Buy-to-let rental value drops £22bn in first quarter

The value of the private rented sector fell by £22bn in the first quarter of this year, as buy-to-let expansion halts amid weakening house prices.

Some 5.4m properties in the sector equated to an average value of £238,638, according to the ninth edition of the Buy to Let Britain report, published by Kent Reliance for Intermediaries.

The number of properties rose by 3,000 against the previous quarter, but prices were down from an average of £242,894.

Annual growth of the private rented sector also hit a 10-year low last year, rising by just 0.5% in