Poll
94% of landlords report stable tenant demand
Tenant demand for private rented accommodation is continuing to grow, a new report has revealed.
The latest Private Rented Sector Trends report from Paragon Mortgages found that 94% of landlords said tenant demand was stable or increasing in the last quarter of 2016, with fewer than one in 30 witnessing a decline.
The number of landlords willing to purchase buy-to-let (BTL) properties rose to 13% during the same period, despite one property expert warning that the recent housing white paper could hinder demand for BTL finance.
This rise was accompanied by a drop in the proportion of those most likely to buy flats or maisonettes, which fell from 67% of those expecting to purchase in Q3 2016 to just 31% in the following quarter.
John Heron, managing director of Paragon Mortgages, said: “With no material improvement in the supply of new housing against a background of strong population growth and household formation, it is no surprise that landlords are continuing to experience strong rental demand.
“It is promising, therefore, that there has been some improvement in landlord buying intentions, albeit from a low base.
“Any boost this gives to improving supply to the sector, however, needs to be balanced against the additional upward pressure that we are likely to see in rents as a result of the phased impact of the changes to the taxation of rental income.”
In January, a broker warned that recent changes to BTL affordability checks could trap some landlords as “mortgage prisoners”.
These concerns are perhaps justified, as more than four out of five brokers were unsuccessful in securing a BTL mortgage for some of their clients in Q4 2016.
Some 60% of landlords also believe they will be affected by impending changes to income tax relief.
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