The fund manager compared the portfolios of English and Welsh landlords between October 2007 and October 2008 and found the loss that equates to £144.77m a day or £6.03m an hour.
MPL’s British Property Opportunities Fund, which aims to take advantage of the deep discounts that are appearing in the market as a result of forced sales, is buying properties from landlords at around 30% below their list price.
London landlords have seen the biggest loss in equity from their properties – an estimated £16.23bn between October 2007 and October 2008, followed by the South East – £9.16bn – and the South West – £5.88bn.
In total, MPL estimates that the value of property belonging to landlords was £537bn in October 2007, but this fell to £484.20bn by October 2008.
Jeremy Leach, managing director of MPL, says: “Some landlords have overstretched themselves financially and a combination of rising mortgage repayments and a decline in the value of their property portfolios means that many wish to sell.
“However, it is not a sellers market at the moment, so in many cases they need to accept lower prices if they want to sell.”