Property investment still attractive to Brits
A surprising number of Brits are looking to invest in property this year, a survey has revealed.
The findings from Sainsbury's Bank Mortgages also highlights that most landlords in the UK do not give up their day job after making an investment.
The research flies in the face of worries that the buy to let sector is becoming less desirable for investors because of stamp duty charges and the phasing out of mortgage interest relief.
However, around 4.8 million people, that's one in 10 adults in the UK, say they have considered making a buy to let investment this year.
The findings also highlight that the number of accidental landlords, that is someone who may have inherited a property to rent out, is also high with 25% of people saying this situation would lead them to consider a buy to let mortgage.
Why they would become a landlord
When asked why they would become a landlord, 35% said they would look for a change in income and 29% said there are good opportunities in the marketplace.
Sainsbury's head of banking, David Buxton, said: “The demand for rental property is showing no signs of slowing down."
Research from MakeUrMove has also found that the average UK landlord today sees two in three using BTL to boost their earnings - only 5% of landlords are full-time and they have five or more properties.
The firm's research also backs up those from Sainsbury's and found 16% of landlords had unintentionally become one after inheriting a property they then rented out.
Also, 22% of landlords had become one because their circumstances change, such as relocating for their job, but retaining their current home for renting out.
Scottish landlords are increasingly seeking help
Meanwhile, it's been revealed that the Scottish Association of Landlords has seen membership figures rocket by nearly 20% of the past year.
They say growing numbers of landlords are seeking help to understand and implement new regulations affecting the private rental sector.
The new regulations cover deposit protection as well as water and electrical safety and the training and registration of letting agents.
Also, from December 2017 the private residential tenancy, a new type of contract in Scotland, came into effect.
The organisation's chief executive, John Blackwood, said: “Membership has increased with increasing calls to the helpline and full branch meetings and a record downloads for resources on the website."