Young couples and families are top tenant types
Young couples and families are the most prolific tenant type for landlords and terraced properties is the preferred rental property, cresearch commissioned by Paragon Mortgages reveals.
The BDRC Continental Landlord Panel research reported the average void period landlords’ experienced reduced from 69 days a year in quarter two to 63 days in quarter three.
John Heron, managing director of Paragon Mortgages, said: “All the market data is telling us that demand for rented property remains very high and in key areas is outstripping supply by some margin. This survey indicates clearly that landlords are responding by adding property to their portfolios but the market still needs more if we are to see affordability improve for renters.”
The research also showed that more than half (58%) of landlords owned terraced properties, 53% flats and 44% owned semi-detached houses.
Young couples remained top in terms of tenant types (57%), followed by families with children (51%) and young singles (49%).
The top tenant types have remained fairly static throughout the past year with families becoming a firm fixture.
On average landlords who purchased property in the run up to Q3 increased their portfolios by 1.8 properties which is a decrease on last quarter and reverts back to the investment levels seen earlier in the year.
Landlords in the North East have the largest portfolios with an average of 22.8 properties. This was followed by the East of England with an average of 13.5 and then central London with 12.8 properties.
The average for all landlords surveyed was 10.7 properties.
The average void period landlords’ experienced reduced from 69 days (per annum) in quarter two to 63 days in quarter three.
Landlords also provided a general insight into their Buy-to-let business with 31% who own their property outright saying that they continue to invest in property as it gives a better return than other investment types.
Article courtesy of Mortgage Introducer
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