Landlords see Covid 19 as a portfolio-expanding opportunity
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."