As soaring interest rates force mortgage rates up, the buy-to-let landscape has left some landlords apprehensive about what direction to take their properties in, or if they should continue renting them out at all, according to Uswitch. 

The company surveyed over 2,000 UK landlords on their property management experiences, to determine the most common reasons they may transfer their property to a letting agency, and their likelihood of doing so.

It said that the majority of private landlords would consider switching to a property manager or letting agency. This is especially true for landlords managing their own properties, with 63% being open to make the transition. Almost a third (29%) of private landlords say a switch to an agency would be due to their stronger knowledge of the market.

The most common reason landlords would pay an agent to manage their property is to no longer deal with repairs, with almost a third (31%) citing this as an advantage. 

On average, property maintenance is estimated to consume one-fifth of landlords’ income. The most common reason landlords consider selling their property is a lack of profit (35%) and a third (31%) of landlords say repairs are a reason they would sell their homes entirely, the second most common reason given.