Subsequent to the collation of data from a survey conducted by Knight Knox of 500 Landlords in the UK, it is discovered that landlords owning property in the Yorkshire and Humberside region are set to purchase more buy-to-let property in the next five years than any other region.
Compared with the national average of 40% of landlords intending to buy another buy-to-let property in the next five years, the survey has highlighted that 60% of landlords are now in a position to buy another but-to-let property.
Andy Phillips, Commercial Director at Knight Knox said: “The results of our survey demonstrate that Yorkshire is fast becoming a hot spot for investment in the private rented sector, while the capital is in decline.
“The major cities in Yorkshire, such as Leeds and Sheffield, are growing rapidly, and with that come increased demand for rental properties in these areas – and savvy investors are capitalised on this in droves.”
It has also been extracted from Knight Knox’s statistics that almost half of Yorkshire landlords are reliant on renting out properties as their primary source of income, earning an average of £26,474 per annum.
According to 40% of landlords with property in London, Britain’s exit from the EU will have a detrimental effect on the demand for rental property in the UK. However, landlords with property in Yorkshire cannot agree, with 19% of them opposing this view.
As a result of this contrasting view regarding the increase in demand for rental property in the UK, this consequently renders the possibility of potential homebuyers wanting to buy highly unlikely.
Phillips adds: “There’s noticeably still some uncertainty around how the buy-to-let market will fare post-Brexit, but whilst we may hit a period of economic turbulence, the nation’s housing needs will be no less.
“If demand for housing continues to outweigh supply, the rental sector will become an ever more vital part of the housing market in the UK.”
A statistical diagram exhibited on financial website This is Money illustrates the difference in buy-to-let cash purchases in different regions of the UK:
- North West, 70%
- Yorkshire and the Humber, 68%
- South West, 67%
- North East, 67%
- Wales, 63%
- East Midlands, 62%
- Scotland, 60%
- West Midlands, 54%
- South East, 54%
- East of England, 52%
- London, 42%