U.K. landlords are getting out of the lettings game.

A record number of private landlords were selling off rental properties in April, despite a 9% increase in demand from potential tenants, according to Thursday’s report from ARLA Propertymark, a professional organization for letting agents in the U.K.

The report found that the number of landlords selling their “buy-to-let,” also known as BTL, properties was up to five per branch in April. In March, there were just four per branch, up from three in February.

The jump was the first since April 2017, according to the report, which was based on an online survey of 275 ARLA members. The organization has more than 9,000 members.

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Landlords in London and Wales are the most likely to be selling up, with as many as seven reported per branch, the report said.

“The barrage of legislative changes landlords have faced over the past few years, combined with political uncertainty has meant the BTL market is becoming increasingly unattractive to investors,” David Cox, Chief Executive at ARLA Propertymark, wrote in the report.

One such change was made to the way buy-to-let investments are taxed. As of April 2017, owners can only claim 75% of their mortgage interest against their profits. That percentage goes down each year until April 2020, when none of it will be tax-deductible. So owners are looking at a much larger tax burden.

“Landlords are either hiking rents for tenants or choosing to exit the market altogether to avoid facing the increased costs incurred,” Mr. Cox added.

Landlords are looking to sell despite the fact that rents have gone up. In fact, rents have gone up 24% year-over-year since April 2017, the report said, and the number of tenants who had their  rent increases was at 26% in April.

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Interest is a robust as ever, too. There was a 9% increase in prospective tenants registered per member branch. Wales saw the highest demand, according to the report.

Additionally, the number of rental properties on the market was steady in April, with each branch managing an average of 179. But year-over-year, that figure is going down: In April 2017, agents managed 185 per branch, and in 2015, they managed 193.

“Demand for private rented homes massively continues to outstrip supply,” Mr. Cox said.

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