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SALE-AND-RENT-BACK: Rent-back firms' decline sparks fears of cartel.
The National Landlords Association is concerned that the dwindling number of sale-and-rent-back landlords could produce cartel-like behaviour in the sector.
Interim regulation for the sector came into effect on July 1. This means landlords and companies offering rent-back schemes have one month to apply to the Financial Services Authority for permission to continue operating.
Research carried out by the NLA in March 2008 put the number of rent- back firms and individuals operating in the market at between 1,500 and 2,000, but the trade body now estimates this figure has fallen to 50 and even this could be halved by the end of the month.
The NLA says this is partly to do with the cost of impending regulation but also due to landlords that previously operated in the sector not being able to finance their deals.
And the dramatic fall in rent-back landlords could have repercussions for competition.
An NLA spokesman ...
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Source: HighBeam Research, SALE-AND-RENT-BACK: Rent-back firms' decline sparks fears of cartel.