One in four landlords plan on extending portfolios over next year
Around one in four landlords have their eyes on snapping up more buy-to-let properties over the next year as they look to extend their portfolios.
The latest Rent Check report from market research firm BDRC Continental and property consultancy Allsop shows that 23 per cent of landlords are planning on buying more property in the coming year.
It's thought this spike in buying is largely down to the sheer amount of confidence resonating around the market, as almost two-thirds (61 per cent) of the 1,536 landlords surveyed said they felt optimistic about the future of their business.
As reported by mortgagestrategy.co.uk, 87 per cent of landlords are managing to achieve their asking rent or higher, while just per cent are having to lower their expectations due to a lack of demand.
Many landlords might be eyeing up new investments because their other properties are likely to be taken up for some time. The study adds that the average tenant's stay in a rented property is over two-and-a-half years.
While this has meant that landlords don't have to pay tenant finder fees quite so frequently, those investing in new properties will still have to ensure they can supply a tenancy agreement template and an energy performance certificate in time for their new occupants to move in.
Paul Winstanley, partner at Allsop, told mortgageintroducer.com: "The demand for rented housing and the constraints on the wider housing market mean that rented housing is likely to retain the same income dynamics for the medium to long-term.
"The rented sector is growing at such a rate that landlords will share in a secure and attractive return."