Bury are selling up in advance of the Government's Renters' Rights Act coming into effect, according to a property expert.
Fewer rental properties are available in the town, according to Andrew Cardwell, Managing Director of Cardwells Estate Agents.
This comes off the back of property company Goodlord's annual 'State of the Lettings Industry' report, the 2025 edition of which was recently published.
The report, having consulted 2,750 agents, landlords, and tenants, says that over a third of landlords (35 per cent) had either sold up (19 per cent) or actively tried to sell (16 per cent) in the last 12 months.
According to Andrew, Bury is not immune to this trend.
He said: “The Bury lettings market continues to show its resilience and strength, but there’s no denying the pressure building beneath the surface.
"According to Goodlord’s State of the Lettings Industry report, around a third of UK landlords have either sold or tried to sell a property in the past year, signalling that the so-called 'landlord exodus' is far from over.
"Here in Bury, we’re seeing that trend reflected locally, with a number of landlords choosing to step away from the business model.
"Stock levels of rental properties remain tight, with fewer rental homes coming to the market at a time when there is a continuous demand for quality rental properties."
He added: "Well-presented homes in areas such as Tottington, Seddons Farm and Whitefield are often let within days, and town centre apartments and terraced properties across Bury continue to be popular.
"A combination of factors is driving this shift in position from landlords. Rising taxation on rental income and changes to mortgage interest relief have steadily squeezed profitability margins for many smaller landlords.
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"Layer onto that the increasing weight of new legislation, from energy efficiency requirements to the Renters’ Rights Act, and it’s clear why some landlords are reconsidering their position in the market.
"This reduction in supply inevitably adds upward pressure on rents. With fewer properties available, tenants are finding it harder to secure suitable homes, and landlords who remain in the sector are finding their properties in consistently high demand, so they can often achieve strong rental prices."
Andrew added: "The Renters’ Rights Act does bring positives - both for tenants and the vast majority of responsible landlords. Most landlords value long-term, reliable tenants and have no interest in using 'no-fault' evictions unfairly.
"A more transparent and stable rental system, with clear rights and responsibilities on both sides, could help foster stronger, longer-term tenancies, which will undoubtedly be a win-win for everyone involved."
The Renters' Rights Act was given Royal Assent on Monday, October 27, meaning it is now officially law.
The Government says the legislation will "secure a fairer future for 11 million private renters in England".
Measures include abolishing Section 21 'no fault' evictions, with Miniters saying it will end a "practice that has threatened thousands of renters with homelessness.
The Government said: "This seismic shift will empower tenants to challenge poor conditions and unreasonable rent increases without fear of retaliatory eviction.
"The reforms will give renters the right to end tenancies with two months’ notice, while protecting legitimate landlord interests through strengthened repossession grounds that support continued investment in the sector.
"In the coming weeks, ministers will outline how the reforms will be rolled out."
Other measures include giving tenants more security over possession, strengthening appeals for "excessive above-market rents", and creating a new Private Rented Sector Landlord Ombudsman.
This ombudsman will provide "quick, fair, impartial and binding resolutions" for tenants who complain about their landlords.
More details about the Act can be found on the Government's website.
