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Portfolio reduction off the cards as BTL optimism booms

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Portfolio reduction off the cards as BTL optimism booms

As the hop onto the property ladder stretches further out of reach for many would-be first time buyers, more people than ever are opting for rental schemes, having deemed home ownership unrealistic.

 

According to Citywire, rental searches on Rightmove are up by nearly two-thirds compared with two years ago, with the number of properties available down a quarter over the same period.

 

This is certainly good news for investors looking to purchase property to let as the demand for rental properties soar. According to a survey conducted by the Council of Mortgage Lenders, forty-nine per cent of landlords think that now is a good time to invest.

 

Property website Rightmove claims ‘property power remains with landlords and tenants predict further rises’. According to the London Evening Standard, seventy-seven per cent of people who have not yet got on to the property ladder said they still aspired to buying their own home, but sixty-four per cent said they had no prospect of ever doing so, according to high street bank Halifax.

 

David Newes, estate agency managing director for LSL Property Services plc, owners of Your Move and Reeds rains said: “Optimism among landlords is not buoyant, but increasing. Soaring rents and climbing demand from frustrated first-time buyers are not only making buy-to-let an attractive proposition for new property investors – but are encouraging existing landlords to grow their holdings before property prices increase once more.”

 

This increased optimism has led to eighty-six per cent of the landlords surveyed by LSL Property Services plc planning to maintain or expand the size of their portfolios over the next twelve months.
The survey also found that in the past three months fifty-two per cent of landlords have seen a rise in tenant demand and sixty-eight per cent expect demand to grow further in the next twelve months.
With rents in London being the highest in the country, many landlords are looking to invest in the capital and expand their portfolios.

 

James Thomas, head of residential development and investment at Jones Lang LaSalle, said: “The market continues to be undersupplied with quality rental stock for the young professional market, while access to the debt market for first time buyers remains limited preventing many would be purchasers getting onto the property ladder.”




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