Study finds buy-to-let sector is gaining confidence |
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Published
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Sat, 29 Oct 2005 06:05
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LONDON: Buy-to-let landlords in Britain are continuing to be confident as demand for rented property has shown an increase in the third quarter. According to a survey by Mortgage Express, the specialist lending arm of Bradford & Bingley, as much as 87 per cent of its respondents are planning to either extend or maintain their portfolio over the next six months.
Mortgage Express reported that 81 per cent of landlords state that demand for rental property is either increasing or is at the same level. It has actually gone up by 3 per cent from the last quarter. Some 91 per cent said the rent levels had either increased or stayed the same over the last six months, while 73 per cent experienced no voids over the past 6 months - up from 71 per cent last quarter.
As much as 58 per cent of the respondents felt that the most popular areas for investing in buy-to-let properties are in the South (58 per cent). Wales and the Midlands (26 per cent) came next followed by Scotland and the North (21 per cent).
Mortgage Express' product development manager Andrew Moss the results of the study reinforced the findings of company's own economic analysis, which showed that the demand for buy-to-let loans in general is increasing.
Lower interest rates have helped boost the sector, he said adding the proposed changes in pension rules would further strengthen the sector. Mortgage Express has been conducting the quarterly buy-to-let confidence surveys in the last three years.
Residential buy-to-let landlords are equally split between landlords interested in property investment for a combined rental income and capital appreciation, and landlords looking for a long-term investment opportunity. Only one in every 12 buy-to-let landlords enters the market for a rental income alone.
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Buy to let sector set to reap fruits from changes in SIPPs rules 