Landlord Survey: 65% of Buy-to-Let Landlords Are Confident About Their Portfolio
Knight Knox has just published its annual Landlord Survey, which saw 500 UK-based landlords quizzed in an attempt to analyse the state of Britain’s current rental market. The findings highlighted some interesting observations.
Operating as a landlord today brings with it important social responsibilities. It can also present issues when it comes to tax, rent rises, problem tenants and properties lying empty for long periods of time. However, the UK Private Rented Sector (PRS) is emerging as a leading sector, particularly as ‘generation rent’ settles into a trend of long term renting due to unaffordable housing options and rising house prices.
According to Knight Knox, a growing appetite for rental property, particularly in urban areas, is resulting in more investors entering the buy-to-let market. Shawbrook Bank’s annual Buy-to-Let Barometer indicated that 65% of buy-to-let landlords are confident about their property portfolio in 2018, even with the added uncertainty surrounding Brexit.
Recent data from London property agent Ludlow Thompson also showed that the number of UK buy-to-let landlords has reached a record high of 2.5 million – a 5% rise over the last 12 months. Figures also show a 27% increase in the number of UK landlords over the last five years, rising from 1.97 million in 2011/12.
Landlords are becoming a vital part of the UK property market, with industry reports suggesting that almost one in four households in Britain will be renting privately by 2021. With this in mind, it could be time to expand your property portfolio and look for your next investment property.
The report also found the following:
· The average annual income from renting out property is £23,462
· 23% of landlords get their main source of income from renting out property
· The majority of landlords surveyed voted to remain in the EU
· Landlords in Yorkshire are the most confident, with 62% planning to buy another rental property in the next five years
· Most landlords do not deal with tenants face-to-face
· 40% of landlords intend to buy another property to rent out in the next five years
· Around 38% of landlords surveyed said they had no frustrations with tenants
· 57% of landlords rent out apartments rather than houses
· On average, each landlord rents out 2.5 properties
· The majority of landlords prefer to rent out properties to couples with no children
· The average landlord has rented out property for 10 years
· 51% of landlords choose to use a professional lettings agent to find them tenants
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