While the buy-to-let sector has undoubtedly had its ups and downs over the past few years, it seems the fundamental attractiveness of becoming a landlord has barely waned, at least according to the findings of new research from Sainsbury’s Bank Mortgages.
The lender discovered that nearly a tenth (9%) of the UK adult population had thought about purchasing a buy-to-let mortgage this year. It all of those individuals acted on their interest, it could mean up to 4.8 million people across the country becoming landlords in 2018.
What is leading many people to think about entering the sector?
As one might expect, the survey respondents cited various motivations for potentially taking out a buy-to-let mortgage. More than a third of those who said they were considering this path – 35% – said it had been prompted by a change in income, while three in 10 (29%) remained encouraged by the current opportunities to get involved in the buy-to-let market.
A quarter (25%) said it was receiving an inheritance that caused them to think about investing in a buy-to-let mortgage, which raises the spectre of many people having found themselves ‘accidental landlords’. Despite this, the study also found that about two-thirds – 64% – of UK adults were unable to define what a consumer buy-to-let mortgage was.
The respondents’ cited property preferences was another intriguing aspect of the poll findings. Over half, or 51% of those contemplating becoming a landlord said they had thought of buying a house, and of these, 46% had considered acquiring a new build instead of older property stock. Meanwhile, 46% of potential landlords had considered purchasing a flat, with 44% of this group open to investing in new build flats.
If you do purchase rental property this year, don’t forget the all-important inventory
As exciting as the above news is about a potentially rich influx of new investors in the buy-to-let sector, it is also vital for such prospective buyers to take every necessary precaution – including ensuring they have a property inventory carried out by a trustworthy and unbiased party.
Yellow Oak Inventories LTD is proud to be able to undertake the highest standard of property inventory in London for new and experienced landlords alike. Give us a call today on 020 3713 4933 or email firstname.lastname@example.org, to learn more about our detailed inventory reports that could be instrumental in making your early life as a landlord easier.