A new survey reveals notable increases in tenant demand across the UK in quarter three. Find out where landlords are experiencing the most demand and what this means for the buy to let sector.
A recent survey of more than 600 buy to let landlords by Paragon Bank suggests that tenant demand for rented housing was at an all-time high in the three months to October.
The survey revealed that 69% of landlords across the UK noted increasing demand for BTL property, with 36% considering the increase ‘significant’. In the previous survey from Paragon, 39% of landlords reported an increase in tenant demand (April-June 2021), which was an 8% increase on the first quarter of the year. These latest results demonstrate the strength of the UK’s private rental sector and are good news for property investors!
For landlords with property in the South West and South East (excluding London), the outlook is even more optimistic, with a reported increase in demand of 79% and 74%, respectively. In the North East, 59% of BTL investors expressed they’d seen a rise in demand, which while the below the UK average is still a significant majority.
With a tumultuous two-year period over the pandemic and considerable drops in tenant demand, even London has seen a notable change over the Summer. 54% of landlords with portfolios based in Central London have seen an increase in demand. To compare, the same period in 2020 saw just 16% of landlords citing an increase in tenants, amongst 58% reporting a decrease. The results are clear; renters are returning to London, reflecting the recent report from Rightmove, which showed rent prices are also recovering in the capital due to demand increases.
As we approach the end of 2021, the UK’s buy to let market is in an excellent place for investors and looks set to continue on the same trajectory.
Considering a buy to let investment, be it your first or hundredth? Give me, Rob Gurr, a call on 01732 471673 or email me at email@example.com, and I’ll help you secure the most suitable buy to let finance for your investment plans.