Almost 70% of landlords were more confident about the UK buy to let market in January than they were at the end of 2011, according to new research from online lettings agency Upad shows. They highlighted rising tenant demand, high rents and reduced housing stock as the main reasons for boosting their assurance in the sector.
'More and more people are choosing to rent as they struggle to get on the property ladder and with and estimated double digit increase in the number of people who will choose to become professional tenants this year, landlord confidence in 2012 is on the up,' said James Davis, chief executive officer of Upad.
The research also revealed the different reasons landlords have such confidence. One landlord in Winchester said it was because of the good student housing demand and professional lets in the area while another in south east London said it was due to a lack of rental properties on the market. 'My last let was snapped up immediately without any negotiation on the asking rent,' he said.
In addition, landlords have noticed that interest among renters is increasing. 'I am more confident due to the amount of response I have had to my recent rental property. Having sold a property last year, the difference in the amount of viewing for my rental property in comparison to my property for sale has been very encouraging,' said another landlord.
'We had around 170 groups of students register with us for housing for summer 2012, that's basically 850 to 1,200 separate students based on five or six per group in just eight weeks who registered and then all viewed our houses within the last seven days. This is just for summer 2012. They are looking now and willing and able to pay top rents for the right sites. That's why we are more confident and that's why we are investing,' another landlord specialising in student housing explained.
Last year Upad let over 3,500 properties nationally based on its belief that landlords are better than agents at showing tenants around properties. It said its online system enables both professional, self managing and the rapidly growing group of accidental landlords to find tenants in a professional agency environment, whilst retaining the ability to meet tenants and show them around their property personally.
It also believes in driving down costs. Tenant find services start from £99 plus VAT per property and an even cheaper price for rooms.
SOUREC Upad
