Around one in seven landlords in the UK are planning to expand their portfolios in the year ahead with the North-West expected to be the busiest region, new research from Precise Mortgages revealed.
The study found more than one in five landlords (22%) are planning to buy in the North-West, followed by both the South-East and Yorkshire the Humber – where 16% of landlords were found to be targeting for new properties.
Precise mortgages, which conducted its study online in September 2019 among a sample of 888 National Landlords Association members, also indicated the regions reporting a higher proportion of buyers than sellers in the next 12 months included the East and West Midlands, as well as the South-West and North-East.
Furthermore, the Precise Mortgages study revealed 68% of buyers plan to fund their next purchase with a buy-to-let (BTL) mortgage, while just 18% will release equity from existing properties. Demand for mortgages was found to be similar across all portfolio sizes, although 23% of landlords with 11-plus properties indicated they would release equity.
The study also revealed that brokers continue to dominate the market – with 73% of landlords using a mortgage broker or intermediary to arrange their last BTL mortgage, while 19% went direct to a lender. Landlords with six to 10 properties were revealed to be the most likely to use brokers at 79% – while 29% of landlords with one property dealt directly with a lender.
Precise Mortgages managing director, Alan Cleary, commented: “The increasing professionalisation of the BTL market means landlords are becoming more focused and selective in where they buy properties and how they fund their purchases.
“Recent rate cuts across the BTL market are highlighting the opportunities to increase portfolios and profitability as well as underlining the need for expert advice from brokers particularly among landlords with bigger portfolios.”
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