At Just Lets, we work closely with many landlords in and around Peterborough. We are pleased to say many local landlords are feeling optimistic about the market, and what is likely to follow. There is significant demand for rental property at the moment, and by providing a high standard of service, landlords are connecting with suitable tenants.
We are pleased to hear so many local landlords feel optimistic, and we also like to see studies that suggest landlords across the country feel the same.
There is demand for rental property
A study undertaken by The Deposit Protection Service and Zephyr Homeloans spoke to more than 300 landlords, with the headline finding being 34% of respondents say they have recently bought a buy-to-let property, or intend to buy one within the next nine months.
There is no denying the opportunity to buy property at a discounted rate has inspired many landlords to act.
The study provides insight into the most common reasons landlords have for buying property, including:
- 35% of respondents seeing it as a long-term investment opportunity
- 34% of respondents mentioned the stamp duty saving
- 26% of respondents stated a desire to diversify by location
- 23% of respondents wanted to diversify by property type
Paul Fryers, Managing Director at Zephyr Homeloans, said: “Understanding the purchasing motivations behind professional landlords is an essential factor for Zephyr and our mortgage broker clients. It’s equally important to recognise and appreciate some of the challenges landlords have been facing during the past year and how they will affect their current and future applications.”
Paul also said; “During the pandemic, we saw a significant rise in the use of limited companies to buy and manage property portfolios, and it seems a significant proportion of landlords have made the most of the opportunities provided by the buoyant market conditions we have experienced over the past six months.”
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Other findings include:
- 43% of landlords said they have temporarily lowered rents during the pandemic to assist tenants
- 22% of landlords said they have refinanced their mortgage since the pandemic
- Only 7% of landlords say they have taken a mortgage holiday
- 13% of respondents said they sold a property during the pandemic
Matt Trevett, Managing Director at The DPS said: “Although the buy-to-let market has remained more buoyant than some predicted, the last year has not been without its challenges for many tenants and landlords. The survey suggests a large proportion of landlords have been acting to support their tenants, with a significant proportion saying they had temporarily lowered rents during the pandemic.”
Matt concluded by saying; “A recent survey from The DPS also showed that the pandemic has triggered movement from cities to towns and the countryside, so landlords seeking to rebalance their portfolios may look to make purchases that reflect that trend.”
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at email@example.com or call us today on 01733 346255.