Could this be the moment generation rent has been waiting for? With landlords selling up in droves, first-time buyers are finally getting a foot on the property ladder.

Remember when the government promised to put the squeeze on landlords? Well, it looks like their plan worked! Landlords are selling up left, right and centre, leaving the market wide open for first-time buyers.

The number of homes up for sale that used to be rented out is at an all-time high, according to property website Rightmove. It seems landlords are getting spooked by rising costs and the threat of higher taxes.

First-time buyers are now a major force in the market, stepping in to fill the gap left by fleeing landlords. Estate agents Hamptons say there are now 3.1 first-time buyers for every buy-to-let investor out there – a record high!

First-Time Buyer Boom

So why are first-time buyers doing so well? Aneisha Beveridge, from Hamptons, says it’s all about escaping sky-high rents. “First-time buyers have been really active,” she says. “They’re desperate to escape the rental sector and rising rents. Plus, wages have gone up, which has helped a lot of them.”

And it’s not just about demand. Mortgage lenders are falling over themselves to lend to first-time buyers, with deals for those with small deposits readily available.

Landlord Exodus

Landlords, on the other hand, are facing a perfect storm of rising costs and falling profits. Mortgage rates have shot up, eating into their profits, while taxes and regulations have also increased. It’s no surprise they’re heading for the hills!

Norwich: First-Time Buyer Hotspot

Some areas are seeing a bigger shift than others. Norwich, for example, has seen an incredible rise in first-time buyers, with 13.3 first-time buyers for every investor – a massive jump from just 1.1 in 2016!

Experts say Norwich’s affordability and good quality of life are a big draw for first-time buyers priced out of London and the South East.

A Nationwide Trend

But it’s not just Norwich. Areas like East Hertfordshire, Watford, and parts of Cambridgeshire and South Lanarkshire have also seen a big drop in buy-to-let investors and a surge in first-time buyers.

Is This the End of the Landlord?

So, does this mean the end of buy-to-let? Not quite. While many landlords are selling up, the shortage of rental properties is actually pushing rents up, making it more attractive for those who remain.

However, there’s no doubt that the balance of power has shifted. First-time buyers are finally in a strong position, and with landlords on the back foot, this could be the perfect opportunity to make that dream home a reality.