Around two thirds (64%) of UK landlords are optimistic about the outlook for the residential buy-to-let sector over the next three years despite Brexit worries, according to a new survey.
A significant number of landlords are using the current market volatility to grow their portfolios: nearly a fifth (19%) are looking to grow their portfolios by a third and 11% want to double it over the next three years. Of those landlords who said they felt optimistic about the future, 13% described themselves as “very optimistic.”
The research, by specialist property lender the Cambridge & Counties Bank, found that just 19% of landlords are looking to sell.
The survey findings reflect the mood in York, where new landlords are buying up properties to let and existing landlords are looking to expand their portfolios, said Letters Managing Director Anya Mathewson.
“We are still busy with enquiries from new and existing landlords because York is an attractive place to live and good rental properties are always in high demand,” she said. “The key is to ensure properties are well-presented and of a good quality, which we always insist on as a responsible lettings and property management agency.”
The research found that despite the strong level of optimism, Brexit remains a key uncertainty for property sector professionals with two fifths (40%) of landlords conceding that it is top of their list of concerns. Brexit is seen as a bigger risk than rising interest rates (cited by 32%), a lack of confidence in the stability of lenders (32%), and rising levels of tax (also 32%).
A total 61% of landlords questioned said they were optimistic about student accommodation in terms of growth (with 16% being “very” optimistic). Office buildings and properties were viewed positively by two fifths (41%) of respondents – though almost a third are not optimistic.
Contact us to discuss the buy-to-let market in York.