Where are buy-to-let investments with a tenant alread...

Buy-to-let investments with a tenant already in situ are most in-demand across Glasgow, according to Howsy.

The letting management platform reports that Leeds and Bristol are also in high demand.

Buying a property with a tenant in situ means there is already a tenant living in the property and depending on the terms of their letting agreement, they are legally allowed to see out their tenancy even if the property changes hands via a sale.

Providing the tenant is a good one, buying with a tenant in situ can bring a number of benefits.

Calum Brannan, founder and CEO of Howsy, commented: “Providing the tenant is the sort of person you want to rent to in the first place, purchasing a buy-to-let with a tenant in situ is the modern-day equivalent of the golden fleece for UK landlords.

“It can take a whole lot of the headache out of the initial start-up phase of your investment, reducing the initial rental void period usually suffered while finding a tenant, as well as saving on agent finding fees.”

Table shows the percentage of stock with a tenant in situ in each city already under offer or sold subject to contract
Location	Buyer Demand (%)
Glasgow	62%
Leeds	55%
Bristol	55%
Nottingham	51%
Edinburgh	50%
Cambridge	47%
Southampton	40%
Cardiff	38%
Portsmouth	37%
Birmingham	33%
Newport	32%
Manchester	31%
Newcastle	30%
Liverpool	24%
Plymouth	21%
Oxford	21%
Sheffield	20%
Bournemouth	17%
London	15%
Leicester	11%
Swansea	11%
Aberdeen	0%
Belfast	0%

Meanwhile, Cardiff, Oxford and Leeds are home to the highest chance of buying a buy-to-let complete with a tenant.

Howsy’s research shows that across 23 major UK cities, 0.8% of all properties currently listed for sale come with a tenant in situ. This means the chances of finding the right property to invest in, and it coming complete with a tenant, are slim.

Cardiff is home to the highest number of homes for sale with a tenant in situ, but they account for just 3.7% of all homes listed.

Oxford (3.1%), Leeds (2.9%), Newport (2.3%) and Portsmouth (2.1%) are also home to more than two per cent of available property stock with a tenant in situ.

Brannan added: “Of course, you may want to revamp your buy-to-let to appeal to a certain market segment and so having a tenant in situ may not seem like a great idea. However, on the contrary, it can also provide a perfect platform for this work.

“Not only do you have time to plan your property overhaul while the tenancy runs down, but you’re also earning additional income while you do, which will help towards the costs.

“Unfortunately, buy-to-let properties for sale with a tenant in situ are few and far between, although there are certain pockets where you have a better chance than others.”

able shows the percentage of total stock in each city for sale with a tenant in situ
Location	Stock Level (%)
Cardiff	3.7%
Oxford	3.1%
Leeds	2.9%
Newport	2.3%
Portsmouth	2.1%
Cambridge	1.8%
Swansea	1.7%
Southampton	1.6%
Glasgow	1.2%
Nottingham	1.2%
Liverpool	1.2%
Bournemouth	1.1%
Sheffield	1.0%
Leicester	1.0%
Manchester	0.8%
Birmingham	0.8%
Bristol	0.7%
Belfast	0.5%
Plymouth	0.5%
Aberdeen	0.4%
Newcastle	0.4%
London	0.3%
Edinburgh	0.2%
All	0.8%

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26 August 2020 19:43 PM

Yep you would be totally correct.
If LL cannot easily get rid of rent defaulting tenants then there is NOT much point in being a LL.

If there are fewer LL then mass homelessness awaits many existing tenants.

Just the simple expedient of allowing LL to get rid of rent defaulting tenants very quickly without requiring Court action would transform the rental sector for the better.
There would certainly be many more LL prepared to let to let us say the more 'difficult' tenants.

It makes no economic sense getting rid of tenants who pay their rent.

LL only wish to get rid of rent defsulting tenants quickly.

I'm afraid tenants cannot expect to live like parasites on the backs of LL.

Andrew townshend
26 August 2020 19:52 PM

Paul below is correct, If landlords could get rid of non paying tenants then life would be very much easier for good honest paying tenants, and then we might even start to consider tenants on benefits

Sebastian Forbes
26 August 2020 19:57 PM

As opposed to the Paul that is above ?.. oh no, there is only one Paul - he could be sideways for all it matters ?..

and your comment is superfluous - after all, it's all we ever hear, time and time again, on this forum ?

Sebastian Forbes
26 August 2020 20:12 PM

seriously ?.. ""If landlords could get rid of non paying tenants then life would be very much easier for good honest paying tenants"".

Okay, I'll get my coat.

26 August 2020 21:35 PM

Yep I believe it is an oft quoted saying.

Those who forget the lessons of history are destined to repeat them!!

Looks like idiot GR etc are looking forward to far fewer rental properties and mass homelessness!

Thatcher stopped that by introducing S21; S8 and the AST.
Consequently the PRS expanded to meet demand.
A very successful change to PRS legislation.

Now it seems we are destined to return to the dark days before these changes.
That definitely means I'm out of being a AST LL.
I won't suffer but my homeless tenants will!