Tenant demand prompts landlords to add to portfolio
The average number of properties owned by a landlord has increased from 12.7 in Q4 2012 to 13.2 in Q1 2013, according to buy-to-let lender Paragon’s quarterly Private Rented Trends Survey, with a firm belief property portfolios will continue to expand throughout the rest of the year.
Confidence in the private rental market remains strong; 43 per cent of landlords believe tenant demand will grow and in fact boom in the forthcoming months.
As a result many are making plans to increase their stake in the market; 41 per cent of looking to purchase terrace houses, 30 per cent semi-detached houses and 30 per cent flats or maisonettes.
GW LET solicitor, Rob Denman, believes the private rental sector still presents landlords with opportunity:
“With first time buyers priced out of the conveyancing market, tenant demand has remained high for a number of years. There is little to suggest why this demand shouldn’t continue for the foreseeable future; just last week the National Landlords Association (NLA) reported that void periods are currently at their lowest level in over a year.
“As well as providing legal help and advice to landlords, we can also assist throughout the property purchase with our competitive buy to let conveyancing fees starting at just £399 (+ VAT and disbursements).”
Content correct at time of publication