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TODAY'S OTHER NEWS

Revealed - where there are the strongest levels of rental demand

A new survey of 700 landlords from a respected buy to let lender reveals the regions with the strongest levels of tenant demand.

Paragon Bank says in the third quarter of this year some 29 per cent of landlords reported rising interest from renters - the highest number since 2016.

It was in the North West and South West where rental numbers were most buoyant with the survey finding 44 per cent of landlords seeing growth. Next came the East Midlands on 40 per cent.

However, in central London just 16 per cent of landlords saw growth in the last three months - although outer areas of the capital were stronger.

Richard Rowntree, Paragon’s mortgages managing director says: “The record levels of tenant demand we saw reported by the likes of Rightmove and Zoopla when the market reopened in May has started to feed through to landlords as tenants reassess where and how they want to live.

“Central London is clearly seeing the impact of Airbnb-style landlords moving property into long-term lettings, as well as a desire for larger properties. 

“Outside of London, demand is buoyant from the East of England, where 27 per cent of landlords are reporting growth in demand, to the North East and South West, where nearly half of respondents are telling us they are seeing positive growth.”

 

 

He adds: “We expect this to continue for the foreseeable future and there’s a number of factors we’re seeing at play. For example, there’s been growth in homeowners taking advantage of strong prices and selling to move into rented, people are looking to secure a new home ahead of entering a potential second lockdown, whilst students left it late to secure property for the new academic year.”

  • Ruan Gildchirst

    Central London is clearly seeing the impact of Airbnb-style landlords moving property into long-term lettings, as well as a desire for larger properties.

    Also another 200k have just lost their jobs in London so will move away.

    Their is too much supply and not enough demand in London, and they are still building more blocks of flats that will also be empty

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    • 20 October 2020 17:18 PM

    Never before has a local property market been so affected by mass LL fraud.

    Very few Freeholders would ever allow short-term letting nor lenders nor insurers of such blocks.

    The fraud perpetrated doesn't seem to have registered with Councils.

    They could have shut down AirBnB and bankrupted fraudster LL.
    Just contact freeholders; lenders and insurers.

    It seems Councils are asleep at the wheel.
    To allow mass letting fraud is outrageous.

    It has massive effects on local letting markets.
    Dopey Councils don't seem to understand this.

     
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    London has been taken over by sub-letters whether they be individuals sub-letting the LL's Property & ignoring all the regulations bestowed on the LL. Corporate letting scam where the Company takes over the LL's properties and sub-lets it out in rooms this is rampant at the moment with the collapse of Airbnb, while no one even raises this issue so the LL haven't a hope of knowing who is actually living in the Property, so whats all the legislation about Right to Rent etc it rubbish, I know many letting Agents are using those Companies to shift property. When a LL wants to find Tenants directly he is finding it virtually impossible because guys have them hoovered up.

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    • 20 October 2020 17:51 PM

    All it needs is a good fire with some fatalities in these properties before corporate manslaughter charges abound.

    The big problem for Councils is at what point does a tourist become a lodger.
    You could in theory have 365 lodgers per year each paying £100 per night.
    The live-in LL would technically be legal apart from the fact that very few daily lodgers would have the right to rent.

    How would Councils check on lodgers etc!?

     
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    A whole 700 landlords ?.. well, it must be true then !

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    What qualification in statistical analysis do you have which would justify your question and encourage us to pay any attention to your post on this occasion?

     
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