Property Professionals Looking To Expand Portfolios
Most property professionals in the UK are looking to expand their portfolios this year, one survey reveals.
The survey was carried out by MT Finance which found that affordability issues and political uncertainty, including Brexit, have not dampened the spirit among property professionals with many saying they remain positive about the sector.
They also plan to boost the size of their portfolio during 2019.
The firm polled property professionals and found 80% are planning to increase their portfolios this year, while 20% say they will not be making any changes over the coming year.
Researchers say that no-one who was questioned said they were planning to reduce their exposure to the property market in 2019.
Property professionals are looking to invest in the south-east
Of the 80% looking to expand, 39% of property professionals are looking to invest in the south-east of England, 25% said they are looking at Wales and 13% say they will invest in the Midlands.
None of those questioned said they were looking to buy property in London and most are wanting to broaden their portfolio outside of the capital.
The commercial director at MT Finance, Gareth Lewis, said: "The UK's property sector has seen a reduction in high-value transactions and this is reflected in data from HMRC who reveal that stamp duty receipts have fallen by £1 billion over the last year.
"The results from our survey highlight how a lack of affordability and higher stamp duty has pushed property investors from London, where rental homes are vital."
He added that continuing political uncertainty means that property investors in the UK will 'need to remain resilient'.
Most regions see rent rises
Meanwhile, the latest data from Your Move reveals that most regions have seen rent rises in December.
In what is normally a slowdown during the run-up to the festivities, most regions managed to buck the annual trend.
On an annual basis, rents in the South West grew more quickly than other regions, while the West Midlands posted the strongest increase month-on-month.
Average rent across England and Wales
The average rent across England and Wales rose by 1.8% over the year to reach an average of £865 per month.
The firm's national lettings director, Martyn Alderton, said: "Landlords in most areas saw yields being squeezed but there was good news with returns holding firm between November and December."
He added: "Tenant rent arrears spiked compared to November but this often happens at this time of year."