The majority of buy-to-let landlords with properties in Yorkshire and Humberside are feeling positive about the future of the rental market, with many thinking about buying more properties to rent in the future, according to a survey by Knight Knox.
The survey of 500 landlords in the UK found that landlords with property in the Yorkshire and Humberside region are set to purchase more buy-to-let properties in the next five years than any other region.
The survey highlighted that 60% of landlords in Yorkshire and Humberside intend to buy another buy-to-let property in the next five years, compared to the national average of 40%.
Andy Phillips, commercial director at Knight Knox, said: “The results of our survey demonstrate that Yorkshire is fast becoming a hot spot for investment in the private rented sector, while the capital is in decline.
“The major cities in Yorkshire, such as Leeds and Sheffield, are growing rapidly, and with that come increased demand for rental properties in these areas – and savvy investors are capitalising on this in droves.”
Knight Knox’s statistics also reveal that almost half of Yorkshire landlords rely on renting out properties as their primary income, earning an average of £26,474 per annum.
Phillips added: “The results show that landlords in Yorkshire evidently see their future lying with buy-to-let properties and the negative Brexit commentary clearly doesn’t seem to have deterred them.”