Landlords see Covid-19 as a portfolio-expanding opportunity
Despite the problems caused by the Covid-19 lockdown, growing numbers of
landlords see the pandemic as a chance to expand their portfolio.
That's according to research commissioned by The Mortgage Lender, which
found that 30% of landlords are looking to add properties to their
portfolio despite the pandemic.
The research also reveals that the number of landlords who want to increase
the number of properties over the next 12 months has jumped from 12% in
April last year, to 19% now.
Researchers found that 35% of landlords see the pandemic as being
‘problematic’, but for 25% they say they are not about to change their
investment plans, and 25% say their plans have changed completely.
And the number of landlords looking to sell property has dropped to 14%
from 16% last April.
A director at The Mortgage Lender, Steve Griffiths, said: "We've seen the
evidence with our own application figures, with many landlords seeing
Covid-19 as being a blip, rather than being a reason for changing long-term
plans."
Spike in demand from first-time BTL landlords
The findings coincide with data supplied by Legal & General, which
shows there has been a spike in demand from first-time BTL landlords.
They also say that since the beginning of September, the number of searches
for a tool that is designed for helping first-time landlords has rocketed
by 18%.
The firm also says there's been a big rise in the number of people
searching for holiday lets.
Their data also underlines that demand from foreign investors and expats is
also remaining strong.
Director Kevin Roberts said: "We are seeing rising demand in the housing
market, with BTL, in particular, seeing a mini-boom, despite the impact of
coronavirus.
"Our findings suggest the growing numbers of first-time buyers are looking
for mortgages for a buy to let venture, including those who want to engage
with the growing trend towards staycations."
Two-thirds of London's tenants want to leave
Meanwhile, a survey has found that 60% of tenants in London are considering
whether to leave the capital and head to the seaside.
The findings come from Mashroom, an online lettings agent, who say that
renters are looking for cheaper living costs.
The survey found that tenants are paying on average £1,464 a month on rent,
and 41% of them say that living in the capital does not offer value for
money.
Popular destination for relocation is Brighton
The most popular destination for relocation is Brighton and Hove, the top
choice for 30% of people questioned, while others mention Margate,
Tunbridge Wells and Devon.
A spokesman said: "Millions of tenants are reconsidering their living
conditions, as employers open up to remote working.
"It's no surprise many crave an escape to the countryside or coast, with
London's bright lights dimming over the past six months as bars,
restaurants and entertainment venues operate at a limited capacity or have
been shut."
|
