91% of Outer London Landlords Report Rising Demand By Tenants Followed By East Midlands
Paragon carried out research recently with 983 landlords, which reported that 91% of Outer London landlords saw an increase in demand from tenants in Quarter 2, followed by East Midlands at 86% and Wales at 82%.
The weakest region was North East with 69%, with 6% reporting that the demand fell instead in the same quarter.
Overall, it concluded that there was 67% increase in tenant demand across Britain when compared to the previous quarter. With 2% reporting a decline in demand.
The report highlighted that the strong demand was leading to an increase in rents – 87% of landlords stated that rent was increasing in their local market, with 51% planning to increase rents in their own portfolio within the next six months.
Around 94% of landlords in Wales were looking to increase rent, with 92% in North East and 91% in Humber and East Midlands.
Inflation was citied as the key reason for the increase in rents in the next six months by 74% of the landlords, along with the rising costs of maintaining a property.
Whereas 59% said the increases were to align with local markets
Paragon Bank’s commercial director of mortgages Louisa Sedgwick said ‘Tenant demand shows no signs of slowing down in many parts of the country. With supply not growing quickly enough to keep pace, we are seeing rental inflation and that is likely to continue until we see demand more in balance with supply
So how can Brooklyns Financial help?
One of the key rising costs, of maintaining a property is the interest lenders are presently charging, unfortunately as brokers we have no control over this. However, what we can do is research the market and help you find the most competitive rate based on your circumstances. So if you need to review your existing Buy To Let mortgages or you are looking to add to your portfolio - Contact us by email or phone and speak to one of our mortgage consultant
The information contained within was correct at the time of publication but is subject to change.
Source: Paragon Bank
