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Record 47,400 Buy-to-Let Companies Set Up in 2021

Last year saw a record number of companies set up to hold buy-to-let property. In total there were 47,400 new buy-to-let companies incorporated in 2021 across the UK according to Companies House data.

This is nearly twice the number that were set up in 2017 when it was announced that investors with properties in their personal names would no longer be able to claim mortgage interest as an expense. While individual landlords are effectively taxed on turnover, company landlords are taxed on profit. This has meant that for some landlords – particularly those who are higher rate taxpayers – it has become more profitable to move their buy-to let(s) into a company.

However, the rate of growth in new incorporations fell compared to previous years, with a 14% increase recorded between 2020 and 2021, down from a 30% increase recorded between 2019 and 2020.

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While the number of buy-to-let companies up and running in the UK passed through the 200,000 mark as the country emerged from the first lockdown, by 2021 this figure rose to a new total of 269,300. 61% of these companies have been set up since the withdrawal of mortgage interest relief which began in April 2017.

The average buy-to-let company has been operating for 9.2 years, a figure which has fallen amid the rising number of new incorporations over the last five years. At the other end of the scale, 7,900 or 3% of companies have been running for more than 50 years, while 440 have been going for more than a century.

50% of new buy-to-let mortgages in 2021 were taken out by a company rather than someone buying in their personal name, meaning we estimate that around half of all new landlord purchases last year used a company to hold their buy-to-let. 40% of these new purchases went into a company which was less than a year old, suggesting newer landlords still account for a sizable proportion of growth.

Buy-to-let companies currently hold a total of 583,000 mortgaged properties, accounting for around 29% of all existing buy-to-let mortgages nationally. This figure has increased from 26% over the last 12 months.

The bulk of new buy-to-let companies set up in 2021 were in London and the South East, with the two regions together accounting for 45% of all new incorporations. These two regions have long led the incorporation charge given higher rents mean the tax advantages from incorporation are generally larger. Only the North East, the cheapest region in the country, saw fewer (-6%) buy-to-let companies set up in 2021 than in 2020.

Northern Ireland (36%) has seen the biggest annual increase in the number of new buy-to-let companies set up, albeit from a low base.

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While the number of buy-to-let incorporations has continued to grow, around 25,100 have closed their doors since the onset of the pandemic. 15,200 companies closed in 2021 which equates to around 6% of all buy-to-let companies up and running today. The average company closed down after 5.8 years, a figure which has fallen steadily in recent years as the number of incorporations has increased.


Despite rental growth across Great Britain peaking over the summer months, an annual growth figure of 7.2% recorded in December 2021 means that rents were rising at around twice the rate recorded in December 2020. This compares to a peak of 8.7% in July 2021 and 7.9% in November 2021.

For the sixth month running, rents grew faster in the South West (12.8%) than in any other region. This growth means that average rents have now surpassed £1,000 per month in all four Southern regions of Great Britain: London before our records began in 2012, the South East in July 2016, East of England in December 2020 and the South West in December 2021.

Rental growth continued to strengthen in Greater London on the back of a recovery in Inner London. Inner London rents rose 8.6% over the last 12 months, the fastest rate since March 2016. This leaves the average rent here just 2.0% below where it was on the eve of the pandemic in January 2020.

Rental growth (3.7%) in Outer London has remained considerably more stable, returning to its pre-pandemic trajectory.

Source: Property Wire

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UK Finance: BTL purchase lending up 83% in 2021

UK Finance has predicted that buy-to-let (BTL) purchase activity will have increased to £18bn this year, up 83% on 2020.

UK Finance said the main driver of lending in 2021 was for house purchases at £200bn, up 53% on 2020; however, homeowner remortgaging activity was slightly down on last year at £62bn.

The predictions outlined that total house purchase transactions, including cash purchases, will reach 1.5 million in 2021, some 47% higher than 2020, and the highest number since before the Global Financial Crisis.

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UK Finance estimated that gross lending overall would peak at £316bn, up 31% on 2020, then moderate to £281bn in 2022, before increasing again to £313bn in 2023.

Looking ahead, UK Finance said that while the 2022 and 2023 gross lending figures will be reductions on the 2021 peak, they will be higher than the 2020 and 2019 figures, representing a return to more stable levels of activity.

James Tatch, principal, data and research at UK Finance, said: “2021 has been a bumper year for mortgage lending amid the stamp duty holiday and homeworkers moving from cities.

“The outlook for the housing and mortgage markets over the next two years is for a return to more stable, balanced picture following the upheavals of the last two years.

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“While risks remain, both to new lending and ongoing affordability, the market looks to be emerging from the pandemic in a better place than previously anticipated, supported by a much-improved wider economic outlook.”

Elise Coole added: “It has been an enormously busy year for the buy-to-let market, with pent-up demand from the pandemic and the end of the stamp duty causing a spike in activity.

“UK Finance has predicted a significant slowing of purchase volumes in the buy-to-let sector next year, but this is not surprising given how pumped up the market was by artificial stimuli this year.

“What’s important though, is that UK Finance expects another strong year of lending next year, both for purchase and remortgage, with remortgage activity being driven by the tax changes introduced by George Osborne when he was Chancellor.”

By Jake Carter

Source: Mortgage Introducer

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Britain’s best cities for buy-to-let investors revealed: Bristol takes top spot to knock Manchester off its perch

Bristol has been named the UK’s best city to be a buy-to-let landlord, thanks to its healthy house price growth and high proportion of renters.

Following closely behind Bristol, the prestigious university cities of Oxford and Cambridge were ranked second and third.

This was according to specialist buy-to-let mortgage lender Aldermore’s Buy-to-Let City Tracker, which ranks 50 cities based on how desirable they are for buy-to-let investors.

Manchester, which was awarded top spot last year, dropped to fourth due to having more vacant properties than last year, and a fall in the proportion of residents renting.

Factors taken into account in Aldermore’s rankings include the average rent, the rental yield, house price growth over the past decade, the number of vacant properties relative to the total housing stock, and the percentage of the city population that rents.

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Bristol has ‘huge investment potential’
One of Bristol’s main selling points for landlords is that it has returned solid house price growth over the past decade.

The average house price in the city has risen from £212,261 in 2010 to £348,543 today, according to Land Registry figures.

This means property prices have grown by 5.1 per cent each year. The only city to perform better in this respect was Luton.

Bristol was also one of the best cities for rental demand, with only 0.6 per cent of its housing stock left vacant on average over the past year. This was equalled only by Oxford.

More than a quarter of Bristol’s residents are estimated to be privately renting, creating a large pool of tenants for buy-to-let landlords to pick from.

Alexandra Tan, regional lettings manager at Andrews Property Group said: ‘The lettings market in Bristol is extremely buoyant at the moment with high demand across the board and this hasn’t gone unnoticed by buy to let investors, who see huge investment potential in the city.

‘Bristol is appealing to young professionals and families who are relocating from cities such as London. Many are looking to rent short-term while they find somewhere to buy.

‘There is also a huge student population of around 50,000 in the city, which means there is strong demand for quality student properties.’

However, buy-to-let landlords considering Bristol, they may find that the yields on offer are not quite as enticing as other cities.

With the average property price in Bristol at £348,543 and average annual rents at £16,037, the typical yield an investor can expect on their purchase is 4.6 per cent.

The rental yield is the percentage return a landlord can expect to make back on the purchase price each year.

For example, a 5 per cent yield on a £200,000 property would amount to £10,000 per year in rental income.

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Southern landlords see value of investments soar
Based on Aldermore’s analysis, buy-to-let opportunities in southern cities appear to be more lucrative than elsewhere in the UK.

Over the past 10 years, those who invested in buy-to-let in southern cities have reaped the rewards of considerable house price growth.

For example, second-placed Oxford and third-placed Cambridge have given property investors an annual return of 5 and 4.9 per cent respectively, through house price growth alone.

Both cities also benefit from a very low levels of vacancies (0.6 and 0.7 per cent respectively) combined with a high proportion of residents who rent privately – 29 per cent in both cases.

London, which has continued to fall down Aldermore’s league table in recent years, still comes in sixth, thanks to the relatively high proportion of private renters in the capital.

The typical cost of a London property has risen from £414,000 in 2010 to £659,000, according to the latest Land Registry figures.

As many as 29 per cent of the city’s population rent privately – second only to Bournemouth where 35 per cent of people rent.

However, high house prices mean the yields on offer in most of the top ten cities are comparatively low.

Oxford, Cambridge, London and Brighton offer yields ranging between 3 and 3.6 per cent, which are lower than any other city on the tracker.

For those seeking higher rental yields, Glasgow and Hull are offering average rental yields of 9.4 and 8.9 per cent respectively.

Hull currently has an average house price of £127,344, which means it is also the most affordable city of all the 50 locations included on the tracker.

However, properties with higher yields are often seen as higher risk, as they are commonly in locations where landlords might find it harder to re-let or sell the homes if they needed to.

Other high yielding cities include Stoke, offering a 8.3 per cent yield and Aberdeen offering a 8.1 per cent yield; as well as Dundee and Sunderland offering 7.8 and 7.7 per cent yields respectively.

Capital gains on the rise in Northern cities
Furthermore, there is some indication that property prices in certain cities that have not enjoyed house price growth over the past decade might now be starting to pick up.

Liverpool, which finds itself 33rd on Aldermore’s index, has seen 10.6 per cent house price growth in the past year alone, according to Zoopla’s latest Hometrack report.

Those investing in Liverpool can achieve 7.3 per cent yields, according to Aldermore’s analysis.

However, the city has a relatively high long-term vacancy rate of 2.2 per cent, suggesting that investors need to ensure they do their research before buying.

Manchester, which has average yields of 5.9 per cent, saw house prices increase by 8.7 per cent over the past 12 months, according to Zoopla.

And Sheffield and Belfast, which came 46th and 43rd on Aldermore’s tracker, have seen house prices grow by 7.9 and 7.7 per cent respectively.

Hamptons’ latest four year forecast predicts the the greatest house price growth to take place in Scotland and the North East between 2021 and 2024.

It predicts property prices will rise by 20 per cent in Scotland and 21.5 per cent in the North East during the four-year period.

On the other hand, it only predicts London to experience 7 per cent house price growth in that time, whilst the South West and the East of England are set to fare little better with only 11 per cent growth anticipated.

However, choosing a buy-to-let investment is not as simple as looking at where it is located on the map.

There is always an element of guess-work when it comes to predicting future house prices, but looking out for planned improvements in cities will help investors to make a more informed decisions.

For example, it could be that the transport network is being improved, major building projects are taking place, or that new retailers are popping up in the town centre.

Michael Cook, national lettings managing director at property company Leaders Romans Group said: ‘Buy-to-let investors should focus on the cities benefiting from major infrastructure and transport programmes as well as any regeneration schemes.

‘Manchester is a good example, having benefitted from the trans-Pennine rail scheme in recent years.

‘Towns and cities fringing the Crossrail route will also prove good options, as the programme is estimated to contribute £42billion to the UK economy.

‘This will dramatically improve transport links in London and the South East, as well as driving house-building, supporting wider regeneration and creating jobs and business opportunities.’

Source: This is Money

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Paragon: Landlord confidence at five-year high

The proportion of landlord respondents optimistic about different aspects of letting is at the highest level for five years, according to Paragon Bank.

As part of research carried out on behalf of Paragon Bank by BVA BDRC, landlords were asked to rate their expectations for rental yields, their own lettings business, capital gains, the private rental sector, and the UK financial market.

The proportion who deemed the outlook for these measures to be either ‘good’ or ‘very good’ exceeded levels seen in Q3 2016, the survey taken just before the Brexit vote, with investor optimism consistently rising following the record low levels seen in Q1 2020.

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The survey also highlighted a link between optimism and portfolio size, as 56% of landlords with 11 or more properties felt ‘good’ or ‘very good’, but this fell to 46% amongst those with between one and 10 properties.

A positive outlook was noted among 63% of those who had recently purchased a property, compared to 48% of all respondents.

More than three-quarters (78%) of landlords who planned to expand their lettings business in the next year were optimistic, whereas confidence was seen in a lower proportion (26%) among those looking to divest.

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Richard Rowntree said: “Understandably, landlord confidence fell sharply in the first quarter of 2020, as the extent of the pandemic became clear.

“It is fantastic to see optimism bounce back and rise in the time since; it is an indication of the strength of the sector.

“Landlords see the sector’s issues and opportunities on a daily basis so measuring their outlook can provide useful insight for the industry and, as we see here, investor confidence can have a real impact on behaviour.”

By Jake Carter

Source: Mortgage Introducer

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Annual rental income growth greater in outer city areas

While an inner city rental property still has a higher monthly rental income, rental homes in outer city areas have seen stronger growth over the past year, according to Sequre Property Investment.

On average across London, Manchester and Birmingham, the monthly cost of renting within an inner city area is £1,152 versus £908 per month in the outer city market, a difference of 27% or £244 per month.

London was home to the biggest difference, with rents across the inner city rental market coming in 37% higher on average, with a 26% difference in Manchester and a 9% difference in Birmingham.

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However, on average across all three cities, annual rental growth across outer city areas has remained largely flat, while across inner city rental areas it has fallen by 4.4% in the last 12 months.

Manchester has seen the strongest performance, with inner city rental values remaining largely unchanged in the last year, while across the city’s outer rental market values have climbed by 3.7%.

In Birmingham, outer city rental values are up 2.2% versus a marginal 0.3% uplift across the inner city.

And in London, there has been a 1.1% increase in rental values across outer city areas and a 7.8% drop across the capital’s inner city areas.

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Daniel Jackson, sales director at Sequre Property Investment, said: “It’s clear inner city rental markets are still struggling due to the decline in demand caused by the pandemic, despite a gradual return to normality from a social standpoint and with regard to the workplace.

“This is particularly evident across the London market, where rental values have plummeted across inner city areas, while they’ve also struggled in outer city areas.

“The good news is that elsewhere, outer city rental values are on the up, with both Manchester and Birmingham seeing very healthy levels of growth.

“This suggests that tenants are now starting to make their return and this is a trend that should soon reach our city centres and help boost values across inner city rental markets.”

By Jake Carter

Source: Mortgage Introducer

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Did the Stamp Duty Holiday Ignite a BTL Fever?

Despite the reduction in stamp duty bills, there is little sign that the stamp duty holiday led to large numbers of new investors purchasing buy-to-lets.

At their peak this year, investors purchased 14 per cent of homes sold across Great Britain in February, the month before the original end of the stamp duty holiday. However, over the entire course of the 15-month tax-break investors purchased 12 per cent of homes sold in Great Britain. This is marginally up from an average of 11 per cent during the 12 months before the holiday, but far from the 17 per cent recorded in Q4 2015 – the run up to the introduction of the 3 per cent stamp duty surcharge on 1 April 2016.

This means there were a total of 215,000 investor purchases across Great Britain between July 2020 and September 2021. While this figure is up from 164,300 during the equivalent period in 2018 and 2019, more transactions have taken place by other buyer types. Both these numbers remain below the 242,400 purchases which were made during the 15-month run up to the introduction of the 3 per cent stamp duty surcharge on 1 April 2016.

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Over the course of the15-month stamp duty holiday, the average buy-to-let investor’s tax bill fell by 35 per cent – from £8,500 in the month before the holiday, to an average of £5,500 between July 2020 and September 2021. For the average investor, this equates to almost three months’ rent.

The average bill came to £5,300 during the first 12 months of the holiday when investors paid the 3 per cent stamp duty surcharge on the first £500,000 of any purchase. It then rose 17 per cent to £6,200 when the threshold fell to £250,000 between July and September 2021. Average bills are set to return to around £8,400 from 1 October 2021, just below what investors were paying on the eve of the stamp duty holiday.

Overall, the holiday meant that the average investor paid less in stamp duty than at any time since April 2016, when the 3 per cent stamp duty surcharge was introduced. Despite this, the average bill during the holiday remained twice the level it was before the surcharge was introduced. This is partly why there hasn’t been as much of an increase in investor purchases this time around.

There is little indication that investors used their savings from the holiday to buy bigger properties in more expensive areas. Instead, 83 per cent of investor purchases were under £250,000, meaning their savings from the holiday were significantly smaller than those enjoyed by home movers. It also means that investors have been less sensitive to the change in the nil-rate stamp duty threshold since they tend to buy cheaper properties.

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During the holiday the average price paid by a landlord rose by just 1 per cent to £181,000, despite house price growth of 10 per cent over the same period. This suggests landlords were happy to pocket the tax saving rather than use it to buy a property which would generate more rent.


Average rental growth across Great Britain hit 8.0 per cent in September, the third fastest annual rate of growth recorded this year. Nationally, regions in the South of England have continued to drive rental growth. The average rent on a new home rose 14.8 per cent in the South West, 14.7 per cent in the South East and 10.8 per cent in the East of England. September marked the sixth consecutive month where annual rental growth hit double figures in the South West.

London rents have also continued to recover. Although Inner London rents fell for the twentieth consecutive month, the 4.4 per cent annual fall was the smallest decline this year, and smaller than the 22.1 per cent decrease recorded in April when the market bottomed out. In Outer London, rents grew 3.2 per cent annually in September, rising for the thirteenth consecutive month. This kept Greater London rents overall in positive territory, up 1.8 per cent year-on-year.

Source: Property Wire

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BTL availability reaches highest level since 2007

September started with 2,968 products on offer in the buy-to-let (BTL) sector, making BTL availability the highest on Moneyfacts records since October 2007 (3,305).

This is 71 products more than there were on offer pre-pandemic in March 2020 (2,897).

The average overall 2 and 5-year fixed BTL rates reduced in September by 0.03% and 0.04%, respectively.

At 2.94%, the 2-year fixed average was the lowest since January (2.89%), and at 3.25% the 5-year fixed equivalent was the lowest since December 2020 (3.25%).

At 85% loan-to-value (LTV), BTL availability remained unchanged at just 19 products this month, 13 less than were available in September 2019.

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The average 2 and 5-year fixed rates in this bracket of 5.61% and 5.83% were 0.88% and 0.44% higher than what was on offer two years ago.

Eleanor Williams, finance expert at Moneyfacts, said: “As we pass the 25th anniversary of the first BTL mortgages as we know them, our data gives landlords cause for positivity, as the number of products for them to choose from has risen by 153 this month, and at 2,968 is 1,162 higher than this time last year (1,806 Sep 2020).

“The resilience of this sector in the aftermath of a challenging 18-months is clear as choice now exceeds the number of deals available before the pandemic in March 2020 by 71 options.

“Further cause for celebration is that the interest charged on BTL mortgages is falling, with the average overall 2 and 5-year fixed rates dropping by 0.03% and 0.04% this month, to 2.94% and 3.25% respectively.

“Compared to a year ago, on face value borrowers will notice average rates are higher today.

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“However, the rates a year ago were driven by the impact of the pandemic and product availability was low – particularly in the higher LTV tiers where rates are generally higher due to pricing for risk.

“As it stands, compared to a pre-pandemic September 2019, both the average 2- and 5-year fixed BTL rates are lower by 0.03% and 0.19% respectively, indicating rate pricing competition for those looking for new finance for an investment property.

“As rental demand remains high, BTL could be a worthwhile investment and the rise in overall product choice and fall in average rates is positive.

“However, a note of caution as lenders’ enthusiasm to improve ranges seems to dissipate at the top end of the BTL LTV spectrum.

“The maximum 85% LTV bracket has not only seen availability stall at 19 deals, but also the average two- and five-year fixed rates on offer for landlords with just 15% equity or deposit are a quite staggering 0.88% and 0.44% above their September 2019 equivalents, indicating that while lenders are competing for business, this eagerness does not seem to extend to the riskier end of the market yet.”

By Jake Carter

Source: Mortgage Introducer

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NRLA: Demand for rental properties reaches five year high

The demand for private rented housing has reached a five-year high, according to research released by the National Residential Landlords Association (NRLA).

The survey of private landlords across England and Wales, conducted in partnership with research consultancy BVA/BDRC, found that 39% confirmed demand for homes to rent had increased in the second quarter of 2021 – 8% more than said so in the first quarter of the year.

In Yorkshire and the Humber, Wales, the South West and the South East more than 60% of landlords said that demand for homes to rent had increased.

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In contrast, just 15% of landlords in central London said demand had increased in the second quarter of the year, compared with 53% who said it had fallen.

Despite an overall increase in demand, the proportion of landlords intending to buy property has fallen from the four year high of 19% recorded in the first quarter of the year, to 14%.

In comparison, the proportion looking to divest has returned to 20%, up three percentage points from the first quarter of the year.

As COVID-19 restrictions are lifted, 55% of landlords said that their lettings business will continue to be negatively impacted as a result of the pandemic.

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An estimated 81% of those in outer London and 78% of those in central London said they would be negatively impacted.

At the other end of the spectrum, 49% of those in Yorkshire and the Humber said they would be negatively affected.

Chris Norris, policy director for the NRLA, said: “The evidence is clear that nationally whilst the demand for homes to rent is increasing, landlords are more reluctant to invest in new properties.

“The only losers will be tenants as they struggle to find the homes to rent they need.

“The Chancellor needs to recognise the harm being done by tax hikes imposed on the sector.

“It is clear that there is a significant flight of tenants from the capital in response to the COVID pandemic.

“With lockdown restrictions having ended, and offices beginning to reopen, the jury is out as to whether this trend will continue.”

By Jake Carter

Source: Mortgage Introducer

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Where are buy-to-let landlords the most confident about sector prospects?

Confidence among buy-to-let landlords is increasing nationally, but there are certain areas where landlords are particularly confident about sector prospects with increasing demand and shorter void periods.

Every quarter the National Residential Landlords Association (NRLA) undertakes a survey asking landlords if they are feeling more or less confident about achieving their goals compared to the previous quarter.

National landlord confidence has grown for the third consecutive quarter. Confidence is also at the highest level recorded in the 10 quarters the index has been running. This is the most sustained trend seen for landlord confidence in the buy-to-let sector.

In the past year, 15% of buy-to-let landlords surveyed have purchased property. Those who have bought cited anticipated changes in economic conditions as the most influential factor in their property portfolio decisions. Landlords who have bought recently appear to be particularly optimistic about the future.

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Recently, there has been a pattern of a growing proportion of buy-to-let landlords planning to purchase additional properties. The proportion of landlords planning to buy in the next year is 50% higher than in the first quarter of 2020 with 22% of landlords. This is the fifth quarter in a row where this has increased. Additionally, it’s the highest figure recorded since this survey first began.

Areas with the most and least confident landlords

A number of regions are seeing landlord confidence above the national average. Yorkshire and the Humber leads the way with landlords the most confident there. The West Midlands, north-west, south-west, east of England and East Midlands all came in above the national average of landlord confidence.

Although confidence among landlords has generally increased, the north-east, south-east and East Midlands saw a downturn in confidence compared to the previous quarter. Inner London is where landlords are the least confident throughout England and Wales. And the north-east, London, Wales, Outer London and the south-east also see landlord confidence below the national average.

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Increasing tenant demand

The survey by NRLA has revealed landlords have seen an increase in tenant demand for the second quarter in a row. When asked about their perception of demand in their area, more buy-to-let landlords stated they have noted an increase than a decrease.

The net score from that is the highest NRLA has seen since the association began recording demand in the second quarter of 2019. This score has also grown by nearly 10 percentage points since the previous quarter.

Shorter void periods

On a national level, 67% of vacant properties remain empty for less than four weeks. This is a five percent increase on the previous quarter. It’s also almost as high as pre-pandemic numbers, when this figure stood at 68%.

This shows that the majority of landlords’ properties are being turned over and filled increasingly quickly. These shorter void periods is likely due to the strong demand and need for more housing across England and Wales.

With increasing demand and shorter void periods in the private rented sector, landlords confidence could grow further. This could then lead to more investors expanding their portfolios in the next quarter.

By Kaylene Isherwood

Source: Buy Association

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UK buy-to-let has ‘defied gravity’ through Covid-19, says S&P

The UK buy-to-let (BTL) market remained resilient through the Covid-19 pandemic and has features that could help it remain buoyant, says S&P Global Ratings in a new report.

Amid the pandemic-related lockdowns, private sector UK rental arrears reached 9.0 per cent by the end of 2020, but the S&P RMBS post-2014 originations buy-to-let (BTL) index recorded total delinquencies no higher than 0.5 per cent.

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“Diversification in terms of property and borrowers, the increasingly professional nature of BTL, and generally high debt servicing ratios has helped buy-to-let performance remain resilient,” says S&P Global Ratings credit analyst Alastair Bigley.

For post-2014 originations, approximately 50 per cent of properties at a portfolio level could be in rental arrears in the short term before it would affect debt service and cause a significant spike in arrears.

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Ultimately, Covid-19 represented a shock to only one risk factor that determines BTL performance – tenant affordability – while other factors such as the prevailing interest rate environment and house prices were supportive.

“Looking forward, although peak stress for landlords may be argued to be over, the recent prominence of 95 per cent owner-occupied lending may facilitate some renters to become buyers and change the supply-and-demand dynamics for certain properties, and make some properties harder to rent,” says Bigley.

Source: Property Funds World

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