Young couples and families landlords’ top tenant types
According to lender Paragon Mortgages, 57% of landlords let to young couples, families with children (51%) and young singles (49%).
Families have now become a ‘firm fixture’ in the rental market.
John Heron, Managing Director of Paragon Mortgages, said: “All the market data is telling us that demand for rented property remains very high and in key areas is outstripping supply by some margin.
“This survey indicates clearly that landlords are responding by adding property to their portfolios but the market still needs more if we are to see affordability improve for renters.”
The BDRC Continental Landlord Panel research for the third quarter highlighted that nearly 60% of landlords owned terraced properties, 53% flats and 44% owned semi-detached houses.
On average landlords who purchased property in the run up to Q3 increased their portfolios by 1.8 properties which is a decrease on last quarter and reverts back to the investment levels seen earlier in the year.
Landlords in the North East have the largest portfolios with an average of 22.8 properties, this was followed by the East of England with an average of 13.5 and then London (central) with 12.8 properties.
The average for all landlords surveyed was 10.7 properties.
Landlords also provided a general insight into their buy-to-let business, with 31% who own their property outright saying that they continue to invest in property as it gives a better return than other investment types.