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TODAY'S OTHER NEWS

Stamp Duty Spending Spree: more landlords plan to purchase

Around 10 per cent of landlords plan to purchase properties and expand their portfolio in the coming year according to a new survey. 

This is compared to just three per cent at the end of 2019 according to insurance provider Simply Business.

The firm says attitudes appear to have changed thanks to the stamp duty holiday implemented in July. 

The survey, conducted soon afterwards, suggested one in 10 landlords wanting to expand their portfolios by at least one property, and only one in 20 saying they had any intention to sell any existing properties.

Simply Business says this rise in confidence could lead to a spike in investments away from the city, including in the countryside and coastal towns. 

At the end of last year almost a third of residential landlords told the company they already believed properties in city centres no longer represented a worthwhile investment. 

Alan Thomas, UK chief executive of the insurer, says: “The Coronavirus outbreak and consequent lockdowns have been transformational in UK renters’ attitudes towards property, and therefore where landlords are looking to make their next investment. 

“The pandemic has resulted in people spending more time at home – both for work and leisure, while many of the benefits of city living have been impacted. It’s no surprise to see that renters are valuing larger properties with outdoor space.”

 

 

He continues: “There appears to be a shift in terms of what is considered a desirable property by tenants, and residential landlords – crucial to both the economy and the local communities where they provide housing – along with the market in general, are reacting to this.

“What is clear though, is that the UK buy-to-let market is going through somewhat of a transition, driven by a move away from the previous demand for city centre properties.” 

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    Who are 'Simply Business' ? What are the details of this survey, t, how can one access it - and why did they carry it out? Once again 'Landlord Today' gives no such details when it quotes surveys. The 'findings' are mostly Simply Obvious.

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